Tritax EuroBox sells Gothenburg warehouse bringing disposal programme to €173m

Tritax EuroBox has exchanged contracts to sell its warehouse asset in Gothenburg, Sweden for a price of SEK 385m (€34m) to a pan-European real estate investment manager.

The sale price is broadly in line with book value (at 30 September 2023) and is part of the company’s disposal programme aimed at reducing leverage.

The 28,900 sqm building was purchased in June 2021 and is in the port of Gothenburg.

The sale represents the company’s second disposal in Sweden, following the sale of an asset in Malmo at the end of 2023.

Since launching the disposal programme in May 2023 (in which it stated it was looking to dispose of at least €150m in a 12-18 month period with the primary aim of reducing its LTV to the low 40% and give it capital to fund opportunities in its portfolio) the company has sold four properties for €173m.

Alina Iorgulescu, Investment Director, commented: “The positive progress made on our disposal programme is testament to our proactive approach while the Gothenburg sale, which was agreed at a price broadly in line with the valuation, underlines the attractiveness of our high-quality portfolio to investors.”