22nd Sep 2015 07:57
LONDON (Alliance News) - Tritax Big Box REIT PLC on Tuesday said it has completed the land purchase and entered into contracts to forward fund the development of a regional distribution facility in Wakefield for GBP59.0 million.
The investment fund, which focuses on Big Box assets in the UK, said the distribution facility is being built for TJX UK, which trades at discount clothing retailer TK Maxx.
The new facility will have around 635,000 square feet of space, along with three mezzanine floors which will accommodate another 765,000 square feet of space in the building.
It will be leased to TK Maxx on a 20-year lease upon completion, which is due to happen in January 2017.
Shares in Tritax were down 0.3% to 125.2 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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