Tritax Big Box signs contracts on new Howden distribution sites
Tritax Big Box said it had completed contracts to fund and develop two new distribution warehouses for builders merchant Howdens.
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Howden Joinery Group
827.00p
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0.36%
3.00p
Real Estate Investment Trusts
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The properties have are pre-let to Howdens under two 30 year leases.
Contracts were originally exchanged, conditional on planning consent, in December 2016, but completion was delayed due to a prolonged challenge to the planning consent which has now been cleared, Tritax said.
The agreed investment price has been amended to £103.7m, to reflect a longer construction period due to the delayed planning consent and revised construction programme, representing a net initial yield of 5% (net of land acquisition costs) upon completion of the leases, it added.