Tritax Eurobox Share Discussion Threads

[cousin jack] 08/4/2020 11:24

These had been holding up well recently, as had ASLI. However a 10% drop in the last few days for no apparent reason and on no news. Perhaps an opportunity to add - or am I missing something. One negative may have been the lack of comment about Covid19 in the last update. Any thoughts appreciated.

[cwa1] 17/3/2020 17:02

Not TOO shabby a transaction today:-

LAND SALE IN BORNEM, BELGIUM

The Board of Tritax Eurobox plc (tickers: EBOX (Sterling), BOXE (Euro)) , which invests in Continental European logistics real estate assets, announces it has sold a 16,400 sqm plot of development land at its asset in Bornem, Belgium. The total proceeds, after the deduction of transaction costs, amount to EUR2.32 million, which reflect a premium of 53% to the book value of EUR1.52 million.

Having acquired two modern warehouses, and three vacant plots of land totalling 4.5 hectares at the site in 2018, the Company has already carried out several asset management activities including two leasing initiatives. The configuration of this plot of land was not suitable for large format logistics development and was therefore a non-core asset for the Company.

The Company continues to pursue additional opportunities to optimise further value at this location and plans to recycle the proceeds of the sale into the development of a new logistics unit on site.

Nick Preston, Fund Manager of Tritax EuroBox, commented:

"This sale demonstrates our ability to identify and sell surplus assets that sit outside our core strategy in a profitable way. Working closely with our asset management team we have created immediate value, and by investing the proceeds in the development of the neighbouring site we are able to generate further returns for our investors."

[spectoacc] 10/3/2020 17:12

I like it but - no mention of the Italian lock-down, and how it might affect that asset.

Still looking to buy, at the right price, eventually.

[speedsgh] 10/3/2020 16:56

Trading Update and EPRA Index Inclusion -

TRADING UPDATE

Market Environment
· Structural drivers of accelerating e-commerce growth, automation of omni-channel supply chains, and ongoing urbanisation continue to increase demand for prime big box logistics assets across Continental Europe with vacancy rates and the supply of new development sites now at historic lows.
· The supply/demand imbalance, alongside rising construction costs, has led to upward pressure on rental levels across the Company's chosen markets.
· Individual asset location, size of property and the resulting efficiency for tenants remain key considerations with the supply shortage most acute in large format buildings in established distribution hubs with strong transportation links near densely populated areas.

Portfolio Update
· The Company has built a portfolio of twelve prime, large logistics assets located across Continental Europe in line with its investment strategy.
· The portfolio has exposure to Germany, Italy, Poland, Spain, Belgium and the Netherlands, with an average property size of 76,000 sqm.
· Indexation events embedded in the portfolio's leases provide regular compounding annual increases in income. The portfolio now benefits from contracted annual rental income of €40.4 million.
· Weighted average unexpired lease term across the portfolio is 9.8 years.

Asset Management Initiatives
· Completion of a number of income and value enhancing initiatives since September 2019 including:
o Leasing of vacant space at the asset in Bochum, Germany and regearing of a lease at Bornem, Belgium, further strengthening the income profile and diversifying the tenant base of the portfolio.
o An 88,000 sqm extension has been agreed to the Company's property in Barcelona, Spain, which is already fully pre-let and utilises a vacant land plot adjacent to the existing property already owned by the Company.
· Further asset management activity is expected across the portfolio including agreeing pre-let developments on a number of zoned plots of unused land and further leasing of unoccupied space (currently subject to rental guarantees) in Breda, Netherlands and Strykow, Poland.
· In total these asset management initiatives could add up to €6.1 million of income to the portfolio over the medium term.

Financial Returns
· Following the recent acquisition in Poland, the Company has now substantially invested its available cash with the rental income generated by the current portfolio meaning that the Company is on schedule to increase the dividend towards the target level.
· The combination of the dividend, indexation of rents, value adding initiatives and capturing of market rental value growth will assist the Company in delivering the target total accounting return of 9.0% per annum over the medium term.

Robert Orr, Independent Chairman of Tritax EuroBox, commented:
"The Board is pleased that the Company will be added to the FTSE/EPRA NAREIT Index, which is widely followed by global real estate investors and should assist in continuing to broaden the Company's investor base and to increase the liquidity of our shares."

Nick Preston, Fund Manager of Tritax EuroBox, commented:
"We are pleased to be able to report that the portfolio we have assembled since IPO continues to provide us with opportunities to create additional shareholder value through active asset management. Working closely with our management teams and tenants, we have already delivered a number of these opportunities adding further income as well as value to the portfolio. We continue to identify further initiatives and look forward to providing further updates in due course."

[spectoacc] 08/3/2020 11:33

Short term retail trends not so rosy tho! How many tenants may go bust?

And yes - compared to bonds, entirely agree. Compared to eg AEWU, or SHED - less so.

[hpcg] 08/3/2020 09:50

The yield is infinity times short term eurozone bond yields, and 5 times the Italian 10 years. IMO this and ASLI offer as good a way to get Euro exposure as anything. They are at least in tune with long term retail trends.

[spectoacc] 08/3/2020 09:16

On watchlist - not at all keen on the charges, relatively low yield, or Italian lock-downs spreading elsewhere. But better value now than it was. Eye on BBOX too.

[cwa1] 14/2/2020 07:40

The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in Continental European logistics real estate assets, has today declared an interim dividend in respect of the period from 1 October 2019 to 31 December 2019 of 1.10 cents per Ordinary Share, payable on or around 27 March 2020 to shareholders on the Register on 6 March 2020. The ex-dividend date will be 5 March 2020.

[jonwig] 14/2/2020 07:32

NAV in September was about 95p, so a price discount of 4%. (Maybe it's around par now.)
Segro's FY results to 31/12 have it on a NAV premium of 30%. (!)
The important thing is that SGRO says this:

Valuation gains and rental growth across the portfolio with Continental Europe outperforming the UK

Portfolio capital valuation surplus of 7.5 per cent driven by a 2.5 per cent increase in the like-for-like value of our UK portfolio (2018: 12.0 per cent) and 13.5 per cent in Continental Europe (2018: 5.1 per cent). Valuation gains were driven mainly by asset management, rental value growth (UK: 2.6 per cent, Continental Europe: 3.0 per cent), development gains and further yield compression in Continental Europe.

So unless they're doing something very wrong, this should be a bargain.

[makinbuks] 03/2/2020 11:00

If todays acquisitions take us almost to the LTV limit what options do we see for further fund raising? Tricky with this persistent discount

[cwa1] 22/1/2020 15:33

Taken a few at 92.4p this afternoon. Hopefully decent value that yields sensibly whilst awaiting a hoped for re rating.

[gurneyhalleck] 16/1/2020 13:13

Broker is AJ BELL Youinvest UK.

Their app doesn't even show history or current price but the charges calculator shows an fund manager Annual Ongoing Charge of 10.12%

I'm assuming their system may not be wired up correctly for this fund. Will phone them one lunchtime to see whether a human can figure it out 😉

[hpcg] 16/1/2020 12:56

Sales General and Administration; corporate overhead.

[lilly 01] 15/1/2020 16:50

Should have said, SG&A

[lilly 01] 15/1/2020 16:48

Forgive me, what does SG&A mean?

[hpcg] 15/1/2020 16:14

The KID estimates about 5% of internal cost. Interesting but somewhat redundant information given that no one expects SG&A to be zero. But then the KID concept was developed by morons. Partly though it is because this is a trust trading in the Specialist Fund Segment, and not a REIT as might be expected.

[cc2014] 15/1/2020 13:31

What broker are you using?

[gurneyhalleck] 15/1/2020 13:13

Hi folks, when I put in to get a quote for buying this share, it warns me there is an annual management charge of 10% Is this what you are seeing / paying?

I'm imagining this is a technical issue with my broker. Buying from UK ticker EBOX.L

I've been googling but can't see any other reference to this other than people asking the same question with no answers forthcoming...

[tyranosaurus] 09/1/2020 20:09

I will not be getting in quick.
Don`t take much notice of Shares magazine any more.
Will be surprised if EBOX moves much in the next few months.

[robow] 09/1/2020 09:07

Great Ideas feature in Shares magazine this morning

'Get in quick with this fund to play the e-retail boom
EBOX is at a tipping point with plans to capitalise on warehouse demand'

[tyranosaurus] 06/1/2020 16:32

Looks as if big boxes are mot making big gains for investors.
EBOX and BBOX shares are treading water while REITs like LXI and DIGS are moving upwards.

[apollocreed1] 24/9/2019 15:02

In light of the negative economic data coming out of Europe, in particular Germany, does anyone think that a recession in Europe will cause the value of EBOX's assets to fall?

[broadgreen] 24/9/2019 08:00

In case I'm not alone in having to check exactly what phrases like 'highly reversionary' mean, from today's RNS, here is the definition I found:

Net reversionary yield (NRY)
Net reversionary yield (NRY) is the anticipated yield to which the initial yield will rise (or fall) once the rent reaches the estimated rental value.

This comes from a glossary of commercial property terms on the British Land site which others may find useful:

hxxps://www.britishland.com/site-services/glossary

[lilly 01] 02/7/2019 17:26

Re: 2nd July Post. Thanks very much for the clarification.