Newly listed Tritax EuroBox has made its first investment with the acquisition of a global distribution centre in Spain for €150m.
The investment trust created to invest in continental European logistics real estate assets said it acquired the distribution centre at Lliçà d’Amunt, Barcelona. The 186,138 sqm asset is let to fashion retailer Mango on a 30-year lease that commenced on 20 December 2016.
The purpose-built logistics facility was built in 2016.
Tritax EuroBox said the investment also benefits from two options to extend the property on an adjacent plot of land. If implemented, these extensions would increase the size of the asset by over 55,000sqm.
Nick Preston, the fund manager of Tritax EuroBox, said: “We are delighted to announce the first investment for Tritax EuroBox and to be investing in this prime, state-of-the-art, global distribution centre let on a long lease to Mango, a leading global fashion retailer. This property plays a critical role in Mango’s global supply chain and has benefited from significant capital investment with high levels of automation.
“Barcelona is Spain’s second largest city and its logistics market is one of the strongest in Europe, with deep tenant demand and a very constrained supply of available logistics buildings and development land, especially for logistics assets of this size. We believe that the supply/demand dynamics evident in the Barcelona logistics market provide good income growth potential for this property.”
In July, Tritax EuroBox achieved its £300m (€335.9m) fundraising target in an initial public offering on the London Stock Exchange and join the stock trading platform.