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Tritax Big Box REIT forward funded investment

08 December 2016 07:40

Tritax Big Box REIT has completed the land purchase and exchanged contracts to provide forward funding for the development of a new distribution facility at Prologis Park Fradley, Staffordshire, pre-let to Screwfix Direct.

The development represents an investment of £52.7 million, reflecting a net initial yield of 5.5% (net of acquisition costs to the company). The site is situated in a key Midlands logistics location, adjacent to the A38 dual carriageway, providing excellent connectivity to the M6 Toll, M42 and M1 motorways and with close proximity to rail and air connections. The area has attracted a significant number of major occupiers including Bidvest Foodservice, DHL, Tesco, Wincanton and Yodel. The new facility will be completed to a high specification, comprising 562,000 sq ft., with an eaves height of 15 metres, extensive parking, offices and a site cover of approximately 48%. The development will be Screwfix's fourth UK distribution centre.

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Related Company: BBOX

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