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
Standard Chartered boosts CRE team
11 December 2017 | Singapore | Reporter: Stephanie Palmer
Standard Chartered has named Steven Cranwell as global head of commercial real estate for its global banking business
SoftBank and Compass in ‘largest ever’ US real estate tech investment
08 December 2017 | New York | Reporter: Stephanie Palmer
Real estate technology firm Compass has won $450 million in investment from the SoftBank Vision Fund, in what Compass has called the largest ever real estate technology investment deal in US history
Tristan fund makes first foray into Germany
07 December 2017 | Bonn | Reporter: Stephanie Palmer
The CCP 5 long-life fund, a core-plus fund advised by Tristan Capital Partners, has made its first investment in Germany, acquiring an office complex in Bonn for €35 million
JLL develops UK corporate solutions team
07 December 2017 | London | Reporter: Stephanie Palmer
JLL has named Sue Asprey Price as lead director of its corporate solutions business in the UK, with immediate effect
Link Asset Services appointed as real estate fund administrator
06 December 2017 | London | Reporter: Stephanie Palmer
Warehouse REIT, a specialist warehouse investor managed by Tilstone Partners, has selected Link Asset Services for fund administration
Dutch portfolio sold for €200 million
05 December 2017 | Amsterdam | Reporter: Stephanie Palmer
Patrizia Immobilien AG has sold a portfolio of 61 residential properties in the Netherlands, for around €200 million
Allianz tops off bumper 2017 with Broadway acquisition
04 December 2017 | New York | Reporter: Stephanie Palmer
Allianz Real Estate has acquired a 43 percent stake in 1515 Broadway, New York, a class-A building valued at $1.95 billion