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Tritax Big Box REIT acquires development site

24 July 2017 07:28

Tritax Big Box REIT has exchanged conditional contracts to purchase a development site at Littlebrook, Dartford.

The company said the freehold of the former Littlebrook Power Station site had been acquired, for a total consideration of £65m (excluding purchaser's costs), which was being funded by the company from equity. It said: "The site occupies a prime location within the M25 motorway and adjacent to the Dartford Thames River Crossing, providing the opportunity for the efficient distribution of goods across London and the home counties.

"With the Queen Elizabeth II Bridge and Dartford Tunnel to the east, the site has easy access via J1A to the M25 Motorway and the wider national motorway network. The site also has excellent rail and port connectivity."

The company, working in partnership with one of the leading specialist logistics developers in the UK, Bericote Properties, said it intended to apply for planning consent for the remaining land.

It said the site would be developed in phases, with site preparation costs estimated at c. £25 million.

The construction of new buildings would commence on a pre-let basis and the Company will retain the developed investment properties to further enhance its existing investment portfolio.

Story provided by StockMarketWire.com

Related Company: BBOX

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