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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tritax Eurobox Plc | EBOX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.50 | 1.05% | 48.30 | 16:35:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 48.60 | 47.55 | 48.60 | 48.30 | 47.80 |
| Industry Sector |
|---|
| REAL ESTATE |
| Top Posts |
|---|
Posted at 22/2/2024 09:12 by hpcg Too many investors reject the words of rating agencies, because you know, history, but as a couple of you have already mentioned this is financially meaningful for EBOX and investors. |
Posted at 13/2/2024 13:42 by hpcg A slowing economy in Germany makes it more likely the ECB cuts its base rate sooner rather than later. Once again I think investors are acting in a contrary fashion, though selling today looks to be exchange rate motivated as the Euro issue is unchanged. |
Posted at 13/2/2024 08:29 by skyship EI/RimauThis from 30 Nov'23 Sale of asset in Bochum, Germany for EUR46.8 million Tritax EuroBox plc (the "Company"; tickers: EBOX (Sterling), BOXE (Euro)) has successfully exchanged contracts for the sale of its multi-unit warehouse in Bochum, Germany for a price of EUR46.8 million to a leading pan-European real estate investment manager. The sale price is marginally below the valuation as at 31(st) March 2023. Summary -- 37,047 sqm building, purchased in November 2018 for consideration of EUR37.8 million. -- A recently signed new lease in unit 3 was agreed 35% above the unit's current passing rent. -- The headline sale price of EUR46.8 million is 3% below the external valuation as at 31(st) March 2023, reflecting a net initial yield of 4.88%. -- Proceeds will be primarily used to pay down the Revolving Credit Facility as part of the programme to reduce the leverage in the Company. Background The 37,047 sqm prime logistics property in Bochum, Germany was acquired by the Company in November 2018. In August 2023, we announced the agreement of a new seven-year lease with LUCHS Gmbh at a level 35% above the current passing rent. The business plan for the asset has been completed, including a 23% increase in overall rent since acquisition. The sale enables the Company to realise a profitable disposal. In the Interim Results announcement in May 2023, we outlined our intention to undertake asset disposals of at least EUR150 million over a 12-18-month period. The programme's aim is to lower the loan to value (LTV) ratio towards our preferred percentage range in the low 40s and to fund existing opportunities from within the portfolio. Following the sale of Hammersbach in the summer, this disposal demonstrates further progress of this programme and brings gross sales signed so far to c.EUR111 million. Company commentary Alina Iorgulescu, Investment Director, Tritax EuroBox plc, commented: "The sale of Bochum is the second asset sold from our German portfolio following the completion of the asset management plan. The transaction continues the progress of the disposal programme outlined in our interim results and is aligned with our strategy of recycling capital to reduce leverage and fund higher-returning portfolio opportunities. The sale to a leading pan-European real estate investor, at a level close to valuation, highlights the liquidity of the properties in our portfolio, and evidences the continued investor interest in high-quality logistics assets. Further disposals have been identified and we remain confident of achieving our target loan to value percentage of low 40s over the next 6 to 12 months." |
Posted at 09/2/2024 09:41 by pyufak okay, I have more than made my point the past two days. Summary, since the Oct lows risk assets have rallied hard and funding rates have dropped dramatically. I agree with the commentary here there's a path for EBOX management here to secure a reasonable rebased dividend but I have at length highlighted if you passively 'hope' rather than take action we risk running into a mess and my patience is wearing thin ... as it seems by the share price is that of a lot of other investors.I read on bloomberg terminal an article just launched - 1bn pulled from European commerical property funds in Jan; some funds considering gating. This could mean they have to sell what is liquid which would be things like EBOX. This is exactly the sort of mess I am talking about if we have to sell assets or refinance if it gathers pace... and i know not all commercial property is equal but in a panic people throw out the good with the bad |
Posted at 08/2/2024 19:24 by elsa7878 2 questions.The major refinancing issue is the 500m Green Bond which yields 0.95%. Clearly refinancing costs will be multiples higher. I agree further asset sales would be beneficial. How does one buy. I use interactive investor (II) and can not get a quote at all for ebox or boxe. Has anyone else any II experience and know if this problem is singular to them? Many thanks. |
Posted at 08/2/2024 13:25 by pyufak ah here I was hoping to see some insightful chat or commentary on EBOX in a flurry of posts but alas ;-)was wondering whether to top up or exit purchases from Oct. Decided in the end to do nothing; it was a close call to stick with it rather than exit. I think the company has little option other than to continue the asset sale programme (I would like to see much more aggressively); place proceeds into a money market euro fund or buy the 2026s bond. They have announced a minimum of 150m sales (130m executed) so they can continue well above this. They only have 21 sites so selling one or two of the top 10 even if a bit below book value would bring material confidence to the valuation and reduce the refinancing concerns even if it does hit the dividend - a dividend rebase I'd argue is in the price. What makes me nervous is I'd like to see decisive action from the management team to cut the circularity of the refi / valuation link - instead EBOX holders are just long 5y European credit yields squared / cubed (whatever power you want). I don't call selling 130m to sort the RCF out as decisive when we have the 2026s bond looming. Until they take the plunge and sort this out I don't see any relief for EBOX. I take comfort at the current discount to NAV and if it truly gets messy I think a European real estate investor with deeper pockets, better funding profile and has money to invest like Blackstone etc comes and takes them out. The issue the management team face is by taking proper action to sort it out probably leaves us with a company which is a stronger going concern for shareholders but lower IM fee and more likely to be taken out anyway... shame; they're in a fair old pickle to my mind and far too passive about it while the market worries on their behalf (we can see this in the share price) |
Posted at 02/2/2024 18:38 by chucko1 WC, that is a vast difference and seems to have no explanation other than the particular needs or fears of individual investors (or investor groups). It is not as though the capital arrangement of EBOX is static and there is some cliff-edge were they not able to sell further properties at decent prices, even with rates not going lower. i.e. it is not like the different classes of a CDO with a portion of bad bonds relatively equal to the, say, equity class.That said, I have not done the deepest dives on this yet as I am not yet thinking of a particularly large position. Might change! |
Posted at 23/11/2023 12:09 by skinny Tritax EuroBox plc (ticker: EBOX (Sterling) and BOXE (Euro)), which invests in high-quality, prime logistics real estate strategically located across continental Europe, will publish its results for the 12 months ended 30 September 2023 (the Company's 2023 financial year) at 07.00am (GMT) on Tuesday 5 December 2023.Presentation for investors and analysts A Company presentation for analysts and investors will take place via webcast at 09.00am (GMT) on Tuesday 5 December 2023. This will also include the opportunity to submit questions to the management team. |
Posted at 06/11/2023 10:21 by riverman77 Ham - you're right that the days of expansion are over for the likes of EBOX but this doesn't really matter. Expansion mainly benefits the management company who can charge higher fees, but not really an issue for investors in the fund. The key attraction here is you can get hold of quality assets for a near 50% discount and receive a 9% dividend while you wait for them to rerate. In the worst case they may need to trim dividend slightly, but even then you're still looking at a 6-7% yield. |
Posted at 03/10/2023 16:12 by skyship Re-reading so much here as the share price tumbles.I was specifically impressed by background information on their recent sale: "The company currently has one asset on the market in Germany. The manager says that it has completed its asset management strategy at the building and is looking to crystalise the corresponding uplift in value. It adds that it has been encouraged by the broad group of investor interest in the asset, with 90 expressions of interest received, 50 investors signing a non-disclosure agreement (NDA), 12 good offers received and five parties taken into the final stage of the bidding process." 12 good offers suggests to me that there is very strong underlying demand for the EBOX quality assets. Should surely suggest that we will hear soon on the next sale in the move to lower the LTV back down to 40%. The sooner the better with the share price down through the 50p support... |
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