24th Mar 2016 08:01
LONDON (Alliance News) - Tritax Big Box REIT PLC on Thursday said it has acquired a distribution centre in Portsbury in Bristol for GBP25.2 million.
The property company, which invests in 'big box' assets such as distribution warehouses, said it has acquired the site, based in Portbury Way, at a net initial yield of 5.2%.
The site is let to food wholesaler Brake Bros Ltd on a 30-year lease which is subject to five-yearly upward-only rent reviews. The next review is due in February 2021.
"The Brake Bros Distribution Centre in Portbury, Bristol will provide long term income from an established covenant and further geographic diversification of our portfolio," said Tritax Partner Colin Godfrey.
By Sam Unsted; [email protected]; @SamUAtAlliance
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