Tritax Big Box REIT acquires distribution facilities
Source - SMW
Tritax Big Box REIT has completed contracts with ProLogis European Finance XI Sarl to acquire two modern Big Box logistics facilities at Prologis Park, Stoke-on-Trent, Staffordshire.
These are let to Marks and Spencer and Dunelm (Soft Furnishings) Ltd.
It said the combined net purchase price was £78.5m which would be funded from equity.
It added: 'Stoke-on-Trent has attracted major distribution occupiers including Asda, JCB, Michelin, New Look, Sainsbury's and TK Maxx.
'This core logistics location has excellent connectivity to the M6 motorway for access to Birmingham and Manchester city airports and the Port of Liverpool.'
Colin Godfrey, partner of Tritax, said: 'We are very pleased to have acquired these modern and adjacent Big Box distribution facilities, situated in an established core logistics location with two high quality tenant covenants in M&S and Dunelm.
'They build on our strong working relationship with both retailers.
'These Value Add investments provide opportunity for rental growth and the short unexpired lease terms offer potential for capital value enhancement from either lease renewal or reletting. Value Add assets now constitute 17% of our portfolio by value.'