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
0.80 0.71% 113.00 16:35:26
Open Price Low Price High Price Close Price Previous Close
112.00 111.40 112.80 113.00 112.20
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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.
speedsgh: That's bizarre, robow. The KID document is available for download from the company's website. HTTPS:// 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: 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...
cwa1: 27 May 2021 €500 MILLION DEBUT GREEN BOND ISSUANCE SUPPORTING SUSTAINABILITY STRATEGY AND VISION Tritax EuroBox plc (ticker: EBOX; BOXE) (the Company), which invests in a high-quality portfolio of very large, prime logistics real estate assets strategically located across Continental Europe, today announces the pricing of €500 million of senior unsecured green bonds maturing on 2 June 2026 (the 2026 Notes). The 2026 Notes were significantly oversubscribed, having generated substantial institutional demand following a series of fixed income investor meetings. Further strengthening the balance sheet The 2026 Notes will have a tenor of five years and an annual coupon of 0.95%. The issue will significantly reduce the Company's cost of debt and represents the first step in the Company diversifying its funding sources into the debt capital markets.
williamcooper104: Liquidity, spreads and greater institutional investor interest All of which will drive share price to a premium over NAV which gives a comparative cost of capital advantage of the REIT public market equity over private markets, which leads to a virtuous circle of equity raises and accretive investments leading to greater size/premiums and accretive acquisitions That's the real advantage, as you say the direct cost synergies are likely to be small (and will be more for the benefit of the external manager), debt might be a bit cheaper too
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.
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.
speedsgh: Notice of Half Year Results - HTTPS:// Tritax EuroBox plc (ticker: EBOX (Sterling) and BOXE (Euro)), which invests in a high-quality portfolio of very large, prime logistics real estate assets strategically located across Continental Europe , will announce its results for the six months ended 31 March 2021, on Tuesday, 18 May 2021 . A Company presentation for analysts and investors will take place via a live webcast and audio only dial in at 10am (BST) on the day...
robow: thanks Makinbuks here is the tip There may also be bargains on offer among commercial property trusts, although investors must be aware of the risks. Funds in this sector look cheap for a reason: the disruption that Covid-19 has caused to our daily lives. Those who seek to avoid the more problematic areas, such as offices and retail, may prefer warehouses and logistics. This sub-sector has been robust as it has benefited from the strength of e-commerce. Here, Mr Elliott likes Tritax Eurobox, sister fund of UK-focused Tritax Big Box, a Questor pick, but unlike that fund it trades at a discount. It owns prime logistics properties across Europe and counts Amazon as one of its biggest tenants. The fund, which offers both sterling and euro-denominated shares, collected 96pc of rent owed over the year to October. It trades on a 16.3pc discount and offers investors a well-covered dividend and an attractive 4.1pc yield. Questor says BUY
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