Tritax EuroBox has conditionally agreed on the acquisition of a €144.26m prime logistics asset in Roosendaal, the Netherlands, from Logistics Capital Partners. The asset is pre-let to a top-four global discount supermarket retail group. Once complete, the asset will comprise a single property, divided into three units, built in three phases. It will have a total net rentable area of approximately 113,179m² built on a total site area of approximately 210,488m².
Roosendaal, strategically situated in the southeast of the Netherlands, was ranked the third-best Logistics Hotspot 2019 out of the 28 regions in the Netherlands (Source: Logistiek NL). This optimal location provides rapid connections to the ports of Rotterdam, Antwerp and Amsterdam. The area is characterised by strong tenant demand and low supply of new buildings.
LCP completed the construction of the first phase in December 2021, with completion of the second and third phases expected by 1 December 2022 and 1 April 2023, respectively. As part of the proposal, during the construction phase, LCP will pay the Company income equivalent to the expected rent, until practical completion.
Strong ESG credentials are at the forefront of the asset’s design and build, meeting several of the Company’s sustainability objectives through a BREEAM Very Good certification and incorporating a number of sustainability initiatives, providing social and environmental benefits for staff and the locality.
Alina Iorgulescu, Assistant Fund Manager of Tritax EuroBox, commented: “We are delighted to announce further deployment into a prime European logistics location, following the Swedish acquisition announced on 17 January. Today’s acquisition cements our commitment to acquiring top-quality assets in prime locations across Europe, all built to high ESG standards and accommodating leading international occupiers, whilst building our relationship with our partner Logistics Capital Partners. By negotiating a market rent review within the lease, we have an opportunity to capture the strong rental growth we are seeing in the Netherlands – as well as in other markets in Europe – where demand for high quality, modern logistics assets outstrips supply, which remains constrained, due to limited land availability in the right locations. We expect this rental growth to continue during the current lease term of the asset as well as creating strong income and capital growth potential and sustainable value for shareholders.”
