European logistics specialist Tritax EuroBox has acquired a portfolio of four logistics warehouses at Rumst and Bornem, both well-located in the prime logistics corridor in Belgium, between Antwerp and Brussels.
The price of €83.4 mln for the corporate acquisition (excluding purchaser's costs), reflects a net initial yield of 5.6% on the whole portfolio including c.7.9 hectares of potential development land.
Logistics REIT Segro, in its role as adviser to the vendor, the Segro European Logistics Partnership, said that the deal concludes Segro and Selp's presence in Belgium, at a modest premium to book value, in line with the group's strategy to exit markets where it does not have a scale position.
The warehouses total 92,500 m2 of space, of which 82% is occupied, with a weighted average unexpired lease length of 6.5 years to break and 7.1 years to expiry as at 30 September 2018.
The four class A warehouses were purpose-built between 2002 and 2011.
Nick Preston, fund manager of Tritax EuroBox, commented: 'These modern, well specified standing assets are critical to the operations of the tenants with leases subject to annual indexation. Belgium is a strategically important location within the European logistics market, due to its central geographic position between international ports and major population centres.'
Tritax EuroBox was supported by its European asset manager Logistics Capital Partners on the deal.
