Tritax Big Box REIT has invested £147m in a logistics centre near Durham, which is pre-let to Amazon.
The price reflects a net initial yield of 5.25%.
The 2m sq ft development will comprise a new prime, state-of-the art, purpose-built facility.
Upon practical completion, targeted for summer 2020, Amazon will take up a new 20-year lease.
This investment will be delivered in collaboration with Amazon and the Citrus Group, which will also be developing the remainder of the 200-acre Integra 61 project.
Colin Godfrey, partner of Tritax, commented: “Strategically located in an increasingly important logistics location with a strong labour supply, this asset, once operational, will be the largest single-let logistics facility outside the South East, as well as one of the most technologically advanced fulfilment centres in the UK, whilst providing further exposure to a high-calibre tenant on a long lease.”
DTRE represented Tritax, CBRE represented the occupier and Avison Young represented the Citrus Group.
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