Tritax EuroBox, logistics real estate assets investor, said Monday investments since its IPO were ahead of schedule with €558.4m deployed into eight prime Big Box logistics assets. The company also declared an interim dividend.
The eight prime logistics assets acquired were in key locations in Germany, Spain, Italy, Belgium and Poland, comprising six standing assets and two pre-let forward funded developments, the company said.
The six standing assets completed in the period from 1 July 2018 to 31 December 2018 had been independently valued at €485.4m, representing an uplift of 2.0% over the aggregate net purchase price.
The company also made binding commitments totalling €82.5 million had also been made by on two pre-let forward funded developments currently under construction.
The weighted average purchase yield of the portfolio is 5.1%. It had been acquired with a low blended acquisition cost of 1.7% and weighted average unexpired lease term of 12.02 years as at 31 December 2018, the company added.
Tritax said it was targeting a dividend of 4.75p a year, which was expected to increase progressively, and a total return of 9.0% a year over the medium-term.
'Following the Company's IPO in July 2018, we have successfully deployed €558.4 million into eight prime Big Box logistics assets, all situated in key Continental European logistics locations. This has been achieved well ahead of the timeline targeted at IPO,' the company said.
At 10:37am: (LON:EBOX) Tritax Eurobox Plc Ord Eur0.01 Gbp share price was +0.7p at 94.7p