Tritax Big Box REIT PLC closed a forward-funded deal for a new logistics fulfillment center at the 200-acre Integra 61 project, close to Durham in the U.K., with a commitment of up to £147.3 million.
The deal represents a net initial yield of 5.25%, the industrial real estate investment trust said in a release.
The modern logistics facility will feature roughly 1,992,061 square feet of internal gross floor area, including three structural mezzanine floors and a low site cover of roughly 32%. The property is set to be cross-docked, with an eaves height of more than 20 meters.
A retail company is pre-leasing the property and will sign a new 20-year lease upon the project's completion in the summer of 2020.
The REIT will receive an income return equivalent to the property's annual rent from developer Citrus Group.
DTRE, CBRE and Avison Young represented Tritax Big Box, the lessor and Citrus Group, respectively.