Tritax Big Box REIT acquires cold-storage distribution unit in Southampton for £44.2m

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StockMarketWire.com – Real Estate company Tritax Big Box REIT said it had acquired a temperature-controlled distribution unit in the nursling industrial estate in Southampton for £44.2 million from a UK real estate fund.

The deal, reflecting a net initial yield of 5.24%, secured an ‘attractive asset in a prime logistics location, providing critical cold-store capabilities close to a key UK port,’ the company said.

The building, let to Tesco on a 25 year lease expiring in January 2021 and, would provide a range of opportunities to deliver near-term value through asset management, it added.

The company said the deal would be funded through £24.2 million of existing resources and the issue to the seller of 12,166,930 new shares in the company at a price of 164.38 pence per share.

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