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Tritax EuroBox PLC on Tuesday announced a fall in net asset value amid higher interest rates but maintained its payout and remains optimistic in the outlook of its portfolio. The investor in Continental European logistics real estate said net asset value per share as at September 30 declined by 25% to 99 euro cents from €1.32 a year prior. Total return was negative 22.5%, swung from positive 6.0%. Tritax Eurobox declared an interim dividend of 1.25 euro cents per share for the three months to September 30, bringing the financial year dividend to an unchanged 5.00 cents. The company’s portfolio value declined by 15% to €1.56 billion from €1.77 billion, with Chair Robert Orr citing higher interest rates. Chair Orr said: ‘While mindful of the ongoing challenging geo-political and macro-economic backdrop, our high-quality portfolio and strong customer base mean the company remains well placed to benefit from the structural tailwinds and favourable underlying market dynamics in the European logistics sector.’ Tritax EuroBox shares rose 1.8% to 57.12 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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