Tritax Eurobox Share Discussion Threads

[speedsgh] 28/9/2021 20:18

EBOX will be joining the FTSE 250 Index on 1/10 in place of Gamesys Group which is being taken over by a US listed company...

[pyufak] 27/9/2021 15:16

anyone seen the results? supposed to be due today were they not - share priced started to tick up from the offer price this afternoon

[cwa1] 21/9/2021 08:30

FWIW I got 75% of my allocation. I suppose, given the price pullback, I should be thankful I didn't get it all ;-)

[speedsgh] 20/9/2021 16:53

I was pleasantly surprised to see that I have received 100% of my application.

[makinbuks] 20/9/2021 15:04

Great news on the placing and the strength of the pipeline. As you say CWA1 this is a medium term holding and ignoring todays market wide issues this will trade above 120p again very shortly

[cwa1] 20/9/2021 10:08

I applied for some in the Placing, wonder how many holders will get? Has anyone heard yet?

Of course, I could've bought them more cheaply in the market for a short period this morning and got as many as I wanted but not too concerned as it IS meant to be a medium/long term holding

[cwa1] 20/9/2021 10:05

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.

[petewy] 17/9/2021 12:03

I had same problem with II. Can't trade unless you have read Kid and can't download Kid. this happened twice. I rang and traded over the phone and was charged as on-line.

[robow] 17/9/2021 11:48

thanks- I've sent II a message

[speedsgh] 17/9/2021 11:24

That's bizarre, robow. The KID document is available for download from the company's website.

[robow] 17/9/2021 11:00

I am unable to buy via II as it says no KID document available

[cwa1] 17/9/2021 08:15

Placing closes 2pm this afternoon. Placing results announced on Monday. I assume it will be well supported/oversubscribed

[speedsgh] 16/9/2021 15:39

Article includes references to #BBOX #EBOX #ASLI...

Phayre-Mudge: The smart money is in ‘shed’ developers -

[speedsgh] 15/9/2021 07:46

Forward funding acquisition nr Stockholm, Sweden -

[makinbuks] 13/9/2021 10:08

Trimmed my holding at £1.22 and now added back at £1.12. Disappointed not to have access to the placing

[speedsgh] 10/9/2021 08:56

Tritax Eurobox: Logistics boom will last three more years (9/9/21) -

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] 10/9/2021 08:55

Proposed Placing -

The Board of Directors (the "Directors") of Tritax EuroBox plc (tickers: EBOX (Sterling) and BOXE (Euro)), which invests in Continental European logistics real estate assets, today announces a proposed placing of new ordinary shares ("New Ordinary Shares") in the Company to raise targeted gross proceeds of approximately £170 million (€200 million) (the "Placing") pursuant to the Company's placing programme (the "Placing Programme").

Key Highlights:

· The Placing will comprise a target issue of approximately 152.5 million New Ordinary Shares at an issue price of 111.5 pence per New Ordinary Share (the "Placing Price").

· The Placing Price represents a discount of c.3.0% to the Company's closing share price of 115 pence per Ordinary Share on 9 September 2021 (being the last business day prior to this announcement).

· The Placing Price also represents a premium of c.3.7% to the estimated unaudited IFRS NAV per Ordinary Share as at 30 June 2021 of €1.265 converted at prevailing exchange rates (the Company's estimated unaudited EPRA NTA per Ordinary Share as at 30 June 2021 was €1.306).

· The Company's manager, Tritax Management LLP (the "Manager"), expects to use the net proceeds of the Placing, together with existing resources and debt, to secure the acquisition of a near-term investment pipeline of c.€520 million of prime big box logistics assets in key locations in Continental Europe comprising:

o Two German assets for over €170 million which are in exclusivity and in the final stages of due diligence.

o Six further assets for an aggregate investment of c.€350 million including zoned development land and forward funding developments.

· Investment in the Company's pipeline will continue to further grow and diversify the Company's portfolio, expanding into new geographies and consolidating in existing countries, with an increased focus on higher return assets.

· The Manager is confident that the proceeds of the Placing can be deployed into this pipeline within 3 to 4 months of completion of the Placing.

· The New Ordinary Shares to be issued via the Placing will be entitled to the next quarterly dividend declared by the Company for the quarter ending 30 September 2021.

[continues]

[speedsgh] 10/9/2021 08:52

Forward funding EURO29.9M Ruhr asset acquisition -

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 conditional contracts have been entered into to acquire the land for the development of a new high specification and sustainable logistics asset in Oberhausen, a prime location in the Rhine-Ruhr region of Germany. The Company will now enter into a forward funding agreement to construct the building.

This is the Company's 8th German asset, continuing the Company's growth in this key market. The property will comprise a single building of 23,346 sqm of ground level logistics space with additional mezzanine and office accommodation, capable of being split into four separate, equally sized units. The development will be undertaken by Verdion, which specialises in European industrial and logistics real estate. The land purchase is conditional on receiving the building permit and access rights which are both expected in the near-term.

Oberhausen, located between Duisburg and Essen, is one of the cities forming the Rhine-Ruhr area, the largest urban area in Germany with a population of over 10 million. Oberhausen offers easy access to national autobahns 3 and 42, with connections across the region as well as direct routes across Germany and into the Netherlands and Austria. Duisburg port, the largest inland port in the world, is only 15 minutes down the Ruhr river.

This acquisition is structured as a forward funding development opportunity, where the Company has agreed an aggregate fixed purchase price of €29.9m comprising land purchase, construction of the buildings and developer's profit. There is the potential for an additional incentive payment to Verdion if certain leasing conditions are met. 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.

The Company will also benefit from a 12-month rental guarantee provided by Verdion of €1.313 million from completion of construction, which is expected to be in Q4 2022. This rental guarantee is in line with the current estimated market rental value per annum assuming a rent of €56 per sqm.

The Rhine-Ruhr area currently has high levels of occupier demand and very low levels of vacancy for prime logistics real estate, and in combination with the high quality construction and prime location the Company expects the asset to lease before the end of the rental guarantee period. Verdion will assist the Company with the letting based on pre-agreed leasing criteria with an incentive mechanism.

The development will be undertaken to high environmental standards, targeting a minimum BREEAM Very Good and DGNB Gold certification, and the construction will include a range of energy saving initiatives and staff wellbeing measures.

The acquisition price of €29.9 million reflects a net initial yield of 4.3% based on the income from the rental guarantee.

Alina Iorgulescu, Assistant Fund Manager of Tritax EuroBox, commented:

"We are delighted to continue to develop our relationship with Verdion, this being the third forward funded development we have worked on with them. We remain committed to building up a significant presence in prime areas of the German market which are characterised by strong tenant demand coupled with low vacancy levels and very limited land supply, leading to growing rents.

This development, a brown field regeneration project, demonstrates the Company's ESG policy of replacing redundant properties with modern, sustainable, energy efficient buildings with significantly improved environmental credentials. The completed building, situated in one of the best logistics locations in Europe, will add to our growing portfolio of similar assets where we continue to create value for shareholders."

[speedsgh] 26/8/2021 20:10

Exchange Rate For Dividend Payment -

On 9 August 2021, the Company declared an interim dividend in respect of the period from 1 April 2021 to 30 June 2021 of 1.25 cents per Ordinary Share, payable on or around 10 September to shareholders on the Register on 20 August 2021.

In accordance with the Company's dividend policy, dividends are declared in Euro and paid, by default, in Sterling. The Euro/Sterling exchange rate for dividend payments made in Sterling has been determined as 0.8552 resulting in an interim dividend of 1.0690 pence per Ordinary Share. 0.15 cents of each 1.25 cents dividend per Ordinary Share will be designated as interest distribution.

[makinbuks] 11/8/2021 18:12

Hmm, rather too many related noses in the trough there for my liking. Seems overly complex for a pretty straightforward transaction

[speedsgh] 11/8/2021 14:59

More detail from the above rns...

Appointment of a development manager for a logistics facility in Belgium

Background to and reasons for the Bornem Proposal

The Company is in the process of building a new, circa 15,000 square meters, logistics facility on an unused area of land at the site it owns in Bornem, Belgium and has instructed a general contractor to construct the building. The Company needs to appoint a development manager to oversee the construction of the logistics facility on its behalf. LCP Belgium is well placed to act in this capacity for the Company due to its experience in the Belgian logistics development market and also because of its experience as asset manager for the Company's Belgian assets.

The Company believes that this investment will assist in achieving its performance targets. The Company's investment in this project accords with its investment strategy and is in line with its investment policy. The Company's total investment will be approximately €7.2 million, which represents the expected construction costs, including development management costs. Once leased, the asset is expected to produce a yield on cost of approximately 9 per cent. per annum (excluding site cost as the Company previously acquired the land) and see strong capital value growth once it is leased. The Company is confident that the property will be leased shortly after completion due to the strong occupier demand and limited supply of new logistics buildings in the Brussels/Antwerp corridor.

Information on the Bornem Site

The Group acquired a logistics park in Bornem, Belgium (the "Bornem Logistics Park") in October 2018. The Bornem Logistics Park is held by the Group through one of its Belgium subsidiaries, Pakobo.

When acquired, the Bornem Logistics Park included two existing logistics facilities and three potential development plots on 45,000 square metres of vacant land. The Group sold one of the potential development plots comprising 16,000 square metres of vacant land in March 2020.

The Group received a building permit from the Belgian authorities in January 2020 to develop a new logistics warehouse (the "Warehouse") on the two remaining plots (the "Bornem Site"). The development of the Warehouse is expected to complete during Q4 2021.

The Bornem Site is a piece of land located at Klein-Mechelen 18C and 18D at 2880 Bornem, Belgium with a total area of approximately 29,000 square metres.

Principal terms of the Bornem Proposal

· On 11 August 2021, Pakobo entered into a conditional development management agreement with LCP Belgium (the "Bornem DMA") pursuant to which LCP Belgium would be appointed as a development manager to assist with managing the development of the Bornem Site.

· The aggregate fees payable by Pakobo to LCP Belgium under the Bornem DMA is €990,203, payable by way of (i) an initial payment of €508,607 becoming due as soon as the agreement is entered into, and (ii) nine monthly instalments amounting to a total sum of €481,596 for the duration of the Bornem DMA. Pakobo will also reimburse any expenses incurred by LCP Belgium in carrying out its role as a development manager of the Bornem Site. The fees payable in connection with the Bornem Proposal will be provided out of the existing cash resources of the Group.

· Under the Bornem DMA, during the construction of the Warehouse, a licence fee, amounting to a total sum of €173,557 (excluding VAT, if any), is payable by LCP Belgium to Pakobo and is payable in monthly instalments for the duration of the Bornem DMA.

· Pursuant to the Bornem DMA, LCP Belgium will also provide the Company with a rental guarantee equivalent to the first six months' rent after completion of the development of the Warehouse, being up to €335,050 (excluding VAT, if any), subject to certain conditions.

Related party aspects of the Bornem Proposal

LCP Services UK Limited ("LCP") has been appointed by the Manager as the Company's asset manager in various countries in Europe, including Belgium and Italy. Mr Kristof Verstraeten and Mr Steven De Bie are directors of LCP and/or other entities within the LCP group (the "Related Party Directors") and are considered related parties of the Company pursuant to Chapter 11 of the Listing Rules on the basis that they are also former directors of certain subsidiaries of the Company formed for the purposes of holding certain of the Group's assets in Belgium. As the Related Party Directors are also key individuals in the context of LCP's group, LCP is considered an associate of the Related Party Directors and is therefore a related party of the Company pursuant to Chapter 11 of the Listing Rules.

In December 2020, the Company entered into a sale and purchase agreement with certain LCP group companies pursuant to which the Company indirectly, through its subsidiary, acquired a logistics facility located in Nivelles, Belgium for a total consideration of €31.2 million (the "Nivelles Acquisition"). The Bornem Proposal, when aggregated with the Settimo Torinese Proposal and the Nivelles Acquisition as required by Chapter 11 of the Listing Rules, is classified as a related party transaction pursuant to Chapter 11 of the Listing Rules. The Bornem Proposal is therefore conditional on, amongst other things, the approval of shareholders at a general meeting of the Company.

The board of directors of the Company (the "Board"), having been so advised by Jefferies International Limited ("Jefferies") acting in its capacity as the Company's sponsor, considers the Bornem Proposal to be fair and reasonable as far as shareholders are concerned. In providing advice to the Board, Jefferies has taken into account the Board's commercial assessment of the Bornem Proposal.

[speedsgh] 11/8/2021 14:57

Related Party Circular with notice of GM published -

Further to its announcement of 10 August 2021 in relation to the Settimo Torinese Proposal, the Company announces that it has published a Circular, having received approval from the Financial Conduct Authority, which will be posted to shareholders today.

The Circular seeks shareholder approval to complete the Settimo Torinese Proposal outlined on 10 August 2021, as well as seeking shareholder approval in relation to the entry by Pakobo NV ("Pakobo"), a wholly owned subsidiary of the Company, into a conditional development management agreement with LCP Belgium NV ("LCP Belgium"), a wholly-owned subsidiary of LCP Holdco Lux S.à.r.l. ("LCP HoldCo"), pursuant to which LCP Belgium would be appointed as a development manager to assist with managing the development of a logistics warehouse on an area of land located in Bornem, Belgium and owned by the Company (the "Bornem Proposal"). As LCP HoldCo is considered as a related party to the Company under the Listing Rules, both the Bornem Proposal and the Settimo Torinese proposal (together, the "Proposed Transactions") are subject to shareholder approval.

The Circular contains a notice convening a General Meeting of the Company at which approval will be sought from shareholders for implementation of the Proposed Transactions. The General Meeting will be held at 10 a.m. on 27 August 2021 at the offices of the Company at 3rd Floor, 6 Duke Street St James's, London, SW1Y 6BN...

[cwa1] 09/8/2021 07:10

9 August 2021

Tritax EuroBox plc

(the "Company")

DIVIDEND DECLARATION

The Board of Tritax EuroBox plc (tickers: EBOX (Sterling), BOXE (Euro)), which invests in a high-quality portfolio of prime logistics real estate assets strategically located in Continental Europe, has today declared an interim dividend in respect of the period from 1 April 2021 to 30 June 2021 of 1.25 cent per Ordinary Share, payable on or around 10 September 2021 to shareholders on the Register on 20 August 2021. The ex-dividend date will be 19 August 2021.

0.15 cent of each 1.25 cent dividend per Ordinary Share will be designated as interest distribution.

[speedsgh] 20/7/2021 13:33

Update research from QuotedData -

Tritax EuroBox: Full throttle -

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...