Tritax Big Box buys two logistics facilities

Tritax noted that completion of the purchases was conditional – among other things – on the successful completion of the fundraising announced in September, and is expected to occur on or around 20 October.

The facilities, which are located at Birch Coppice Business Park and Warth Park, are currently let to Euro Car Parts and Whirlpool UK Appliances, respectively.

The Birch Coppice property is being acquired with an unexpired lease term of around 19.35 years subject to five yearly upward only rent reviews indexed to the Retail Price Index, while the Warth Park property is being acquired with an unexpired lease term of approximately 4.3 years.

Tritax partner Colin Godfrey said: “We are very pleased to have agreed to acquire these two complementary Big Box distribution facilities. These acquisitions will add two new established covenants to the strong list of tenants in our portfolio, which will then comprise 33 Big Box assets.

“The Euro Car Parts' new National Distribution facility will provide long term income in one of the most sought after locations within the 'Golden Triangle'. The net initial yield of the Whirlpool facility will be accretive to our portfolio running yield and the short unexpired lease term presents an opportunity for value enhancement in an established logistics location upon re-letting or leasere-gear."

At 0825 BST, Tritax shares were up 0.2% to 135.19p.