4th Apr 2014 12:29
LONDON (Alliance News) - Tesco PLC Friday has exchanged contracts for the sale of its distribution centre at Southmead Industrial Estate in Didcot for GBP27.2 million with Tritax Big Box REIT PLC.
Tritax Big Box announced the deal on Friday and said that the deal is set to complete on April 28 and will initially be funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.
The distribution centre was originally developed for Tesco and comprises a purpose-built distribution warehouse with integral two storey ancillary offices plus extensive parking over approximately 13.8 acres, on a rentalised area of 325,445 square feet.
Tritax said the distribution centre is being acquired with an unexpired lease term of approximately 10.4 years, which is subject to a five yearly open market rent review in July 2014.
Tesco shares were down 0.8% to 289.4 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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