Tritax Big Box REIT has exchanged on a £30m New Look distribution centre in Newcastle-under-Lyme, Staffordshire.
The distribution centre is one of two at the Lymedale Business Park and the sale is expected to complete by 6 May.
The initial yield for the 396,937sq ft building is 5.9%.
The other building at the park is also operated by New Look, and the two buildings are linked by a conveyor belt.
The site was purchased with a 10-year unexpired lease term with five-yearly upward-only rent reviews. The next rent review is due in April 2017.
Bilfinger GVA represented Tritax in the sale; Deloitte Real Estate representing the vendor. In addition, Deutsche Asset and Wealth Management acted on behalf of an institutional fund.
