Pan-European logistics real estate investor Tritax EuroBox plc has acquired land for the development of a new 23,346 sq m logistics asset in Oberhausen, a prime location in the Rhine-Ruhr region of Germany, for €29.9 million via a forward funding agreement. The development will be undertaken by Verdion, which specialises in European industrial and logistics real estate.

This is London-listed Tritax EuroBox’s eighth German asset, continuing its growth in this key market. The development is a brownfield regeneration project, demonstrating the Company’s ESG policy of replacing redundant properties with modern, sustainable, energy–efficient buildings with significantly improved environmental credentials. The acquisition price of €29.9 million reflects a net initial yield of 4.3% based on the income from the rental guarantee.