Tritax Big Box to build £68m logistics centre in Merseyside

28th Sep 2018 07:53

(Sharecast News) - Tritax Big Box on Friday said it had exchanged contracts to build a new logistics sorting centre in Merseyside for £68.7m.The client was not named, but described as a "financially robust world leading retailer". The price represents a net initial yield of 4.9% net of acquisition costs, rising to 5.4% at the first rent review in 2024, Tritax said.The the property will be leased on a new 15-year deal, subject to five yearly upward only rent reviews indexed to the consumer price index, collared at 1% a year and capped at 3%.Tritax said the first rent review was targeted for September 2024 adding that it would receive an income return equivalent to the agreed rent from the developer during construction.