16th May 2019 09:20
LONDON (Alliance News) - Tritax Big Box REIT PLC on Thursday said it has obtained full planning permission for the development of a new regional distribution centre at Symmetry Park, Bedfordshire.
The real estate investment trust said the unit is pre-let to Co-op Food Group, part of retailer Co-operative Group Ltd.
Tritax Big Box said the development will comprise a new purpose-built regional distribution centre with an eaves height of 15 metres and a gross internal floor area of 661,000 square feet on a site of 50 acres.
The site has "excellent" road connectivity, the company said, as it is situated just off the A1, 45 miles north of Central London and 29 miles north of the M25.
It is anticipated that construction of the building will commence towards the end of 2019. Upon practical completion of the construction, currently targeted for the first quarter of 2021, the occupier will take up a new 20-year lease, Tritax Big Box said.
"This foundation asset, which has recently secured full planning, will be a prime big box regional distribution centre let on a long 20-year lease to a well-known tenant covenant," said Tritax Big Box Fund Manager Colin Godfrey.
"The property, which will benefit from significant capital investment in the fit-out, will create a wide range of jobs locally and play an important role in Co-op Food Group's UK supply chain, as it expands further into London and the South East," added Godfrey.
In a separate statement Thursday, the company declared an interim dividend for the three months to the end of March of 1.7125 pence per share.
Tritax Big Box said it is targeting an aggregate dividend of 6.85p per share for 2019, an increase of 2.2% over the total dividend paid for 2018.
The stock was 0.5% higher in morning trade on Thursday at 148.80p per share.
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