10th Apr 2015 06:35
LONDON (Alliance News) - Tritax Big Box REIT PLC on Friday said it has struck a deal with FTSE 250-listed LondonMetric Property PLC to acquire the Brake Bros Distribution Centre in Harlow in a GBP37.2 million deal.
Tritax said the acquisition of the site reflects a net initial yield of 5%. It expects the deal to complete in June 2015.
The property is owned by a joint venture between LondonMetric and Green Park and was acquired for GBP22.9 million in 2011.
Site is currently undergoing a refurbishment and comprises a rentable area of around 268,000 squaret foot, Tritax said.
"We are pleased to be doing business with LondonMetric in the acquisition of this regional logistics warehouse at Harlow. The location, being in close proximity to the M25, is well positioned for distribution to the Greater London market and enhances our portfolio in the South East. The investment provides good quality long term income which will potentially benefit from attractive rent reviews," said Tritax partner Colin Godfrey.
By Sam Unsted; [email protected]; @SamUAtAlliance
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