Tritax EuroBox has let the first phase of its two-unit development in Rosersberg, a prime logistics location near Stockholm. The 5,007 sqm letting reduces the company’s portfolio vacancy rate to 4.3%.
A new five-year lease has been signed with a leading Scandinavian photovoltaic (PV) company at a rent that is 3% above the estimated rental value (ERV) as at September 2023 and 20% above the underwrite level. The rent will increase annually in line with CPI, and the lease includes an option to be extended for a further five years.
Development of the 13,611 sqm building was recently completed speculatively, having been purchased by the company in a forward funding deal in August 2022. The asset is located adjacent to Motorway E4, close to Arlanda airport – Sweden’s largest and busiest passenger and freight airport.
The building includes electric vehicle charging and other sustainability features that reduce its environmental impact, along with the opportunity for a roof-mounted solar PV scheme. The development is targeting a BREEAM Very Good rating.
James Charlesworth, asset management director of Tritax EuroBox, commented: “This letting successfully demonstrates our strategy of both identifying good speculative development opportunities and attracting strong customers to our high-quality, sustainable buildings, developed close to major population centres and with good transport connections. Securing this lease above ERV and rental guarantee levels to a new customer in a growing sub-sector, underlines the attractiveness of our assets.”
EBOX : Letting success for Tritax EuroBox in Sweden