Tritax EuroBox buys a logistics facility near Frankfurt – Tritax EuroBox has bought a prime, modern logistics facility near Frankfurt in Germany for a total consideration of EUR50.6 million, reflecting a net initial yield of 4.75%.
This is a new, well specified, purpose-built facility has a gross internal area of c.43,000 sqm, an eaves height of 12 metres, a significant yard area and parking facilities. It is located in Hammersbach, near Frankfurt, which Tritax says benefits from exceptional logistics links and has high occupier demand, a low vacancy rate and limited availability both of logistics buildings and land for development.
The new facility was developed by Dietz AG, the fund’s asset manager in Germany. The facility is let to ID Logistics, an international contract logistics group, which has approximately 300 sites worldwide across 17 countries. Dietz has retained a small interest in the acquired asset [the announcement does not explain why].
The lease is on a new 10-year lease term, with breaks after years five and six. It is subject to annual upward only indexation of 100% of German CPI, after year three of the lease. Tritax says that “ID Logistics will be servicing a financially robust world leading retailer from this facility.”
This is the fund’s ninth investment and the total amount invested is now over EUR600 million.
EBOX / BOXE : Tritax EuroBox buys a logistics facility near Frankfurt