Tritax EuroBox lets out Turin asset; Tritax Big Box sells six assets

(Alliance News) - Tritax EuroBox PLC on Tuesday said it has leased its two-unit asset in Settimo ...

Alliance News 28 November, 2023 | 10:38AM
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(Alliance News) - Tritax EuroBox PLC on Tuesday said it has leased its two-unit asset in Settimo Torinese, Italy, while Tritax Big Box REIT PLC said it has delivered GBP327 million worth of asset disposals so far in 2023.

Tritax EuroBox invests in Continental European logistics real estate assets, and Tritax Big Box is a London-based real estate investment trust. They are both managed by London-based Tritax Group.

Tritax EuroBox said the six-year letting is for the second unit at its 28,287 square kilometre two-unit development in Settimo Torinese, which is located approximately 14km outside of Turin. The deal was signed with the same unnamed Italian logistics provider which signed a lease for the other unit in August 2023.

The lease includes a further six-year extension option and includes annually reviewed inflation-linked uplifts.

Asset Management Director James Charlesworth said: "This letting provides further evidence of the successful delivery of our strategy of purchasing high-quality and sustainable buildings, developed in sought-after locations, close to major population centres and with easy access to great transport links. Securing this lease ahead of the rental guarantees expiry to an existing strong customer, further demonstrates the attractiveness of our assets, the continuing good occupier demand in Italy and our ability to add long-term rental income to the portfolio."

Separately, Tritax Big Box said it has sold six assets so far in 2023, worth a total consideration of GBP327 million.

"Our disposals provide further evidence of the delivery of our strategy as we continue to optimise our portfolio. We are realising the value of assets that have delivered attractive returns in our ownership and effectively recycling capital into higher returning development and acquisition opportunities. The overall high-quality of our portfolio is reflected in our ability to continue to sell assets at or above their book value despite ongoing reduced levels of investment market activity," commented Tritax Big Box Chief Executive Officer Colin Godfrey.

Shares in Tritax EuroBox were down 1.2% at 56.00 pence each in London on Tuesday morning, while Tritax Big Box shares were trading 1.8% lower at 152.00 pence.

By Sabrina Penty, Alliance News reporter

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Tritax Big Box Ord 146.50 GBX -0.20 -
Tritax EuroBox Euro Ord 0.56 EUR 0.45 -

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