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Tritax Big Box REIT PLC on Monday said it leased one million square feet across four buildings at its Symmetry Park Rugby development site.
It has been leased to an unnamed ‘global leader’ in storage and information management services, the real estate investor explained.
Each of the four buildings are let on a new 15-year lease with five yearly open market rent reviews. Collectively, they are expected to deliver a yield on cost within a 6% to 8% guidance range.
Tritax added that the lettings will support the development programme at the Rugby site which currently has planning consent for 1.9 million square feet of logistics space. The site is off the M45 motorway in the English Midlands.
Chief Executive Colin Godfrey said: ‘Our successful letting of one million sq ft of prime logistics space will be one of the largest UK letting transactions completed so far this year and is further evidence of our strategy delivering growing rental income to our investors at an attractive yield on cost. Our development activity continues to gather momentum as we benefit from strong and diversified occupational demand.’
Shares in Tritax Big Box were down 1.9% at 191.30 pence on Monday morning in London.
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