Tritax Big to Acquire Tesco Distribution Center for GBP47.1 Million
June 01 2015 - 6:30AM
Dow Jones News
LONDON--Tritax Big Box REIT PLC (BBOX.LN) said Monday that it
has acquired a regional distribution center of Tesco PLC (TSCO.LN)
for 47.1 million pounds ($71.99 million), net of acquisition
costs.
The distribution center is located at Capitol Park in Goole,
England. Tritax funded the purchase out of equity proceeds, with
senior debt finance expected to be introduced in the near term.
The center is being acquired with an unexpired lease term of
17.5 years and is subject to five yearly upward only open market
rent reviews. The next rent review is due in 2.5 years.
Completion of the sale is expected to take place by June 5.
Shares of Tritax at 0712 GMT trading 0.2% lower at 116
pence.
Write to Tapan Panchal at tapan.panchal@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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