Tritax Big Box REIT (BBOX) has sold three assets for £77m.
The group said the three assets had reached their full value following the completion of asset management initiatives that delivered rental growth and a lease extension.
The assets comprise Baker Business Park in Ripon, Langley Mill, in Nottingham and Warth Park in Raunds.
All three properties have been sold above book value at a blended net initial yield of 5.6% and delivered an IRR above BBOX’s 9% annual target.
Colin Godfrey, fund manager, said: “Ongoing portfolio evaluation is an intrinsic part of our strategy to deliver value to our shareholders. We continue to see strong demand for UK logistics real estate supporting attractive prices on assets which no longer align with our strategy and where we believe they have reached their full value potential in our ownership. So far this year we have disposed of £134 million of assets, and we will be redeploying the proceeds into attractive opportunities, including those within our portfolio where we see the potential to secure higher returns for shareholders.”
BBOX : Tritax Big Box sells three assets for £77m