Tritax EuroBox (EBOX) has successfully exchanged contracts for the sale of its warehouse asset in Hammersbach, Germany for a price of €64.6 million to a leading pan-European real estate investment manager. The sale price is broadly in line with the valuation as at 31 March 2023.
The 43,153 sqm prime logistics property in Hammersbach, Germany was acquired by the company in June 2019. Following an asset management initiative that resulted in a new lease to B+S GmbH Logistik und Dienstleistungen, the business plan for the asset has been completed. With an unexpired lease term of six years and no other imminent asset management opportunities, the sale allows the company to realise the value of the asset through a profitable disposal. This marks an important step in the recently announced sales program, with a total disposal target of at least €150 million before the end of 2024. The asset represents circa 2% of the Company’s annualised rental income and reduces the pro forma LTV to c.43%.
Alina Iorgulescu, Investment Director, Tritax EuroBox plc, commented:
“The completion of this sale supports our strategy of crystallising value and recycling proceeds into reducing leverage and funding existing portfolio opportunities. The sale to a leading pan-European real estate investor, broadly in line with valuation, highlights the attractiveness of the properties in our portfolio, and evidences the continued investor interest and market stabilisation for high-quality logistics assets. This provides us with confidence to complete further disposals as we continue to recycle capital within our business.”
EBOX : Successful disposal for Tritax EuroBox