Tritax Big Box signs deal on Durham logistics centre
Tritax Big Box Reit
149.10p
17:09 22/04/24
1.77%
2.60p
Tritax Big Box REIT said it had completed contracts for the forward funded development of a new logistics centre near Durham to an unnamed retailer for £147.3m.
FTSE 250
19,599.39
17:14 22/04/24
n/a
n/a
FTSE 350
4,408.19
17:14 22/04/24
n/a
n/a
FTSE All-Share
4,362.60
16:44 22/04/24
n/a
n/a
Real Estate Investment Trusts
2,239.90
17:14 22/04/24
1.27%
28.17
The price reflected a net initial yield of 5.25%, Tritax said.
The development will comprise a new purpose-built facility, with a gross internal floor area of around 2m sq. ft. inclusive of three structural mezzanine floors and a low site cover of c.32%.
Practical construction completion was targeted for summer 2020 with the occupier taking up a new 20-year lease, subject to five yearly upward only rent reviews indexed to the consumer prices index collared at 1% a year and capped at 3% per annum.