(Alliance News) - Tritax EuroBox PLC on Tuesday said it has completed a new lease at its logistics property in Bochum, Germany.
The real estate investor said the property was bought in November 2018 with two leases in place and two unoccupied units benefiting from five-year rental guarantees.
Following the letting of the first vacant unit in March 2019 to Gruber Logistics GmbH, Tritax EuroBox said it has now let the second vacant unit to transportation firm Recht Logistik GmbH.
The new lease lease has been agreed for a five-year term from February, Tritax EuroBox said, at a headline rent which is higher than both the previous rental guarantee and current passing rent.
"This additional letting at Bochum further diversifies our tenant base and also further validates our strategy of buying high quality assets, situated in prime logistics locations benefiting from favourable supply/demand dynamics," said fund manager Nick Preston.
He added: "We look forward to a long and productive working relationship with Recht Logistik."
Tritax EuroBox shares were trading 0.9% higher in London on Tuesday morning at 93.80 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Tritax Eurobox (EBOX)