News
- Home
- Investment Company News
- Tritax Big Box REIT exchanges contracts on Merseyside acquisition
Tritax Big Box REIT exchanges contracts on Merseyside acquisition – Tritax Big Box REIT (BBOX) has announced that the company has exchanged contracts, conditional on full planning consent, for the forward funded development of a new logistics “sortation centre” (see below) at Haydock, St Helens, Merseyside.
The property is pre-let to a company BBOX describe as “a financially robust world leading retailer”. The price represents a maximum commitment of £68.7 million, reflecting a net initial yield of 4.9% (net of acquisition costs to the company), rising to 5.4% at the first rent review in 2024.
“We worked very closely with the Customer and Bericote to deliver this off-market pre-let development, which provides the Company with further exposure to a market leading occupier. Once operational, the building will represent one of the most advanced sortation buildings in the UK on a site with very low site cover, whilst further diversifying the Company’s portfolio by geography in an established logistics hub with strong labour supply.”
…………………………….
*Sortation Centre – Coined by Amazon, a sortation centre is the final step in an order delivery chain. Unlike with a traditional order fulfilment process in which packaged orders go straight to the shipper for sorting and shipping, sortation centre employees receive and sort packaged orders before delivering them to the shipper.
Pictured is Tritax Big Box Doncaster, which incorporates modern design features including 17.5m eaves, office accommodation, cross docking, extensive and secure loading and car parking facilities.
BBOX : Tritax Big Box REIT exchanges contracts on Merseyside acquisition
Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.
Due to data protection policies, USA residents can not access our data.
Your content has been curated