UK logistics warehouse investor Tritax Big Box REIT has bought an 872,000sqft distribution unit in Avonmouth for £90m (€104m).
The FTSE 250 real estate investment trust said the asset offers 12.8 years of unexpired lease term and opportunities to add further value through a potential lease extension.
Constructed in 2008, the building is the largest wine production, warehouse and distribution centre in Europe, the company said.
Colin Godfrey, CEO, fund management at Tritax, said: “In line with our strategy, we continue to monitor the market closely for attractive acquisition opportunities.
“This is a key asset, let to one of the world’s largest wine companies by volume, in a strong and increasingly important location for logistics in the UK.
“This state-of-the-art asset, acquired off-market, provides a valuable and long-term income stream. The tenant has committed heavily to this award-winning facility, which is the largest wine warehouse and distribution centre in Europe.”
To read the digital edition of the latest IPE Real Assets magazine click here.
