LONDON (Alliance News) - Tritax EuroBox PLC on Friday said it has bought four warehouses in Belgium, following on from SEGRO PLC earlier saying it has sold four warehouses, also in Belgium.
Tritax EuroBox has acquired a portfolio of four logistics warehouses located at Rumst and Bornem in Belgium for EUR83.4 million. It did not name the seller.
Earlier Friday, SEGRO had said it would net EUR41.7 million as part of a EUR83.4 million sale of four Belgian warehouses by its European Logistics Partnership joint venture. Likewise, SEGRO did not name the buyer.
Tritax EuroBox, which invests in continental European logistics real estate, said the EUR83.4 million price for the acquisition reflects a net initial yield of 5.6% on the whole portfolio including 7.9 hectares of potential development land.
All of the operating buildings are on leases with a combined weighted average unexpired lease term to expiry of 7.1 years and weighted average unexpired lease term to break clauses of 6.5 years, Tritax said, adding that rents are subject to annual indexation.
SEGRO had said earlier its disposal successfully concludes the company's exit from Belgium, at a modest premium to book value, in line with a strategy to exit non-core markets.
Shares in SEGRO were down 1.0% at 620.80 pence each in early morning trade. Tritax EuroBox shares were untraded, last quoted at 99.30p.
Segro (SGRO)
Tritax Eurobox (EBOX)