Tritax EuroBox has agreed to sell its warehouse asset in Hammersbach, Germany for €64.6 million to a pan-European real estate investment manager.
The 43,153 sqm prime logistics property in Hammersbach, Germany was acquired by the company in June 2019.
The company signed a new lease with B+S GmbH Logistik und Dienstleistungen for the property.
The company plans to use the proceeds to pay down the Revolving Credit Facility, as part of the program to reduce the leverage in the company, as well as providing scope for investment into existing portfolio opportunities
Alina Iorgulescu, Investment Director, Tritax EuroBox, commented: “The completion of this sale supports our strategy of crystallising value and recycling proceeds into reducing leverage and funding existing portfolio opportunities. The sale to a leading pan-European real estate investor, broadly in line with valuation, highlights the attractiveness of the properties in our portfolio, and evidences the continued investor interest and market stabilisation for high-quality logistics assets. This provides us with confidence to complete further disposals as we continue to recycle capital within our business.”
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