Tritax Big Box buys distribution centre for £36m

Real estate investment trust Tritax Big Box REIT on Thursday said it had bought a distribution centre in Cheshire for £36m.

The property is let to a subsidiary of European online electrical retailer AO World.

Tritax said the facility was strategically positioned in a core national distribution location, with excellent access to the M6 and M1 motorways and good connectivity to Manchester and Liverpool airports and the Port of Liverpool.

The property is being acquired with an unexpired lease term of approximately nine years, which is subject to five yearly upward only open market rent reviews. The next rent review is due in April 2021, Tritax said.