Tritax agrees to sell three assets in £125m deal

The specialist in logistics real estate did not disclose who the buyer was, other than to note they were a "leading" global property investor. The three assets are in Skelmersdale, Knowsley and Worksop, and are let to DHL, Matalan and Spanish foods group Cerealto respectively.

Colin Godfrey, chief executive, said: "We constantly seek ways to optimise our portfolio to crystallise value and redeploy capital into higher returning opportunities.

"The disposal of three assets for £125m, in line with their book value, demonstrate the ongoing effective implementation of our strategy and attractiveness of our assets."

The update came as Tritax posted results for the year to 31 December. Operating profits rose 3% to £183.1m, with the contracted annual rent roll was ahead nearly 15% at £224m.

Excluding additional development management income, adjusted earnings per share rose 2% to 7.51p.

However, the portfolio value fell to £5.06bn from £5.48bn a year previously.

Tritax said investment market conditions had "deteriorated" in the second half, due to macroeconomic and geopolitical issues, while higher interest rates had impacted property yields.

Aubrey Adams, chair, said: "We excellent operational progress this year, successfully deploying capital into higher yielding development opportunities and delivering record levels of new lettings.

"Despite this positive operational performance, we have not been immune from the rapid fall in property valuations in the second half. However, we entered this period with a strong balance sheet and high-quarter assets, providing us with the head to weather these changes."

As at 0915 GMT, shares in the FTSE 250 Reit were largely flat at 147.8p.