Logistics investor Tritax EuroBox says new asset management initiatives across its portfolio could boost income by more than €6m (£5.2m) in the near term.
In a trading update, the company highlighted new lettings in Germany and Belgium, as well as an extension to its site in Barcelona. More prelets are expected on currently unused land, the company added, which taken together could add €6.1m of income to the portfolio.
The company sees growing demand for prime big-box assets on the continent, with vacancy rates and supply of new sites at their lowest yet.
The company said drivers of demand in the market – “accelerating e-commerce growth, automation of omnichannel supply chains, and ongoing urbanisation” – were continuing, and that an imbalance between supply and demand has pushed up rents in the markets it invests in, including Germany, Italy, Poland, Spain, Belgium and the Netherlands.
Since its IPO in summer 2018, Tritax EuroBox has built up a portfolio of 12 sites across the continent, with a contracted rental income of €40.4m.
Nick Preston, the company’s fund manager, said: “The portfolio we have assembled since IPO continues to provide us with opportunities to create additional shareholder value through active asset management.
“We continue to identify further initiatives and look forward to providing further updates in due course.”
The company also confirmed that it has been added to EPRA’s FTSE EPRA/NAREIT Global Real Estate Index Series, effective from 23 March.
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