20th Apr 2015 14:37
LONDON (Alliance News) - Tritax Big Box REIT PLC said Monday it has acquired the Argos Regional Distribution Centre in Heywood, Manchester, for GBP34.1 million.
The company said this reflects a net initial yield of 5.3% on the asset purchase. The site is being acquired with an unexpired lease term of around 13 years, subject to five-yearly open market rent reviews. The next review is due in 2018.
It expects to complete the acquisition next Wednesday.
Tritax said it has funded the acquisition out of equity proceeds, and expects to introduce senior debt finance in the near term.
Shares in Tritax Big Box REIT are trading up 0.1% at 116.92 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
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