29th Mar 2016 06:36
LONDON (Alliance News) - Tritax Big Box REIT PLC on Tuesday said it has struck a GBP74.7 million deal to acquire the national distribution centre of catalogue retailer Argos in Burton-upon-Trent.
Tritax said the distribution centre, located at Barton Business Park, offers 653,670 square feet of space, arranged over 26 acres. It is currently let to Argos, owned by Home Retail Group PLC, on a 12-year lease with fixed annual rental increases of 3.0%.
Tritax said the net initial yield on the deal was 5.55%.
"We are pleased to have completed this acquisition, the second investment following our equity fundraising which closed in February," said Colin Godfrey, Tritax partner.
By Sam Unsted; [email protected]; @SamUAtAlliance
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