13th Mar 2014 15:04
LONDON (Alliance News) - Tritax Big Box REIT PLC Thursday said it has exchanged contracts to acquire a Tesco PLC distribution centre at Barlborough Links in Derbyshire for GBP28.6 million.
The real estate investment trust said the price reflects a net initial yield of 6.6%, and will initially be funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.
The distribution centre, about 500,000 square feet in size, is being acquired with an unexpired lease term of approximately 6.2 years. It was developed in 2005 and immediately leased to Tesco for 15 years.
Shares in Tritax Big Box REIT were trading 0.1% higher at 104.40 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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