Member Article

Tritax Big Box REIT invests £28.7m in Wigan manufacturing facility

Tritax Big Box REIT has exchanged and completed contracts to provide forward funding to develop a new distribution and production facility in Westwood Park, south of Wigan.

The investment is for £28.7m and reflects a yield of 6.42%.

The facilities have already been pre-let to Nice-Pak, a manufacturer of wet wipes, and it will become Nice-Pak’s primary headquarters serving the UK, European, Australian and New Zealand operations.

The building will have an internal floor area of approximately 399,500 sq ft.

Contracts have been exchanged and completed and upon completion the facility will be let to Nice-Pak on a 25 year lease.

Construction of the main works is expected to commence in May 2015 with practical completion of the construction targeted for the spring of 2016

CBGA represented the Company; Savills and Jones Lang LaSalle represented the vendor.

Colin Godfrey, Partner of Tritax, said: “This investment in Nice-Pak’s new HQ and distribution and production facility in Wigan adds further diversification to our portfolio tenant mix.

“ The investment also increases the weighted average unexpired lease term and is accretive to our running yield.“

This was posted in Bdaily's Members' News section by Sophia Taha .