Tritax Big Box REIT has announced that it has sold six assets so far in 2023 for a total of £327m.
These disposals were conducted at or above most recent valuations, the company said, and delivered a blended net initial yield of 4.34%.
The announcement provided top line detail on the assets, but it appears that the most recent and previously unannounced sale was of its Eddie Stobart-let logistics facility in Corby.
The 848,000 sq ft facility has a WAULT of 15.3 years and appears to have been sold for £92m (again the individual sales prices were not included in the announcement).
Sales conducted in 2023 are shown in the table below.
|
Asset location |
Occupier |
Sq Ft (‘000s) |
WAULT (years) |
|
Corby |
Eddie Stobart |
848 |
15.3 |
|
Raunds |
Howdens |
659 |
22.9 |
|
Knowsley |
Matalan |
578 |
13.5 |
|
Skelmersdale |
DHL |
470 |
1.4 |
|
Worksop |
Cerealto |
331 |
12.5 |
|
Littlebrook 4A/B (vacant multi-let industrial) |
n/a |
84 |
n/a |
The company said that the proceeds from the disposals were being recycled into higher returning opportunities, primarily within the development pipeline delivering a 6-8% yield on cost, or opportunistic investment acquisitions.
Colin Godfrey, chief executive, commented: “Our disposals provide further evidence of the delivery of our strategy as we continue to optimise our portfolio. We are realising the value of assets that have delivered attractive returns in our ownership and effectively recycling capital into higher returning development and acquisition opportunities.
“The overall high-quality of our portfolio is reflected in our ability to continue to sell assets at or above their book value despite ongoing reduced levels of investment market activity.”
BBOX : Tritax Big Box REIT updates on sales progress