StockMarketWire.com - European logistics property investor Tritax EuroBox has announced that conditional contracts have been entered into to acquire the land for the development of a new high specification and sustainable logistics asset in Oberhausen, a location in the Rhine-Ruhr region of Germany.

Separately the company announced plans for a £170 million placing at 111.5p per share to secure the acquisition of a near-term investment pipeline of c.€520 million of prime big box logistics assets in key locations in Continental Europe.

On the Oberhausen development, Tritax will now enter into a forward funding agreement to construct the building. The development will be undertaken by Verdion, which specialises in European industrial and logistics real estate.

The land purchase is conditional on receiving the building permit and access rights which are both expected in the near-term.

This acquisition is structured as a forward funding development opportunity, where Tritax has agreed an aggregate fixed purchase price of €29.9 million comprising land purchase, construction of the buildings and developer's profit. There is the potential for an additional incentive payment to Verdion if certain leasing conditions are met. Story provided by StockMarketWire.com