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Tritax Big Box REIT signs £82M deal for UK logistics development

Tritax Big Box REIT Plc agreed to an £81.8 million forward-funding deal for a new regional distribution center inside the Midlands Logistics Park in Corby, U.K.

The agreement is conditional upon securing a full planning permission for the logistics development. The purpose-built asset will contain an internal area of 844,000 square feet, with an eaves height of 18 meters and a parking facility.

The unit, expected to be completed in the winter, is pre-leased to logistics business Eddie Stobart Ltd. for a 20-year term, subject to five yearly upward-only rent reviews linked to the retail price index, with a cap and collar, according to a release.