Tritax Big Box REIT has sold three assets for a combined £77m.
The company has offloaded a Wolseley-leased distribution centre at Barker Business Park near Ripon, North Yorkshire; a DHL warehouse at Langley Mill, Nottingham; and a property leased to Whirlpool at Warth Park in Raunds, Northamptonshire.
The sites were sold to two unnamed buyers for a blended net initial yield of 5.6% compared to a combined purchase cost of £65.1m.
Tritax bought the properties between 2014 and 2016 and said they had “reached their full value under our ownership” and were “less well aligned with our long-term strategic and portfolio objectives”.
Colin Godfrey, Tritax’s chief executive of fund management, said: “We continue to see strong demand for UK logistics real estate supporting attractive prices on assets which no longer align with our strategy and where we believe they have reached their full value potential in our ownership.”
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