Tritax EuroBox offloads Gothenburg asset as disposals continue

14th May 2024 07:50

(Sharecast News) - Logistics real estate investor Tritax EuroBox is to sell a Gothenburg warehouse for SEK385m (£28m) as the company continues to dispose of assets to reduce leverage.

The 28,900 sqm logistics property situated in the port of Gothenburg was bought by Tritax EuroBox in June 2021. The sale, which was made to an unnamed pan-European real estate investment manager, was broadly in line with the asset's valuation last September, the company announced.

The divestment was part of the ongoing asset disposal programme (initially set at "at least €150m") announced last May to improve balance sheet metrics - such as reducing the loan-to-value percentage towards the low-40s - and to fund existing opportunities from within the portfolio.

It makes the second recent disposal in Sweden, following the sale of an asset in Malmo at the end of last year.

"This transaction marks the fourth successful sale since we announced our disposal programme in May 2023 and takes gross proceeds realised over the past 12 months to c€173m," said Tritax EuroBox's investment director Alina Iorgulescu.

"The positive progress made on our disposal programme is testament to our proactive approach while the Gothenburg sale, which was agreed at a price broadly in line with the valuation, underlines the attractiveness of our high-quality portfolio to investors."