Tritax Eurobox Share Discussion Threads

[hr24] 02/7/2019 15:35

Average size of these sheds is in sq m for Eu, not sq ft, so they are actually bigger

[speedsgh] 26/6/2019 10:44

TRADING UPDATE AND NET ASSET VALUE AS AT 31 MARCH 2019 -

Highlights

· Basic net asset value ("NAV") increased to €329.4 million (31 December 2018: €326.0 million)

· Basic NAV per share increased to €1.10 (31 December 2018: €1.09). During the period, the Company distributed 0.4 cents per share, in respect of the period between 9 July 2018 and 31 December 2018

· Portfolio of seven assets (the "Portfolio") independently valued at €486.6 million, reflecting a like-for-like valuation increase of €3.2 million or 0.7% over the three months ended 31 March 2019

· The Portfolio is 100% income producing with contracted annual rental income of €26.1 million as at 31 March 2019. Two lettings have been secured during the period, providing the Company with long term income to replace rental guarantees previously in place

· The Portfolio is well diversified by tenant, sector and geography and has a weighted average unexpired lease term ("WAULT") of 12.2 years as at 31 March 2019

· Since 31 March 2019, the Company has completed the acquisition of two further assets, in Lodz in Poland and Hammersbach in Germany, with an aggregate acquisition price of €105.6 million, resulting in a current portfolio of nine assets

· The current portfolio of nine assets has a contracted annual rental income of €31.7 million and a WAULT of 11.1 years

· The Company is focused on the deployment of the proceeds of its recent Placing, and Tritax Management LLP (the "Manager") is engaged in detailed discussions with the owners of potential new investments comprising high quality, large scale logistics real estate assets sourced on an off-market-basis

· Furthermore, a number of asset management initiatives have been identified within the Company's current portfolio of nine assets, including leasing and building extension opportunities

· The Company is targeting, on a fully invested and geared basis, an initial Ordinary Share dividend yield of 4.75% p.a.1, which is expected to increase progressively through regular indexation events inherent in underlying lease agreements and by increasing rents through asset management initiatives, and a total return on the Ordinary Shares of 9.0% p.a.1 over the medium-term

[makinbuks] 14/6/2019 16:50

Is the acquisition announced today at a slightly disappointing yield? 4.5%? Good point T Rex on the size of units, I hadn't seen that

[tyranosaurus] 21/5/2019 08:42

These boxes are small compared to BBOX.
Average size 70,000 compared to 500,000 but cost roughly the same.
This puts me off investing in EBOX

[skinny] 16/5/2019 16:27

A recent high on good volume.


free stock charts from uk.advfn.com

[hpcg] 11/3/2019 09:59

I have more in ASLI than in EBOX as it is that much further ahead in delivering dividends. I agree that both are hold forever type securities. There is of course currency risk, but that works both ways.

[scallywagkid] 04/3/2019 13:27

It had the desired affect. Announcement will come later this week.

[hpcg] 04/3/2019 13:22

?? What is the FCA going to do other than throw that in the bin? Words like 'intend' and 'targeting' are not commitments. I imagine the dividend announcement will be coincident with the premium listing completion.

[scallywagkid] 04/3/2019 11:06

...and reported to FCA

[scallywagkid] 01/3/2019 12:02

I've also sent a rebuke to IR. Not a good indicator of competence.

[belgraviaboy] 01/3/2019 11:38

I emailed Investor Relations yesterday - no response yet...

[scallywagkid] 28/2/2019 17:46

No sign of divi announcement in normal trading hours. Very poor message. Such an early communications misfire doesn't inspire confidence in management or advisors.

[belgraviaboy] 28/2/2019 08:28

Have I missed the dividend announcement?

The 4th Feb trading update said:

The Company intends to declare an initial interim dividend for the period from Admission until 31 December 2018 in February 2019

Unless I have missed it they have until the end of today to announce the dividend?

[skinny] 28/2/2019 08:05

Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, will announce its results for the period from 1 July 2018 to 31 December 2018 on Thursday, 28 March 2019.

[skinny] 04/2/2019 07:15

The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, is pleased to announce the following trading update ahead of the publication of the Company's results for the period from 1 July 2018 to 31 December 2018, which are expected to be published on or around 20 March 2019.

PRIME, WELL-LOCATED PORTFOLIO DELIVERING SECURE AND GROWING INCOME

· Invested in eight prime logistics assets for a combined €558.4 million1, well positioned in key locations in Germany, Spain, Italy, Belgium and Poland (the "Portfolio"), comprising six standing assets and two pre-let forward funded developments

· The Manager is currently in advanced negotiations in relation to the acquisition of one additional prime logistics asset, following which, the Company will be fully invested and geared, well within the Company's stated target of six to nine months following the Company's launch in July 2018

· The six standing assets completed on in the period from 1 July 2018 to 31 December 2018 have been independently valued at €485.4 million, representing an uplift of 2.0% over the aggregate net purchase price. Additionally, binding commitments totalling €82.5 million have also been made by the Company on two pre-let forward funded developments currently under construction

· The weighted average purchase yield of the Portfolio is 5.1%

· The Portfolio has been acquired with a low blended acquisition cost of 1.7%

· The Portfolio is 100% income producing with contracted annual rental income of €24.5 million as at 31 December 2018

· The Portfolio is well diversified by quality tenant, sector and geography and has a weighted average unexpired lease term ("WAULT") of 12.02 years as at 31 December 2018

VALUE ENHANCING ASSET MANAGEMENT INITIATIVES

· Within the Portfolio, the Manager has identified and is currently in detailed discussions regarding several embedded value enhancing asset management initiatives. Four of the assets acquired benefit from adjacent zoned land with a total development capacity of c. 113,000 sqm of lettable area. In this regard, the Manager is currently in detailed discussions regarding an extension opportunity which could add to the Portfolio rent roll

· The Manager continues to work proactively to reduce vacant space within the Portfolio, all of which benefits from rental guarantees, and is in advanced discussions with regard to the letting of two of the three vacant units

ON TRACK TO DELIVER TARGET DIVIDENDS

· The Company intends to declare an initial interim dividend for the period from Admission until 31 December 2018 in February 2019

· On a fully invested and geared basis, the Company confirms that it is targeting a dividend of 4.75 pence p.a.2, which is expected to increase progressively, supported by regular indexation events inherent in the underlying lease agreements, and a total return of 9.0% p.a.2 over the medium-term. The Company confirms its intention to pay dividends on a quarterly basis with shareholders able to receive dividends in Sterling or Euro

ATTRACTIVE UNSECURED FINANCING STRUCTURE

· An initial €200 million unsecured revolving credit facility was entered into in October 2018 with a margin ranging between 1.55% and 2.2% depending on the drawn level under the facility and the Company's prevailing LTV, and an initial maturity of five years, extendable by two further years

· A further €100 million was added to the initial facility in December 2018

· When the initial €300 million is fully drawn, the loan to value ratio ("LTV") of the Portfolio will be in line with the Company's medium term LTV target of 45%

· The €300 million facility benefits from an accordion option, which allows drawing of a further €300 million

MOVE TO THE PREMIUM SEGMENT OF THE MAIN MARKET

· The Company confirms its intention to apply to the FCA for the Company's ordinary shares ("Ordinary Shares") to be admitted to the premium segment of the Official List of the UK Listing Authority and to the London Stock Exchange for the Ordinary Shares to be admitted to the premium segment of the Main Market in Q1 2019. The move to the premium segment is expected to facilitate the Company's eligibility for inclusion in the FTSE UK and the FTSE EPRA NAREIT Index Series

more.....

[belgraviaboy] 29/1/2019 12:18

Looks a decent risk reward to me at this price - bought a few. Looking forward to the first divi...

[skinny] 14/11/2018 13:56

Full Year Results next month.

[skinny] 26/9/2018 07:06

ACQUISITION OF THE MANGO GLOBAL DISTRIBUTION CENTRE AT LLIÇÀ D'AMUNT, BARCELONA, SPAIN FOR €150 MILLION

The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, is pleased to announce that it has acquired a global distribution centre at Lliçà d'Amunt, Barcelona let to Punto Fa S.L., trading as MANGO ("Mango"), one of the world's leading fashion retailers. The total consideration is €150 million (excluding purchaser's costs), reflecting a net initial yield of 5.0% on the corporate acquisition.

This state-of-the-art global distribution centre which distributes to Mango's worldwide store network is located 25 km north of Barcelona and is directly accessible from the European motorway network. Barcelona's port and airport are within a 25-minute drive.

This high specification logistics facility, purpose-built in 2016, has a gross internal area of 186,138 sqm, a maximum eaves height of 40 metres and multi-level mezzanines. The building has benefited from significant capital investment incorporating a high level of automation and racking.

The property is let on a 30 year full repairing and insuring lease that commenced on 20 December 2016, reflecting an unexpired lease term of over 18 years to the first tenant break option in 2036, with further break options in 2039 and 2042. The rent is subject to annual upward only indexation. This off-market investment also benefits from two options to extend the property on an adjacent plot of land. If implemented, these extensions would increase the size of the asset by over 55,000 sqm.

more.....

[belgraviaboy] 14/9/2018 12:27

Warning from TRY newsletter that this will be trading on a double digit premium:

"However the sheer weight of demand is neatly exhibited by EuroBox, a €300m cash box IPO in July where the shares are trading at a 6% premium to cash. Once the proceeds are invested (they are in exclusive discussions) and adjusting for acquisition costs the premium will rise to double digits."

Better value elsewhere?

[saj3] 04/9/2018 08:42

Yes I had same problem with BARCLAYS ended up buying through IG