Tritax Big Box REIT is to acquire a distribution centre at Nimbus Park in the English town of Doncaster. The investment volume of £48.5 mln (€61 mln) reflects a net initial yield of 6.1%.
Tritax Big Box REIT is to acquire a distribution centre at Nimbus Park in the English town of Doncaster. The investment volume of £48.5 mln (€61 mln) reflects a net initial yield of 6.1%.
The property is the national distribution centre for furniture retailer, The Range.
Tritax has also signed an agreement with Barclays Bank to provide £24.25 mln of five-year senior debt financing secured on the asset. This reflects a loan to value ratio of 50%.
Completion and drawdown of the loan facility is expected to take place on 19 November 2014.
Constructed in 2006, the property provides a modern national logistics distribution centre, with ancillary offices and extensive parking on a 17-hectares. The total floor area comes to 70,000 m2, representing a low site cover of 40%. The distribution centre is being acquired with an unexpired lease term of 18 years.
The vendor of the property is a limited partnership vehicle managed by Tritax.
Tritax Big Box REIT invests in well-located distribution centres of 46,450 m2 and above let to institutional-grade tenants on long-term leases.
