A new trust to tap into the European shopping warehouse market is to list on London’s stock market.
Tritax Eurobox PLC will raise €300mln and be managed by Tritax, which already manages the UK-focused Tritax Big Box REIT (BBOX).
Online shopping has driven a surge in demand for out-of-town warehouses to fulfill orders.
Nick Preston, Tritax EuroBox’s manager, said: "The rise of online retailing in Europe is one of the most significant drivers of occupier demand for logistics space.
Online sales seen growing
Online retail sales across Europe are expected to rise 94% from 2016 to 2021, a dynamic which closely resembles how online retail penetration has transformed the UK logistics market in recent years, he said.
EuroBox will capitalise on Tritax's specialist knowledge, he added, with a pipeline of assets worth €1.8bn already identified and advance negotiations underway on €600mln of these.
These assets are in Germany, Italy, the Netherlands, Poland and Spain with an average size over of 105,000 sq m and an average lot size of €87mln.
Tritax EuroBox is targeting a yield of 4.75%.