Tritax EuroBox has acquired a newly developed logistics property at Breda, in the Netherlands, for €50.3m.
The continental European logistics real estate investor said the amount paid for the 46,185sqm asset – which excludes purchaser’s costs – reflecting a net initial yield of 4.6%, with the potential to add value through the letting of the vacant units.
Nick Preston, fund manager of Tritax EuroBox, said the deal is the company’s eleventh investment and its first acquisition in the Netherlands.
“This newly developed, high specification sustainable asset is situated in Breda, a prime logistics location, which benefits from excellent transport connectivity and a robust labour market.
”We are confident of delivering the identified business plan to produce further value from this asset, capitalising on this attractive logistics location with increasingly strong supply/demand fundamentals, which will further support the company’s delivery of secure long-term income to shareholders and an attractive total return.”