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Tritax EuroBox buys Polish logistics project for €55M

Tritax Eurobox PLC agreed to acquire a prime and modern national logistics facility at Strykow in Lodz, Poland, for €55 million, exclusive of costs, marking a gross initial yield of 5.8%.

An initial phase of the facility was completed in 2017 and offers 49,379 square meters of gross internal space, while its second phase is under construction by Panattoni Europe. The asset will offer 101,555 square meters of gross internal floor space, with practical completion scheduled for May 2019.

The property is leased to Polish DIY retailer Castorama Polska Sp. zoo.

Tritax Eurobox is set receive an income return equivalent to the occupier's annual rent from Panattoni during the second-stage construction process, according to a release.