Tritax Big Box REIT plc Acquisition (3954A)
December 28 2017 - 2:00AM
UK Regulatory
TIDMBBOX
RNS Number : 3954A
Tritax Big Box REIT plc
28 December 2017
28 December 2017
TRITAX BIG BOX REIT PLC
(the "Company")
ACQUISITION OF A NATIONAL DISTRIBUTION FACILITY IN CANNOCK,
STAFFORDSHIRE FOR GBP44.25 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased
to announce that it has acquired a national distribution facility
at Hickling Road in Cannock, Staffordshire, which is operated and
let to Unilever UK Ltd ("Unilever"), one of the world's leading
suppliers of Food, Home and Personal Care products. The total
consideration is GBP44.25 million (excluding purchaser's
costs).
The property is strategically situated in a core Midlands
distribution location with excellent connectivity to the M6
motorway for access to Birmingham and Manchester Airports, the Port
of Liverpool in the North West and the Port of Avonmouth in the
South West. The area has attracted a significant number of
logistics occupiers including APC Overnight, Bidvest, First Group
and Hellerman Tyton.
Purpose-built in 2005 for Unilever and extended in 2012, this
high specification facility has a gross internal area of 541,157
sq. ft., an eaves height of between c.10 and 28 metres, extensive
parking, is highly automated and has benefited from significant
capital investment.
The property has been acquired with a new 10 year lease, subject
to a five yearly upward only rent review indexed to the Retail
Price Index with a collar and cap in place.
Cushman & Wakefield represented Unilever.
Colin Godfrey, Partner of Tritax, commented:
"We are pleased to have acquired our second distribution centre
let to the leading globally recognised consumer goods company;
Unilever. This property plays a key role in Unilever's supply chain
and has benefited from significant capital investment with a high
level of automation. This purchase adds to our portfolio's core
foundation income, strengthens our existing customer relationship
with Unilever, provides geographic diversity and offers good
potential for rental growth."
For further information, please contact:
Tritax Group via Newgate below
Colin Godfrey (Partner,
Fund Manager)
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Email: tritax@newgatecomms.com
Anna Geffert
Lydia Thompson
Jefferies International Tel: 020 7029 8000
Limited
Gary Gould
Stuart Klein
Akur Limited Tel: 020 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
NOTES:
Tritax Big Box REIT plc is the only listed vehicle dedicated to
investing in very large logistics warehouse assets ("Big Boxes") in
the UK and is committed to delivering attractive and sustainable
returns for shareholders. Investing in and actively managing
existing built investments, land suitable for Big Box development
and pre-let forward funded developments, the Company focuses on
well-located, modern "Big Box" logistics assets, typically greater
than 500,000 sq. ft. (measured by floor area, c.63% of the
Company's existing logistics facilities including forward funded
developments are in excess of 500,000 sq ft(1) ), let to
institutional-grade tenants on long-term leases (typically at least
12 years in length) with upward-only rent reviews and geographic
and tenant diversification throughout the UK. The Company seeks to
exploit the significant opportunity in this sub-sector of the UK
logistics market owing to strong tenant demand and limited supply
of Big Boxes.
The Company is a real estate investment trust to which Part 12
of the UK Corporation Tax Act 2010 applies ("REIT"), is listed on
the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices.
Further information Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk
(1) Note: This figure excludes Howdens II and III at Warth Park,
Raunds which exchanged conditionally in December 2016, subject to
planning.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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