7th Sep 2015 06:50
LONDON (Alliance News) - Tritax Big Box REIT PLC on Monday said it has exchanged contracts on a conditional deal to acquire the land and provide forward funding for the development of a new distribution warehouse for Howden Joinery Group PLC, the kitchens and joinery products supplier.
Tritax said the warehouse is located at Warth Park in Northamptonshire and will comprise a gross internal area of 655,000 square feet.
Tritax said the deal is worth GBP67.0 million and said this reflects a net initial yield of 5.03%.
"We are excited to be investing in a new national distribution centre for Howdens, which provides further tenant and geographic diversification. The investment also increases the weighted average unexpired lease term and is accretive to our running yield," said Tritax Partner Colin Godfrey.
By Sam Unsted; [email protected]; @SamUAtAlliance
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