Tritax EuroBox regears leases on Belgian asset

European logistics real estate company Tritax EuroBox said it had agreed a lease re-gear, a new lease and associated solar PV Power Purchase Agreement (PPA) at Logistics Park Bornem, Belgium.

The re-gear and new lease are both eight-year, inflation-linked leases and have been signed, together with the PPA, with an existing customer, which is a global pharmaceutical and medtech company, Tritax said on Wednesday.

One re-gear extends the unexpired lease term to August 2032 from August 2027, with a tenant break option in August 2030. The rent remains at the passing rack rented level.

The new lease on unit C at the park is based on the same terms as unit the re-geared lease with the rent subject to an open market review - capped at 20% uplift - 12 months from the commencement of the lease. A surrender premium has also been agreed with the former tenant of unit C.

Both leases benefit from 100% inflation indexation, which will be reviewed annually, and include Tritax EuroBox Green Lease clauses.