LONDON (Alliance News) - Tritax EuroBox PLC on Wednesday said it has bought a warehouse in the Rhine-Ruhr region of Germany for EUR35.7 million.
The investment firm said the new unit was build in January and benefits from an excellent location as well as high demand, a low vacancy rate, and limited availability nearby of both logistics buildings and land for development.
The property has a gross internal area of 36,400 square meters and is divided into four units.
One unit is leased to SVH Handels GmbH, a subsidiary of wholesaler Wurth Group, for a fixed term of seven years. A second unit is leased to logistics service provider WM Group GmbH for a fixed term of five years.
The remaining vacant space, with a combined gross internal area of 17,664 square meters, currently benefits from a five-year rental guarantee to Tritax EuroBox, provided by Dietz AG, Tritax EuroBox's asset manager in Germany.
"We are delighted with this asset, our sixth investment for Tritax EuroBox since initial public offering in July, bringing our total amount invested to just over EUR476 million," said Fund Manager Nick Preston.
"The asset is in a prime logistics location in the Rhine-Ruhr region of Germany, the largest population centre in the country and an area which benefits from excellent transport connectivity and strong supply and demand fundamentals," added Preston.
Shares in Tritax EuroBox were trading 0.7% higher on Wednesday at 98.85 pence each.
Tritax Eurobox (EBOX)