Tritax Big Box REIT plc Acquisition (2019C)
January 18 2018 - 1:00AM
UK Regulatory
TIDMBBOX
RNS Number : 2019C
Tritax Big Box REIT plc
18 January 2018
18 January 2018
TRITAX BIG BOX REIT PLC
(the "Company")
ACQUISITION OF THE AO WORLD PLC NATIONAL DISTRIBUTION CENTRE
AT WESTON ROAD, CREWE, CHESHIRE FOR GBP36.10 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased
to announce that it has acquired a National Distribution Centre at
Weston Road, Crewe, Cheshire. The property is let to Expert
Logistics Ltd ("Expert Logistics"), a wholly owned subsidiary of AO
World Plc ("ao.com"), a leading European online electrical retailer
listed on the London Stock Exchange, which will act as guarantor.
The total consideration is GBP36.10 million.
Built in 2006, this modern, high specification cross docked
facility is located diagonally opposite the tenant's other
distribution facility and together form ao.com's UK National
Distribution hub. The versatile property, which has benefited from
significant capital investment by the tenant, has a total gross
internal area of 387,541 sq ft., an eaves height of 12.5 metres, an
extensive yard area and parking, with a site cover of 49%.
The facility is strategically positioned in a core national
distribution location, with excellent access to the M6 and M1 via
the A50 dual carriageway, with good connectivity to Manchester and
Liverpool airports and the Port of Liverpool. The immediate
location has attracted major logistics occupiers including Bargain
Booze, Bentley Motors Limited and Rymans.
The property is being acquired with an unexpired lease term of
approximately nine years, which is subject to five yearly upward
only open market rent reviews. The next rent review is due in April
2021.
DTRE represented the Company on the acquisition.
Colin Godfrey, Partner of Tritax, commented:
"This dedicated e-commerce facility, which plays an integral
role in ao.com's national distribution network, further diversifies
our portfolio by tenant and geography. Against the backdrop of
strong tenant demand and the limited supply of modern Big Box
National Distribution assets, this investment offers the potential
for attractive rental growth in 2021."
For further information, please contact:
Tritax Group via Newgate below
Colin Godfrey (Partner,
Fund Manager)
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Email: tritax@newgatecomms.com
Anna Geffert
Jefferies International Tel: 020 7029 8000
Limited
Gary Gould
Stuart Klein
Akur Limited Tel: 020 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
The Company's LEI is: 213800L6X88MIYPVR714
NOTES:
Tritax Big Box REIT plc is the only listed vehicle dedicated to
investing in very large logistics warehouse assets ("Big Boxes") in
the UK and is committed to delivering attractive and sustainable
returns for shareholders. Investing in and actively managing
existing built investments, land suitable for Big Box development
and pre-let forward funded developments, the Company focuses on
well-located, modern "Big Box" logistics assets, typically greater
than 500,000 sq. ft. (measured by floor area, c. 66% of the
Company's existing logistics facilities including forward funded
developments are in excess of 500,000 sq ft(1) ), let to
institutional-grade tenants on long-term leases (typically at least
12 years in length) with upward-only rent reviews and geographic
and tenant diversification throughout the UK. The Company seeks to
exploit the significant opportunity in this sub-sector of the UK
logistics market owing to strong tenant demand and limited supply
of Big Boxes.
The Company is a real estate investment trust to which Part 12
of the UK Corporation Tax Act 2010 applies ("REIT"), is listed on
the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices.
Further information on Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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