Share Name Share Symbol Market Type Share ISIN Share Description
Tritax Eurobox Plc LSE:EBOX London Ordinary Share GB00BG382L74 ORD EUR0.01 (GBP)
  Price Change % Change Share Price Shares Traded Last Trade
  -3.10 -3.44% 86.90 638,703 12:00:14
Bid Price Offer Price High Price Low Price Open Price
86.80 87.00 88.80 86.80 88.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 44.23 110.86 16.83 5.2 701
Last Trade Time Trade Type Trade Size Trade Price Currency
12:00:14 AT 421 86.90 GBX

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22/6/202208:15Tritax Eurobox354
09/7/201810:44Tritax Eurobox17

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Tritax Eurobox Daily Update: Tritax Eurobox Plc is listed in the Real Estate sector of the London Stock Exchange with ticker EBOX. The last closing price for Tritax Eurobox was 90p.
Tritax Eurobox Plc has a 4 week average price of 86.80p and a 12 week average price of 86.80p.
The 1 year high share price is 125p while the 1 year low share price is currently 86.80p.
There are currently 806,693,378 shares in issue and the average daily traded volume is 1,622,845 shares. The market capitalisation of Tritax Eurobox Plc is £701,016,545.48.
speedsgh: Yes, EBOX is certainly not attracting much love at the moment. Mind you, not much is!
speedsgh: Hi @specto. EBOX is already at a fairly tasty discount, isn't it? EPRA NTA as at 31/3/22 was 149 cents (127p at current x-rates) so at 97.10p it's already at a 24% discount. I already have a decent-sized holding but may look to add if it finds itself near 90p again.
spectoacc: Thanks @speedsgh. Can't see EBOX not being a success medium term, with reshoring, supply disruption, online growth. Saying that, I much prefer buying it at a discount.
speedsgh: Interesting comment on the sector by Marcus Phayre-Mudge, the highly-rated fund manager of TR Property Investment Trust (TRY) in their recent results... Industrial and Logistics 2021 was yet another record year in terms of take up, capital value growth and, all importantly, further shrinkage in the amount of vacancy. The UK market saw take up exceed 50 million sq ft and vacancy is now below 3% across the whole range of 'big box' unit sizes. Like for like rental growth for Segro's portfolio was in excess of 5% and this has driven yields nationwide 75-100 bps leading to huge capital growth. Yet urban logistics has been even hotter, with investors focused on the supply inelasticity of infill markets. Greater London prime industrial transactional evidence now regularly sees equivalent yields (i.e. based off market rents which are higher than passing rents) of less than 3%. This price inflation has been fuelled by evidence of another year of rental growth exceeding 10%. Segro reported rental growth averaging 13.1% in its UK portfolio during 2021. Savills estimate that inner London rents have moved 25% in the last year alone. UK industrial transaction volumes reached £16.7bn in 2021, 113% growth on 2020 and 152% growth on the five year average. Given such an acceleration we must closely watch the fundamentals, there may well be capital seeking deployment without due consideration. However, for now, the demand/supply imbalance at the occupier level is driving rental growth. The entire UK industrial market recorded a drop in available space to 18.1million sq ft, a contraction of one third over the year. No wonder rents are rising. On the Continent, we have also seen market rental growth outstrip annual indexation. This is set to continue even with the printing of record high annualised inflation of 5.1%. Segro are the only fully pan-European listed player and they reported 4.1% like for like rental growth across Continental Europe for 2021. We remain confident that in many key markets this level of growth will be exceeded in 2022. Across Continental Europe, online sales penetration now averages 15-18%, still a long way behind the UK at c.28%. Shortening supply chains and reshoring has driven demand in cheaper markets such as Poland. Savills European Logistics Survey 2021 showed that 46% of all occupiers canvassed expected to increase their warehouse requirements over the next year. Availability continues to shrink, with vacancy down from 5.1% to 3.5%, with record low levels in Dublin (1.1%), the Netherlands (3.3%), Czech Republic (1.7%) and take up levels well ahead of decade averages with Madrid (+9), Poland (+13%) and the Netherlands (+10%). For the best space, rents are responding very rapidly and we expect average rental growth to exceed 5% across the Continent. However in early May this year (post the year end) Amazon announced a dramatic pause in its expansion programme. Whilst we believe that these comments were focused on their domestic US market, it has caused reverberations across all logistics/ecommerce real estate markets. Major owners and developers such as Segro and Tritax point to full orderbooks and strong transactional evidence, forward looking equity markets took fright. Share prices of these two names are down - 22% and 17% respectively, calendar year to date.
spectoacc: Biased, but - yes :) Some high charges on property funds, don't think EBOX out of line. In for yield, discount, growth here.
spectoacc: Suspect we'll get the after-the-fact broker d/g tomorrow. See no reason not to stay positive on EBOX myself, there's a lot of leeway in the discount.
gopher: Agree with posters as NAV increase is good. I would like to see some commentary from brokers etc next. Disappointing share price reaction at opening has slightly worsened
speedsgh: ACQUISITION OF PRIME LOGISTICS ASSET IN GERMANY - HTTPS:// Tritax EuroBox plc ("Tritax EuroBox" or the "Company") (ticker: EBOX (Sterling) and BOXE (Euro)), which invests in high-quality, prime logistics real estate strategically located across continental Europe, announces that it has entered into a conditional agreement with a subsidiary of Dietz AG (the "Dietz Seller") for the speculative forward funding acquisition of a €76.4 1 million logistics asset in the Düsseldorf region of Germany (the " Dormagen Proposal " ). The asset, currently being constructed by the Company's development partner Dietz Aktiengesellschaft ("Dietz AG"), is held freehold and once built will comprise three adjacent units with a total gross internal area of approximately 36,437 square metres. The three units offer flexible leasing options either to be let to multiple tenants or a single tenant. The asset benefits from an eighteen-month rental guarantee from the Dietz Seller at a rent reflecting €5.60 per square metre per month for warehouse space. The acquisition price of €76.4 million reflects a net initial yield of 3.3% based on the rental guarantee income. Market rental levels in this location are expected to exceed €6.00 per square metre per month for warehouse space. Dormagen, located between Cologne and Düsseldorf, is considered one of the principal logistics areas in Germany and is characterised by a scarcity of available development land and available buildings coupled with strong occupier demand. Dormagen is a highly sought-after location, well connected to the A1, A46 and A57 motorways. The Dormagen Proposal presents a further opportunity to meet several of the Company's sustainability objectives via the redevelopment of a brownfield site targeting a DGNB Gold Certificate in use sustainability standard. This acquisition forms part of the continued deployment strategy for Tritax EuroBox following its successful equity raise in September 2021. Completion of the acquisition is subject to, among other things, shareholder approval as Dietz AG is considered a related party to the Company under the Listing Rules. A circular containing further information about the Dormagen Proposal and a notice convening a General Meeting of the Company at which shareholders will be asked to vote in favour of a resolution to approve the Dormagen Proposal will be posted to shareholders as soon as practicable. Further details of the Dormagen Proposal, including the key commercial terms, are set out in the appendix to this announcement. Alina Iorgulescu, Assistant Fund Manager of Tritax EuroBox, commented: "We are delighted to be acquiring this asset, which is the eleventh German investment for Tritax EuroBox, bringing our total amount invested in the country to over €800 million. This off-market acquisition gives us the ability to control the desired leasing profile of the scheme through capturing the rental growth evident in the market, and also allowing the Company to introduce open market rent reviews into the lease, providing a mechanism to capture the expected future rental growth driven by the continued favourable imbalance in supply and demand in the German logistics market. We remain focused on exercising strict discipline in investing in these prime logistics locations in Germany. The powerful structural trends continue to drive occupier demand in these prime logistics locations in the Rhine-Ruhr region of Germany, providing us with long term embedded value in the assets we acquire."
speedsgh: Proposed Placing - HTTPS:// 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: Tritax Eurobox seeks £173m as it looks to double in size - HTTPS:// Tritax Eurobox (EBOX) has announced plans to raise for a £173m (€200m) equity raise, after a strong rally in its shares since the autumn with the European ‘big box’ market buoyant amid an e-commerce boom. The listed property fund, the sister strategy of the UK-focused £3.2bn Tritax Big Box (BBOX), is £446m in size today and counts tenant likes Amazon in its portfolio of continental logistics assets. EBOX is planning to issue 168 million shares at a price of 103p per share, as well as seeking approval for a placing programme of another 300m shares. Taken together, that would more than double the real estate investment trust’s size. ‘Current rates of market penetration for online sales in Continental Europe materially lag that seen in the UK and has the potential to grow exponentially in the coming years,’ said QuotedData’s property analyst Richard Williams. Unlike some of the most recent closed-end fund raisings, the share issue is available to private investors through the intermediary offer for stockbrokers. The new shares are priced at the end-of-September net asset value (NAV) of €1.19, converted at the current exchange rate, representing a 2.4% discount to yesterday’s closing share price. However, broker Numis Securities said the issue was being undertaken at a 2% premium when adjusting for the two dividends which have been paid since the autumn. EBOX’s shares slipped 1.4% to 104p after the announcement on Friday. Tritax expects to use the proceeds from the equity raise, along with existing cash and debt, to acquire a near-term pipeline of prime big box logistics assets. This includes three properties in Germany with a value of €317m, plus three more locations valued at €99m, two in Italy and one in Germany. All the assets have been sourced off-market through relationships with developers and asset managers. Nick Preston and Mehdi Bourassi, the managers of the 3.8% yielding property fund, have also identified €81m of development opportunities within EBOX’s current portfolio. Adding value through development is something the managers have said is an increasing focus against the backdrop of rising prices and lower yields in core markets, as retailers scramble to respond to increased demand for online shopping during the Covid-19 pandemic. They are confident the proceeds of the initial raise can be deployed within three months. The fund also announced the sale of an asset in Poland for €65.5m at a 15% uplift earlier this week. Additionally, EBOX has agreed to reduce its management fees by 0.15% on net assets above €500m (£433m). Fees will now be 1.3% per annum up to €500m, 1.15% to €2bn and 1% thereafter. Previously, 1.3% was levied on assets up to €1bn. Numis analyst Andrew Rees noted that still left charges considerably higher than its nearest competitor, £297m Aberdeen Standard European Logistics Income (ASLI). ‘While the fee reduction will be welcomed by shareholders, it is interesting to note that it remains considerably higher than [ASLI], which charges 0.75% of net assets up to €1.25bn and 0.60% thereafter and also offers exposure to European Logistics markets,’ he said. The issue and placing programme will be put to shareholders at a general meeting on 8 March. EBOX’s shareholders have received an 11.7% total return since the fund listed in July 2018, according to Morningstar data. ASLI, whose shares have moved to trade at a wide 18% premium, has delivered 34.5% over the same period, although NAV growth has been more muted. ASLI-manager Aberdeen Standard Investment announced it would buy a 60% stake in Tritax in December.
Tritax Eurobox share price data is direct from the London Stock Exchange
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