Tritax Big Box has acquired a distribution centre in Liverpool for just over £42 mln (€58 mln), reflecting a net initial yield of 6.27%.

Tritax Big Box has acquired a distribution centre in Liverpool for just over £42 mln (€58 mln), reflecting a net initial yield of 6.27%.

The UK REIT purchased the Northern Distribution Centre through a corporate transaction at Knowsley Business Park in Liverpool from Matalan Retail.

The distribution centre was constructed in 2006 and extended in 2014. It comprises a gross internal floor area of 57,700 m2, with a site cover of about 50%.

The asset is located adjacent to a newly constructed 10,700 m2 office building occupied by Matalan, and together they form Matalan’s headquarters facility.

Tritax Big Box is acquiring the investment with an unexpired lease term of 21 years, subject to five yearly upward only rent reviews to open market rental value. The next review is due in October 2021.

B8 Real Estate represented Tritax Big Box, and JLL represented the vendor.