Tritax EuroBox to Acquire Land in Partnership with Nordic Developer MIGS.
MANews-(C)2009-2022
UK-based logistics real estate investor Tritax EuroBox plc (LSE: EBOX) has, in partnership with established Nordic developer MIGS, entered into a speculative development scheme to acquire 95,000 sqm of development land for SEK 223m (USD 22.94m), the company said.
The project is a brownfield redevelopment opportunity in a prime Swedish logistics market in the Fosie industrial area south of MalmÃ[pilcrow sign] where there is a shortfall of available development land.
Demand from tenants and occupiers in this highly sought-after area is strong, given its location between MalmÃ[pilcrow sign]'s two major ring roads that provide good links to the rest of Sweden and Denmark.
The site is being acquired from the current occupier, Atria Group, a leading Scandinavian food processing group.
Atria Group will continue to occupy the existing site, paying a rent of SEK 13m (EUR 1.25m) per annum until their planned relocation, no later than February 2024. This will allow redevelopment of the site to commence, with completion targeted in early 2025.
The 95,000 sqm site will support construction of over 60,700 sqm of prime logistics space, with an aggregate rental value expected to be in...
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