- Retail estate investment trust Tritax EuroBox said it had agreed a new lease on the vacant unit at its logistics asset in Nivelles to Associated Retail, a convenience supermarket group.

The Nivelles property, comprising two separate logistics units, was acquired by the company in January 2021, after completion of construction. Upon acquisition, unit 1 had already been leased to Medi-Market on a nine-year lease term without a break at a rent of €803,000 per annum reflecting €44.3 psm.

The new lease for the vacant asset had been agreed for a nine-year term from 16 November 2021 at an initial annual rent of €755,500 per year, reflecting a headline rent of €47.3 psm.

This rental level, on a net effective basis was about 8% above the level of the existing lease for unit 1 and the current rental guarantee.

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