02 October 2017
Daventry
Reporter: Theo Andrew

Tritax acquires a big box for £48.8 million


Tritax Big Box REIT has acquired a Royal Mail warehouse in Daventry from LondonMetric, for £48.8 million.

The deal reflects a net initial yield (NIY) of 5 percent.

The 272,000-square foot warehouse was purchased for £36 million by LondonMetric in 2014, reflecting a NIY of 6.7 percent for the FTSE 250 REIT.

The property generates an annual rental income of £2.6 million and has an unexpected lease term of six years.

Andrew Jones, chief executive of LondonMetric, said: “This asset has performed strongly, delivering an ungeared initial rate of return of 15 percent per annum. We will recycle the proceeds into our pipeline of investment and development opportunities, particularly in urban and regional logistics, where we continue to see value and good prospects for further rental growth.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BMO adds nine assets to UK portfolio
23 October 2017 | London | Reporter: Theo Andrew
The properties are spread across the office (35.9 percent), industrial (34.5 percent), retail warehousing (22.5 percent) and retail sectors (7.1 percent), reflecting an initial yield of 4.8 percent
Kennedy Wilson Holdings completes $8 billion merger with European arm
20 October 2017 | California | Reporter: Theo Andrew
The $1.98 billion (£1.5 billion) deal equated to an offer of $15.49 (£11.74) per KWE share, a 20 percent premium on the $12.91 (£9.79) per share closing price on 21 April
Aviva acquires Bristol redevelopment
20 October 2017 | Bristol | Reporter: Becky Butcher
Aviva Investors has purchased the first phase of a redevelopment business park in Bristol for £30 million
Coyote names Rob Bould as non-executive director
19 October 2017 | London | Reporter: Theo Andrew
Rob Bould, who has 40 years of real estate experience, will help grow the data platform, which will track, manage and report the performance of real estate assets in real-time
Hammerson expands flagship Parisian shopping centre
19 October 2017 | Paris | Reporter: Theo Andrew
The 11,000-square metre property adjoins its Les Trois Fontaines centre, the firm’s recently refurbished flagship asset in Paris
SELF II reaches €500 million on third close
19 October 2017 | Paris | Reporter: Theo Andrew
The pan-European debt fund achieved the equity through institutional investors from France, Germany and Italy
Encore+ adds Dutch office for €50 million
18 October 2017 | Eindhoven | Reporter: Theo Andrew
The the pan-European open ended core-plus fund is co-managed by Aviva Investors and LaSalle IM, as fund manager and asset and transition manager, respectively