Tritax Big Box REIT has completed the acquisition of a distribution centre in Harlow, Essex, for £37.2m.
The 268,000 sq ft centre, at Flex Meadow close to the M11 and M25, was purchased from LondonMetric Property at a 5% yield with an unexpired lease term of 24.5 years.
It is let to Brake Bros at a passing rent of £1.8m, subject to five-yearly rent reviews fixed to RPI and capped at 5% compound.
The purchase was funded through equity proceeds, with a senior debt facility expected to be introduced in the near term.
The site is currently undergoing refurbishment financed by the tenant.
