Tritax big box REIT acquires three properties for £88 million
The warehouse and logistics-focused property investment company said it had exchanged contracts on a 390,000 square foot logistics facility in Harlow, Essex.
Tritax Big Box will acquire the Harlow Logistics Hub on Edinburgh Way, which was built in 2008, for £44.4 million. The property is currently leased to Wincanton and Industrial Tool Services Ltd.
Wincanton, which generates 62% of the rent, has a lease with an unexpired term of nearly four and a half years. The lease has no rent review.
The remainder of the rent is provided by ITS which has a lease with 14 years left till expiry with annual upward only rent reviews. A lease break is available in nine years. ■