FINANCE: Tritax Big Box REIT has agreed to forward fund the development of a West Sussex warehouse scheme for £37m – a 6.25% yield.
The two warehouses at Bognor Regis will deliver 313,220 sq ft of space in total and have been prelet entirely to Rolls-Royce Motor Cars. It has agreed a 10-year lease starting on completion of the project in 2016.
Bericote Group will develop the site and the purchase will be funded by the Tritax out of equity proceeds, with senior debt finance expected to be introduced in the near term.
Colin Godfrey, partner at Tritax, said: “This is the company’s first forward funded, prelet development and we are looking forward to working with Bericote to deliver a first-class facility for Rolls-Royce Motor Cars.”
joanna.bourke@estatesgazette.com
