Logistics specialist Tritax EuroBox has purchased two assets in Germany in a share deal worth €290.9 mln excluding acquisition costs.
The two transactions, which reflect a combined net initial yield of 3.9%, follow Tritax’s successful raise of €230 mln of new equity in March 2021.
‘We are delighted to acquire swiftly these two assets in core logistics locations in Germany, deploying a large part of the equity proceeds recently raised and the proceeds of the profitable sale of an asset in Poland,’ commented fund manager Nick Preston. ‘Both buildings are highly sustainable, modern, top specification logistics facilities. They benefit from excellent transport and infrastructure connectivity and are let on long index-linked leases to high quality, market leading, global occupiers.’
He added: ‘We will continue to exercise discipline in deploying funds into the acquisition of assets which align with our long-term strategic goals and meet or exceed our stringent ESG criteria.’
The facilities, providing 165,000 m2 of space, generate rental income of €11.38 mln per annum. They consist of a 70,000 m2 asset in the Nuremberg region, Bavaria, leased for a further 14 years to a leading German sportswear manufacturer.
The property has been developed to the highest sustainability standards. It is CO2 neutral, built to LEED Gold standard, benefits from certified green energy procurement, has a roof mounted photovoltaic system generating up to 1.5 megawatts of electricity and is also constructed with a 22,500 m2 green roof. The 20 hectare site comes with extension potential for an additional 42,000 m2 of floorspace.
In Lich, Hesse, Tritax has bought a 94,800 m2 asset leased for 15 years to global furniture retailer Wayfair. The property has been built to high sustainability standards, certified to DGNB Gold standard, and it benefits from a range of operational energy reduction measures. The roof has the capacity to support the installation of solar PV panels.
Both properties have been developed by European logistics developer Dietz, which will remain as a minority shareholder in both assets.
