Tritax Eurobox Investors - EBOX

Tritax Eurobox Investors - 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
2.90 4.79% 63.50 16:35:16
Open Price Low Price High Price Close Price Previous Close
61.90 60.10 63.10 63.50 60.60
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Posted at 08/6/2022 11:39 by speedsgh
Interesting comment on the sector by Marcus Phayre-Mudge, the highly-rated fund manager of TR Property Investment Trust (TRY) in their recent results... Industrial and Logistics 2021 was yet another record year in terms of take up, capital value growth and, all importantly, further shrinkage in the amount of vacancy. The UK market saw take up exceed 50 million sq ft and vacancy is now below 3% across the whole range of 'big box' unit sizes. Like for like rental growth for Segro's portfolio was in excess of 5% and this has driven yields nationwide 75-100 bps leading to huge capital growth. Yet urban logistics has been even hotter, with investors focused on the supply inelasticity of infill markets. Greater London prime industrial transactional evidence now regularly sees equivalent yields (i.e. based off market rents which are higher than passing rents) of less than 3%. This price inflation has been fuelled by evidence of another year of rental growth exceeding 10%. Segro reported rental growth averaging 13.1% in its UK portfolio during 2021. Savills estimate that inner London rents have moved 25% in the last year alone. UK industrial transaction volumes reached £16.7bn in 2021, 113% growth on 2020 and 152% growth on the five year average. Given such an acceleration we must closely watch the fundamentals, there may well be capital seeking deployment without due consideration. However, for now, the demand/supply imbalance at the occupier level is driving rental growth. The entire UK industrial market recorded a drop in available space to 18.1million sq ft, a contraction of one third over the year. No wonder rents are rising. On the Continent, we have also seen market rental growth outstrip annual indexation. This is set to continue even with the printing of record high annualised inflation of 5.1%. Segro are the only fully pan-European listed player and they reported 4.1% like for like rental growth across Continental Europe for 2021. We remain confident that in many key markets this level of growth will be exceeded in 2022. Across Continental Europe, online sales penetration now averages 15-18%, still a long way behind the UK at c.28%. Shortening supply chains and reshoring has driven demand in cheaper markets such as Poland. Savills European Logistics Survey 2021 showed that 46% of all occupiers canvassed expected to increase their warehouse requirements over the next year. Availability continues to shrink, with vacancy down from 5.1% to 3.5%, with record low levels in Dublin (1.1%), the Netherlands (3.3%), Czech Republic (1.7%) and take up levels well ahead of decade averages with Madrid (+9), Poland (+13%) and the Netherlands (+10%). For the best space, rents are responding very rapidly and we expect average rental growth to exceed 5% across the Continent. However in early May this year (post the year end) Amazon announced a dramatic pause in its expansion programme. Whilst we believe that these comments were focused on their domestic US market, it has caused reverberations across all logistics/ecommerce real estate markets. Major owners and developers such as Segro and Tritax point to full orderbooks and strong transactional evidence, forward looking equity markets took fright. Share prices of these two names are down - 22% and 17% respectively, calendar year to date.
Posted at 21/2/2022 23:08 by williamcooper104
It crashed from 40 something to 13 net debt after they raised their €500m green bond (but hadn't spent it) and raised equity Pretty clear they are targeting a much higher longer term LTV (though accept probably not high 60s)Last valuation yield was 3.9 - so 100bps yield shift on only 50 percent LTV = c40 percent NAV drawdown It's the classic unsecured/full recourse REIT leverage as opposed to non-recourse/throw keys leverage that private investors go for full recourse/unsecured leverage is fine at low levels of leverage but can be very dangerous even at 50 LTV
Posted at 17/1/2022 08:22 by speedsgh
Acquisition of prime logistics asset in Sweden - 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 it has completed the acquisition of the land and agreed to fund the development of a 17,832 sqm prime sustainable logistics asset for SEK 402 million (€39.4 million 1 ). The asset is situated adjacent to the 13,181 sqm development opportunity in Rosersberg in Sweden acquired by the Company in September 2021. The investment of SEK 402 million reflects a net initial yield of 4.0% based on the income from a 12 month target rental guarantee of SEK 16.4 million (€1.6 million 1 ) from completion of construction. 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. This is the Company's third investment in Sweden and second in Rosersberg, one of the most established Swedish logistics hubs, just north of Stockholm. Held freehold, this 27,562 sqm site will accommodate a 17,832 sqm prime logistics facility consisting of two separate units. Strong ESG credentials will be at the forefront of the asset's design and build. The development is targeting a minimum BREEAM Very Good certification, and the construction will include a range of energy saving initiatives and staff wellbeing measures. The development is being undertaken by Verdion, a highly experienced European industrial and logistics real estate specialist. Construction is due to commence in June 2022, with practical completion targeted in May 2023. Verdion is also developing the Company's adjacent development asset in Rosersberg, which was acquired in September 2021 and received a building permit in December 2021. Construction at this site will commence in February 2022 and discussions are already underway with potential occupiers. The site is strategically situated close to Stockholm Arlanda Airport, on the E4 motorway to Stockholm city centre. Given its strategic location, occupier demand for logistics space in Rosersberg is amongst the highest in Sweden and its importance as a hub is expected to increase further in the coming years. Due to the strength of the local leasing market, the Company is confident that it will be able to lease the units quickly and benefit from any increased value that a new lease may create. Verdion will assist the Company with the letting based on pre-agreed leasing criteria with an incentive mechanism. Verdion will also be retained as asset manager. Alina Iorgulescu, Assistant Fund Manager of Tritax EuroBox, commented: "This investment reinforces our shift to a higher proportion of value add assets by investing in development opportunities alongside established development partners. We are particularly pleased to be increasing our exposure to the Stockholm logistics market where we are seeing growing occupational and investor demand. We have already made good progress at our adjacent asset, obtaining the building permit in December, meaning we are looking forward to starting on site in a few weeks' time. This is also our fourth off-market deal with Verdion demonstrating our close relationship, bringing forward these ESG led, high quality assets in key locations where land supply is constrained. Today's off-market funding is at an attractive yield, which also offers the opportunity to capture the strong rental and capital value growth evident in this prime logistics market and to deliver sustained value to our stakeholders."
Posted at 10/12/2021 12:13 by km18
Tritax EuroBox PLC is involved in the investment and management of a diversified portfolio in high-quality logistics real estate assets, also known as big boxes. The highly innovative and emerging firm seeks to develop logistics and distribution supply chain for manufacturers, retailers across core countries in Continental Europe, offering attractive opportunities for capital growth to investors. From a financial perspective, operating profit substantially surged from £64.15m to £144.29 in 2021, which effectively incorporated successful acquisitions performed this year and drove gross rental income up 21.9%. Eurobox’s rents are currently index-linked, signifying that rents simultaneously hike with inflation, providing inflation-adjusted returns for investors. Considering the recent firm’s active buying and fundraising, returns on investment are likely to be forced up to 15%. This evidence is supported by the fact that shares in Tritax EuroBox are trading at a 7.5% discount, hence the security is undervalued and expected to surge in value. Keep up to date with WealthOracle AM
Posted at 20/9/2021 10:05 by cwa1 Investor demand for the Placing has significantly exceeded the targeted size of approximately £170 million (€200 million). The Directors, after careful consideration with the Manager and in consultation with its Joint Financial Advisers, have determined to increase the size of the Placing to approximately £213 million (€250 million). In taking this decision the Board has taken into account the strength of the Manager's near-term investment pipeline. A total of 191,228,355 New Ordinary Shares will be issued at a price of 111.5 pence per New Ordinary Share (the "Placing Price") pursuant to the Placing. The Euro equivalent Placing Price has been fixed at 130.66 cents per New Ordinary Share, based on the Relevant Euro Exchange rate of 1.1718. Notwithstanding the increased size of the Placing, applications for the New Ordinary Shares significantly exceeded the total number of shares to be issued and accordingly a scaling back exercise has been undertaken.
Posted at 17/9/2021 11:24 by speedsgh
That's bizarre, robow. The KID document is available for download from the company's website. HTTPS:// HTTPS://
Posted at 10/9/2021 08:56 by 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’.
Posted at 20/7/2021 13:33 by 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...
Posted at 10/5/2021 20:25 by speedsgh
Interesting comments on a possible future tie-up between EBOX & ASLI (from 30:15)... Interviewer: There are a number of questions about Aberdeen Standard and their investment in the parent, Tritax. There are a number of questions about the ASL funds as well. I'm sure you can't answer this question but from a strategic point of view are you able to make any comment about the relationship that you have as a business at a parent level with Aberdeen Standard or not? Nick Preston: The deal hasn't finally closed yet, we're still awaiting regulatory approval. However the plan is, once it does, that Tritax as a business will be autonomous of the main Aberdeen entity. However I would say, and I suspect this is where these questions are coming from, what are the future prospects for both Tritax Eurobox and ASLI which are operating in broadly the same space with similar strategies? My answer to that is: it's still too early to say other than it is a very obvious question to ask and I know that both boards are considering this. And ultimately we are the manager. The boards are the ones who will make decisions on anything here and they are consdering this and will be considering it in due course. I strongly suspect that this will take some time, that the acquisition of Tritax just needs to bed down and the boards will sound out what investors' views are and be analysing the pros and cons - and there's an awful lot of complexity around this as you can imagine - but it's too early to say yet is the first answer. However it is an obvious question to answer, therefore I can't really say any more than that at the moment.
Posted at 10/5/2021 19:19 by speedsgh
This video presentation (part of Hardman & Co's third virtual Investor Forum) by EBOX fund manager, Nick Preston, is nearly 3 months old but is well worth the time. Gives an in-depth explanation of the EBOX investment case. 20min presentation followed by 14min Q&A... Hardman & Co Investor Forum: Tritax EuroBox - HTTPS:// Tritax EuroBox invests in very large logistics assets on prime sites on the continent, which are crucial to the growing and lengthening supply chain networks of logistics companies and online retailers. Nick Preston, CEO of Tritax EuroBox, presented the company as the European logistics real estate investment company, adding value to investors through their innovative acquisitions and asset management in a highly supportive market. The wave of online retailing and digitalisation has changed the dynamics of the logistics market, proving highly favourable for EuroBox and its tenants. Operationally, Nick shared with investors that 100% of their assets are income producing. These resilient and growing income streams underpin returns and future expansion may target assets at earlier stages of development, thus boosting yields further. The live audience took interest in the investment trust with questions coming in about the gearing for further expansion, premium to NAV, key differences between EuroBox and the other Tritax (BigBox, which focuses on the UK), and about the relationship with Aberdeen Standard Life.
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