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Tritax Big Box buys UK distribution facility for £92M

Tritax Big Box REIT Plc acquired a distribution facility at Birch Coppice Business Park, Dordon, Birmingham, for a total sum of £92.3 million, reflecting a net initial yield of 5.25%.

The building, which has a gross internal area of more than 700,000 square feet, including the mezzanine floors, serves both Ocado Ltd.’s and Wm Morrison Supermarkets Plc's online retail businesses. The property, operated by Ocado, has an unexpired lease term of approximately 21 years, subject to annual upward only rent reviews indexed to the Consumer Price Index and capped at 3.5%.

The company plans to fund the purchase via equity, with Morrison Supermarkets acting as guarantor.