Tritax Big Box REIT has sold six UK logistics assets totalling circa 1.6m sq ft to EQT Real Estate for £199m.
The big box and urban logistics assets are located at Leamington Spa, Peterborough, Didcot and Kettering and generate total contracted annual rent of £12m.
The sale forms part of Big Box’s strategy to recycle capital into higher returning opportunities, including development-led logistics assets and data centre projects.
Frankie Whitehead, CFO of Tritax Big Box, said: “Consistent with our ambition to self-fund our very attractive near-term opportunities, we have been one of the most proactive recyclers of capital in our sector, delivering sales of nearly £1bn over the past three years. We are delighted to complete this £199m sale to EQT Real Estate, the proceeds of which will support investment in higher returning development-led opportunities and further strengthen our balance sheet.”
Jonathan Mackie, managing director at EQT Real Estate, added: “We continue to see attractive long-term opportunities in European logistics, supported by structural trends including the growth of online retail, supply chain optimisation and increasing demand for efficient distribution space close to major population centres. This acquisition expands our growing UK logistics footprint and complements our broader European logistics portfolio across established distribution markets.”
Ross Polkinghorne, partner at Burges Salmon, which advised Tritax Big Box, said: “We are pleased to have supported Tritax Big Box on this significant portfolio sale. The transaction highlights the enduring attractiveness of prime logistics assets and the sophistication of investors operating in this space. Working closely with the Tritax Big Box team, we were able to deliver pragmatic, solution-focused advice to help achieve a successful outcome.”
