(Alliance News) - Tritax EuroBox PLC on Monday said it has acquired two recently-developed logistics properties and a land plot in Strykow, Poland, for a total of EUR51.8 million.
The real estate investor says the acquisition reflects a net initial yield of 6.1%.
The two buildings are comprised of 43,218 square metres and 34,442 square metres, respectively. They are constructed to the latest modern logistics specifications, Tritax said, adding that they are well-suited to meet occupier demands, with minimum eaves heights of 10 metres and significant yard areas.
One building has been let to logistics service company Arvato Polska SP until January 2025 with tenant break option in January 2024. 8,942 square metres of the other building is let until July 2029 to stainless-steel company Stalatube SP, while a further 3,287 square metres of the same building has been let until 2029 to the Polish arm of German packaging company, Tillmann Wellpappe.
The acquired development land of around 45,000 square metres is suitable for constructing a building with a gross internal area of around 22,400 square metres. Tritax said it has entered into an agreement with a vendor to bring forward development of this phase on letting, increasing its investment in the land by around EUR15 million.
"We are delighted to announce the twelfth investment for Tritax EuroBox PLC, bringing the total amount invested to over EUR784.1 million and the company's loan to value ratio to 43%, close to the target level of 45%. We are confident of delivering the identified asset management plan that is expected to provide further value from these assets, capitalising on this established logistics location with strengthening supply/demand fundamentals, excellent transport links and a robust labour market," said Tritax Fund Manager Nick Preston.
The stock was trading 0.3% higher at 90.44 pence each on Monday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Tritax Eurobox (EBOX)