In its first-half business update, London-based Tritax Big Box REIT PLC said it bought four big-box assets off market for a sum of £221.6 million during the period.
Three of the properties purchased were forward-funded pre-leased developments, with an average unexpired lease term of 26 years. They boosted Tritax's big-box logistics portfolio by a total of about 1.8 million square feet and raised the annual rent roll by £9.44 million.
The four properties represent a weighted average unexpired lease term of 23 years, the company noted.
Tritax also wrapped up its forward-funded development of logistics fulfillment center in Darlington, U.K., having committed £120.7 million to the project. The property is pre-let to Amazon UK Services Ltd.