16th May 2024 12:17
(Alliance News) - Tritax EuroBox PLC on Thursday said the company is well positioned for a return to normalised macroeconomic conditions.
The London-based investor in logistics properties across Europe said in the six months ended March 31, rental income grew 10% to EUR35.9 million from EUR32.6 million last year.
This was attributed to rent indexations, asset management activity and conversion of rental guarantees into income partly offset by disposals.
Portfolio value fell 6.2% to EUR1.46 billion from EUR1.56 billion and the company generated negative 3% total return, improving from negative 22%.
An interim dividend of 2.50 cents per share was declared, unchanged from the previous year.
"Market sentiment has continued to be influenced by macroeconomic factors, with the continuation of restrictive monetary conditions and uncertainty... This environment has led to valuations across some of our markets to drift lower during the period." Tritax EuroBox said.
Although, management expects a forecasted fall in interest rates and inflation across Europe to improve conditions within the market.
The company believes the portfolio of high-quality assets with strong income characteristics are well positioned to benefit from growth drivers, with its defensive qualities also providing income security through the market cycle.
Tritax EuroBox shares were down 4.7% to 59.10 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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