Tritax completes £20.9m acquisition of distribution centre in Doncaster

Tritax Big Box REIT, the real estate investment trust which specialises in investing in distribution centres, has acquired a National Distribution Centre at Trax Park, Doncaster.

The centre is now let to Unilever, one of the world’s largest suppliers of food, home and personal care products.

The transaction was completed in a £20.9m deal (excluding purchaser’s costs), reflecting a net initial yield of 5.61% on the asset acquisition. The purchase is being funded from equity proceeds.

The property has been acquired with a new 15-year lease in place, subject to five yearly upward only rent reviews indexed to the Retail Price Index with a collar and cap in place.

Located in Trax Park, the centre is situated near motorway, rail and port connections. It is close to the M18, A1(M) and M1 and benefits from good access to the ports of Hull and Grimsby. The property is also adjacent to Doncaster Rail Freight Terminal.

The site is a Regional and National Distribution Centre location with a number of major occupiers located close by including Amazon, Wincanton, XPO Logistics, B&Q, and Tesco.

Purpose-built in 2002 for Unilever, this is a high specification facility with a gross internal area of 262,885 sq ft and a site density of c.53%.

The centre has an eaves height of between c.11 and 26 metres, extensive parking and has benefited from significant capital investment.

Cushman & Wakefield represented Unilever.

Colin Godfrey, partner of Tritax, commented: “Unilever is a leading globally recognised consumer goods company and we are delighted to add them to the very strong list of tenants in our portfolio.

“This investment further diversifies our portfolio by tenant and business sector. This acquisition maintains our WAULT at over 15 years and is earnings accretive.”

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