Tritax Eurobox has posted a large jump in profit as it prepares to hit the acquisition trail for value-add deals.
The company, which invests in logistics assets in continental Europe, reported profit of €41.2m (£35.4m) for the six months to 31 March, up by 48% on a year earlier. Its portfolio valuation rose by 3.4% like-for-like to €843.4m. NAV per share was up from €1.19 a year ago to €1.22.
The company is now looking to invest €230m raised in an equity issuance in March. Chairman Robert Orr said the team had identified a “substantial pipeline” of targets and expected to invest the proceeds during the second half of the year.
Orr added that Tritax was “increasingly looking to buy assets with value creation potential”, noting that four of the six assets in its near-term list of targets were value-add opportunities.
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