17th Mar 2020 16:57
(Alliance News) - Tritax EuroBox PLC on Tuesday said it has sold a plot of development land in Belgium for EUR2.3 million.
The 16,400 square metre plot is located in Bornem. Proceeds reflect a premium of 53% to the asset's EUR1.5 million book value, Tritax said.
Tritax said the plot was not suitable for the development of a large logistics facility, and hence was deemed to be non-core.
Fund Manager Nick Preston said: "This sale demonstrates our ability to identify and sell surplus assets that sit outside our core strategy in a profitable way.
"Working closely with our asset management team we have created immediate value, and by investing the proceeds in the development of the neighbouring site we are able to generate further returns for our investors."
Tritax shares ended 4.9% lower on Tuesday in London at 73.20 pence each.
By George Collard; [email protected]
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