Tritax Big Box REIT has acquired a national distribution centre let to Unilver at Trax Park in Doncaster for £20.9m.
Following the deal, the site will continue to be operated by Unilever. The deal reflects a net initial yield of 5.61% on the asset acquisition, and the purchase is being funded from equity proceeds.
The property has been acquired with a new 15-year lease in place, subject to five-yearly upward-only rent reviews indexed to RPI with a collar and cap in place.
Located in Trax Park, the property is strategically situated in a core UK distribution location with excellent motorway, rail and port connections. The site is a well-established regional and national distribution centre location with a number of major occupiers located close by including Amazon, Wincanton, XPO Logistics, B&Q, and Tesco in addition to the company’s facilities let to Next and The Range.
Purpose-built in 2002 for Unilever, it is a high specification facility with a gross internal area of 262,885 sq ft and a site density of 53%.
Colin Godfrey, partner at Tritax, said: “Unilever is a leading globally recognised consumer goods company and we are delighted to add them to the very strong list of tenants in our portfolio. This investment further diversifies our portfolio by tenant and business sector. This acquisition maintains our WAULT at over 15 years and is earnings accretive.”
Cushman & Wakefield represented Unilever.
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