Tritax Big Box inks €84m of sales in the UK

Tritax Big Box REIT has agreed the sale of three assets to two separate buyers for a total of £77 mln (€84 mln).

In a statement, the UK warehouse property specialist said that the assets had reached ‘their full value’ following the completion of asset management initiatives which delivered rental growth and a lease extension.

The properties -  Baker Business Park in Ripon, Langley Mill in Nottingham and Warth Park in Raunds – were sold at or above their current book value with the deal reflecting a blended NIY of 5.6%,

‘Ongoing portfolio evaluation is an intrinsic part of our strategy to deliver value to our shareholders,’ said Colin Godfrey, CEO, Fund Management. ‘We continue to see strong demand for UK logistics real estate supporting attractive prices on assets which no longer align with our strategy and where we believe they have reached their full value potential in our ownership. So far this year we have disposed of £134 mln of assets, and we will be redeploying the proceeds into attractive opportunities, including those within our portfolio where we see the potential to secure higher returns for shareholders.’

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