The chairman of investor Tritax Eurobox has said Europe’s logistics sector is “well-placed to thrive” despite the economic disruption of the coronavirus pandemic, as the company posted a rise in valuations and said it had collected rent from all tenants.
The company’s 12-asset portfolio was valued at €819.4m (£732m) at the end of March, a like-for-like rise of 2.6% over the previous six months. EPRA NAV per share was up by 3.5% to €1.19, while the company’s total return rose from 1% to 5.7%
Chairman Robert Orr said: “We believe that the long-term structural trends that are driving demand for logistics space remain compelling, and that changes in consumer and corporate behaviour as a result of the pandemic should further support occupier demand for large logistics assets.”
He added: “The logistics sector in Europe is well-placed to thrive and we have constructed a resilient business, with first-class assets in excellent locations, financially strong tenants and a robust balance sheet, making us well placed to weather the economic disruption arising from Covid-19.”
The company also confirmed an interim dividend for the first quarter of the year, at a time when many listed companies have postponed or cancelled payouts to shareholders due to the coronavirus pandemic.
The company will pay shareholders 1.1 cents (about 1p) per share. The dividend is declared in euros and paid in sterling, with an exact exchange rate due to be set on 3 June. The dividend will be paid on 15 June.
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