Tritax Big Box REIT has exchanged contracts on two industrial warehouses being sold by DHL for a combined £46.4m.
The REIT is buying the DHL supply chain warehouse in Skelmersdale, Lanchashire, for £28.9m at a net initial yield of 6.6%. Completion is expected on 27 August.
The 29.5-acre site has a rentalised area of 471,968 sq ft.
The property is being acquired from DHL on a 10-year leaseback agreement subject to five-yearly rent reviews. The current passing annual rent is £2m per year.
SG Commercial and Cedarwood represented; Tritax and JLL represented DHL.
Tritax is also buying a 255,680 sq ft warehouse at Langley Mill, Nottingham, for £17.3m, reflecting a net initial yield of 6.5%.
Both purchases are funded by equity, but Tritax plans to introduce senior debt “in the near term”.
The property will also be leased back to DHL with a passing rent of £1.2m per year.
SG Commercial represented the Tritax; CBRE represented DHL.
sophia.furber@estatesgazette.com
