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Tritax Big Box REIT acquires RM distribution facility

07 September 2017 07:52

Tritax Big Box REIT has acquired a regional distribution centre at Riversdale Road, Atherstone let to Royal Mail Group.

The total consideration is £32.68 million (excluding purchaser's costs), reflecting a net initial yield of 6.1% on the corporate acquisition. The purchase is being funded from equity.

Tritax Big Box REIT said the facility provided a centrally located and adaptable regional distribution centre in the Midlands.

It said the building had recently benefited from significant capital investment with further capital investment committed to by the tenant for its occupation.

It said the cross-docked property had a gross internal area of 381,091 sq ft, an eaves height of between 9 and 10 metres, 360-degree circulation and an extensive service yard area, providing a low site cover of c.35%.

It said the investment had been acquired with an unexpired lease term of approximately 10 years, subject to upward only five yearly open market rent reviews and the next rent review was due in September 2021. Located in Atherstone, 21 miles north-east of Birmingham, the facility is situated within the 'Golden Triangle' of logistics.

The property has excellent road, airport and rail connectivity, with accessibility via the A5 to the M42, M69, M6, M1 motorways, close proximity to Birmingham International and East Midlands airports and direct rail links to London.

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Related Company: BBOX

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