Tritax Eurobox Dividends - EBOX

Tritax Eurobox Dividends - EBOX

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Stock Name Stock Symbol Market Stock Type
Tritax Eurobox Plc EBOX London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
1.60 1.41% 114.80 16:07:55
Open Price Low Price High Price Close Price Previous Close
113.40 113.20 114.80 113.20
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Industry Sector

Tritax Eurobox EBOX Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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skinny: Confirmation :-
speedsgh: EBOX will be joining the FTSE 250 Index on 1/10 in place of Gamesys Group which is being taken over by a US listed company... HTTPS://
speedsgh: Tritax Eurobox: Logistics boom will last three more years (9/9/21) - HTTPS:// European warehouse investors can expect the sector boom to continue for another three years as the Covid-19 pandemic marks an ‘unprecedented’ structural shift in the market. The outbreak of coronavirus generated explosive growth in demand for European industrial, logistics, and warehouse assets as consumers turned to online shopping and companies moved their supply chains onshore to prevent shipping delays and procurement issues. In the last 18 months, there have been bumper returns for real estate investment trusts in this sector. The average fund’s share price has increased 33.8% over the past year, despite the average portfolio net asset value moving just 5.3%, according to Numis data. A report by Tritax Eurobox (EBOX) – the largest UK-listed European property at £731m – in conjunction with estate agent Savills has predicted that demand for large warehouses, or ‘sheds’, will continue until at least the end of 2024. The first pan-European logistics real estate census interviewed 412 companies across the market and found occupier take-up of these logistics hubs in the first half of 2021 was 60% above the same period over the last 10 years. Vacancy rates also fell to a record low of 4.6% in the first six months of the year, while rents rose 2% over the past year – with the biggest rises in Lisbon, Warsaw, and Hamburg. The value of the European logistics markets now sits at €22.5bn, an increase of 60% over the five-year average, with price rises compressing rental yields by 0.45% year-on-year. Nick Preston, the manager of EBOX, said demand from both investors and tenants will ‘remain strong for at least the next three years’, led by the major French, German, Spanish, and Italian markets, where sentiment is notably upbeat’. The lack of new warehouses being built across Europe will ensure there is ‘sustained upward pressure on rents and ongoing yield compression’. ‘The pandemic has accelerated long-term structural growth drivers, and the results of our census clearly underline that these will remain strong and resilient beyond 2024.’ Preston said the biggest challenge for the sector will be the supply of new properties, according to 30% of census respondents. Just over half of those surveyed said their businesses had seen increased growth and strength through the pandemic and lessons they learned during the crisis are ‘expected to support the long-term positive structural shifts in the European logistics property industry’. With businesses expected to boom, 46% of businesses predict their space requirements will increase and less than 5% said they would be making a reduction, adding to the pressure on supply. The lack of supply also means rents will be pushed higher, and nearly a quarter of companies were concerned about operational costs rising. Preston (pictured) denied the soaring prices in the logistics space were causing a bubble. ‘The occupant demand side is not a bubble,’ he said. ‘The macro factors, e-commerce, and the issues we are seeing [in supply chains] post-Covid-19 illustrate to us how the supply chain is too fragile, long, and risky, leading to a lot of reshoring.’ He said there was ‘a long way to go’ before the sector was in bubble territory as online shopping penetration was still low in Europe, which lags both the UK and US, that will continue to fuel demand and rents are still growing. While the price of sheds may be rising, Preston said ‘you can still buy value and there are lot of opportunities with new stock coming to market’.
speedsgh: Proposed Placing - HTTPS:// The Board of Directors (the "Directors") of Tritax EuroBox plc (tickers: EBOX (Sterling) and BOXE (Euro)), which invests in Continental European logistics real estate assets, today announces a proposed placing of new ordinary shares ("New Ordinary Shares") in the Company to raise targeted gross proceeds of approximately £170 million (€200 million) (the "Placing") pursuant to the Company's placing programme (the "Placing Programme"). Key Highlights: · The Placing will comprise a target issue of approximately 152.5 million New Ordinary Shares at an issue price of 111.5 pence per New Ordinary Share (the "Placing Price"). · The Placing Price represents a discount of c.3.0% to the Company's closing share price of 115 pence per Ordinary Share on 9 September 2021 (being the last business day prior to this announcement). · The Placing Price also represents a premium of c.3.7% to the estimated unaudited IFRS NAV per Ordinary Share as at 30 June 2021 of €1.265 converted at prevailing exchange rates (the Company's estimated unaudited EPRA NTA per Ordinary Share as at 30 June 2021 was €1.306). · The Company's manager, Tritax Management LLP (the "Manager"), expects to use the net proceeds of the Placing, together with existing resources and debt, to secure the acquisition of a near-term investment pipeline of c.€520 million of prime big box logistics assets in key locations in Continental Europe comprising: o Two German assets for over €170 million which are in exclusivity and in the final stages of due diligence. o Six further assets for an aggregate investment of c.€350 million including zoned development land and forward funding developments. · Investment in the Company's pipeline will continue to further grow and diversify the Company's portfolio, expanding into new geographies and consolidating in existing countries, with an increased focus on higher return assets. · The Manager is confident that the proceeds of the Placing can be deployed into this pipeline within 3 to 4 months of completion of the Placing. · The New Ordinary Shares to be issued via the Placing will be entitled to the next quarterly dividend declared by the Company for the quarter ending 30 September 2021. [continues]
speedsgh: Forward funding EURO29.9M Ruhr asset acquisition - HTTPS:// Tritax EuroBox plc ("Tritax EuroBox" or the "Company") (ticker: EBOX (Sterling) and BOXE (Euro)), which invests in high-quality, large, sustainable, prime logistics real estate strategically located across Continental Europe, announces that conditional contracts have been entered into to acquire the land for the development of a new high specification and sustainable logistics asset in Oberhausen, a prime location in the Rhine-Ruhr region of Germany. The Company will now enter into a forward funding agreement to construct the building. This is the Company's 8th German asset, continuing the Company's growth in this key market. The property will comprise a single building of 23,346 sqm of ground level logistics space with additional mezzanine and office accommodation, capable of being split into four separate, equally sized units. The development will be undertaken by Verdion, which specialises in European industrial and logistics real estate. The land purchase is conditional on receiving the building permit and access rights which are both expected in the near-term. Oberhausen, located between Duisburg and Essen, is one of the cities forming the Rhine-Ruhr area, the largest urban area in Germany with a population of over 10 million. Oberhausen offers easy access to national autobahns 3 and 42, with connections across the region as well as direct routes across Germany and into the Netherlands and Austria. Duisburg port, the largest inland port in the world, is only 15 minutes down the Ruhr river. This acquisition is structured as a forward funding development opportunity, where the Company has agreed an aggregate fixed purchase price of €29.9m comprising land purchase, construction of the buildings and developer's profit. There is the potential for an additional incentive payment to Verdion if certain leasing conditions are met. From completion of the land purchase and during the construction phase, the Company will receive from the developer an income return equivalent to the agreed net initial yield. The Company will also benefit from a 12-month rental guarantee provided by Verdion of €1.313 million from completion of construction, which is expected to be in Q4 2022. This rental guarantee is in line with the current estimated market rental value per annum assuming a rent of €56 per sqm. The Rhine-Ruhr area currently has high levels of occupier demand and very low levels of vacancy for prime logistics real estate, and in combination with the high quality construction and prime location the Company expects the asset to lease before the end of the rental guarantee period. Verdion will assist the Company with the letting based on pre-agreed leasing criteria with an incentive mechanism. The development will be undertaken to high environmental standards, targeting a minimum BREEAM Very Good and DGNB Gold certification, and the construction will include a range of energy saving initiatives and staff wellbeing measures. The acquisition price of €29.9 million reflects a net initial yield of 4.3% based on the income from the rental guarantee. Alina Iorgulescu, Assistant Fund Manager of Tritax EuroBox, commented: "We are delighted to continue to develop our relationship with Verdion, this being the third forward funded development we have worked on with them. We remain committed to building up a significant presence in prime areas of the German market which are characterised by strong tenant demand coupled with low vacancy levels and very limited land supply, leading to growing rents. This development, a brown field regeneration project, demonstrates the Company's ESG policy of replacing redundant properties with modern, sustainable, energy efficient buildings with significantly improved environmental credentials. The completed building, situated in one of the best logistics locations in Europe, will add to our growing portfolio of similar assets where we continue to create value for shareholders."
speedsgh: Exchange Rate For Dividend Payment - HTTPS:// On 9 August 2021, the Company declared an interim dividend in respect of the period from 1 April 2021 to 30 June 2021 of 1.25 cents per Ordinary Share, payable on or around 10 September to shareholders on the Register on 20 August 2021. In accordance with the Company's dividend policy, dividends are declared in Euro and paid, by default, in Sterling. The Euro/Sterling exchange rate for dividend payments made in Sterling has been determined as 0.8552 resulting in an interim dividend of 1.0690 pence per Ordinary Share. 0.15 cents of each 1.25 cents dividend per Ordinary Share will be designated as interest distribution.
cwa1: 9 August 2021 Tritax EuroBox plc (the "Company") DIVIDEND DECLARATION The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in a high-quality portfolio of prime logistics real estate assets strategically located in Continental Europe, has today declared an interim dividend in respect of the period from 1 April 2021 to 30 June 2021 of 1.25 cent per Ordinary Share, payable on or around 10 September 2021 to shareholders on the Register on 20 August 2021. The ex-dividend date will be 19 August 2021. 0.15 cent of each 1.25 cent dividend per Ordinary Share will be designated as interest distribution.
speedsgh: Update research from QuotedData - HTTPS:// Tritax EuroBox: Full throttle - HTTPS:// Tritax EuroBox (EBOX) has been firing on all cylinders as it looks to cement its place as the leading logistics investor in continental Europe. It has checked off several key milestones in the past six months, as it looks to take advantage of favourable demand-supply dynamics in the sector. In March 2021, it raised €230m in a bumper equity issue and attained an investment grade credit rating. Using its exclusive partnership with leading developers, EBOX has already secured two investments in off-market deals and has a strong near-term pipeline that should be both NAV- and earnings-accretive. The investment grade credit rating has opened access to alternative forms of financing and the group is working on issuing a green bond that the manager will use to refinance existing debt on, what it expects to be, far superior terms...
speedsgh: Tritax Eurobox seeks £173m as it looks to double in size - HTTPS:// Tritax Eurobox (EBOX) has announced plans to raise for a £173m (€200m) equity raise, after a strong rally in its shares since the autumn with the European ‘big box’ market buoyant amid an e-commerce boom. The listed property fund, the sister strategy of the UK-focused £3.2bn Tritax Big Box (BBOX), is £446m in size today and counts tenant likes Amazon in its portfolio of continental logistics assets. EBOX is planning to issue 168 million shares at a price of 103p per share, as well as seeking approval for a placing programme of another 300m shares. Taken together, that would more than double the real estate investment trust’s size. ‘Current rates of market penetration for online sales in Continental Europe materially lag that seen in the UK and has the potential to grow exponentially in the coming years,’ said QuotedData’s property analyst Richard Williams. Unlike some of the most recent closed-end fund raisings, the share issue is available to private investors through the intermediary offer for stockbrokers. The new shares are priced at the end-of-September net asset value (NAV) of €1.19, converted at the current exchange rate, representing a 2.4% discount to yesterday’s closing share price. However, broker Numis Securities said the issue was being undertaken at a 2% premium when adjusting for the two dividends which have been paid since the autumn. EBOX’s shares slipped 1.4% to 104p after the announcement on Friday. Tritax expects to use the proceeds from the equity raise, along with existing cash and debt, to acquire a near-term pipeline of prime big box logistics assets. This includes three properties in Germany with a value of €317m, plus three more locations valued at €99m, two in Italy and one in Germany. All the assets have been sourced off-market through relationships with developers and asset managers. Nick Preston and Mehdi Bourassi, the managers of the 3.8% yielding property fund, have also identified €81m of development opportunities within EBOX’s current portfolio. Adding value through development is something the managers have said is an increasing focus against the backdrop of rising prices and lower yields in core markets, as retailers scramble to respond to increased demand for online shopping during the Covid-19 pandemic. They are confident the proceeds of the initial raise can be deployed within three months. The fund also announced the sale of an asset in Poland for €65.5m at a 15% uplift earlier this week. Additionally, EBOX has agreed to reduce its management fees by 0.15% on net assets above €500m (£433m). Fees will now be 1.3% per annum up to €500m, 1.15% to €2bn and 1% thereafter. Previously, 1.3% was levied on assets up to €1bn. Numis analyst Andrew Rees noted that still left charges considerably higher than its nearest competitor, £297m Aberdeen Standard European Logistics Income (ASLI). ‘While the fee reduction will be welcomed by shareholders, it is interesting to note that it remains considerably higher than [ASLI], which charges 0.75% of net assets up to €1.25bn and 0.60% thereafter and also offers exposure to European Logistics markets,’ he said. The issue and placing programme will be put to shareholders at a general meeting on 8 March. EBOX’s shareholders have received an 11.7% total return since the fund listed in July 2018, according to Morningstar data. ASLI, whose shares have moved to trade at a wide 18% premium, has delivered 34.5% over the same period, although NAV growth has been more muted. ASLI-manager Aberdeen Standard Investment announced it would buy a 60% stake in Tritax in December.
speedsgh: FAVOURABLE MARKET CONDITIONS Covid-19 has impacted business sectors in different ways. It has reinforced the attractions of our market, by accelerating long-term trends and creating new drivers to secure logistics space. E-commerce is a key driver of demand for logistics space and the pandemic has pushed online shopping to new highs. Covid-19 has also highlighted the need for robust and flexible supply chains, encouraging companies to manufacture more in Europe and hold more inventory close to end users. These factors are increasing demand for large logistics assets in prime locations but there is an acute shortage of available space and a lack of suitable development sites. This is leading to increasing occupational and investment demand, and rising rents. With limited investment alternatives these assets are ever more attractive to institutional investors, putting further downward pressure on yields. A SECURE AND GROWING DIVIDEND We aim to pay an attractive and growing dividend as a key part of the Total Return we generate for Shareholders. Our earnings and dividends are supported by the resilience of our income stream, supported by a diversified tenant base operating in a range of industries. In addition, the indexation built into the majority of our leases ensures steady growth in rental income from our assets. Total dividends for the year were 4.40 cents per share. At IPO, we aimed to construct a high quality and resilient portfolio that would support a dividend equivalent to 4.75% of the IPO issue price, when fully geared and invested. Following signature of the post-year end acquisition in Belgium and with the anticipated practical completion of our current forward funded developments, we have reached full deployment and expect to achieve the initial dividend target on a pro forma basis, once the Mango extension has completed. We now require a dividend policy that will underpin the next stage of our development. Going forward, we aim to pay out 90-100% of our Adjusted EPS each year, with a minimum payout of 85%. This will give us the flexibility to implement our refined strategy (see below), while ensuring our Shareholders are rewarded with a significant, secure and attractive dividend. We expect the dividend to gradually increase and aim to distribute 1.25 cents per share for the quarter ending 31 December 20201. A STRATEGY FOR VALUE CREATION Our strategy to date has proved to be highly successful, resulting in an excellent portfolio of assets in prime logistics locations in six core European countries. As our market evolves, we continue to refine our investment focus so we can take advantage of the unprecedented conditions described above and maximise the value we create for Shareholders. In line with our four pillar investment approach established at IPO, we have always looked favourably on assets with value creation potential and although we will continue to acquire fully let standing assets, we will increasingly tilt our activity towards value-add opportunities. Our overall investment policy and acquisition criteria will not change but we will aim to acquire assets at an earlier point in the development cycle to enable us to control more effectively the value-add opportunity. While the dividend will remain a substantial driver of our Total Return, this strategy will enable us to supplement that with increased capital growth. With the Company having now reached full deployment, it is now in a position to adopt a more progressive and active capital management programme. Options include recycling capital through asset disposals, partnering with other investors, continued debt management and, where supported by a clear rationale, raising new equity.
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