Tritax EuroBox has exchanged contracts for the sale of a multi-unit warehouse in Bochum, Germany for €46.8 million to a leading pan-European real estate investment manager.
The 37,047 sqm building was purchased in November 2018 for consideration of €37.8 million. The headline sale price of €46.8 million is 3% below the external valuation as of 31 March 2023, reflecting a net initial yield of 4.88%.
The Bochum warehouse was acquired by the Company in November 2018.
Alina Iorgulescu, Investment Director, Tritax EuroBox plc, says, “The sale of Bochum is the second asset sold from our German portfolio following the completion of the asset management plan. The transaction continues the progress of the disposal programme outlined in our interim results and is aligned with our strategy of recycling capital to reduce leverage and fund higher-returning portfolio opportunities. The sale to a leading pan-European real estate investor, at a level close to valuation, highlights the liquidity of the properties in our portfolio and evidences the continued investor interest in high-quality logistics assets. Further disposals have been identified and we remain confident of achieving our target loan-to-value percentage of low 40s over the next 6 to 12 months.”
