391,000 sq ft development letting at Symmetry Park, Rugby
Tritax Big Box REIT plc ("BBOX" or "the Company") today announces that it has signed an agreement for lease with a leading data management company for its recently completed 391,000 sq ft logistics facility at Symmetry Park, Rugby ("Unit 5").
Key highlights of the transaction include:
- 15-year lease with open market rent reviews every five years;
- Rental level sets a new high for the scheme, highlighting the strength of the location;
- Expected yield-on-cost towards the upper end of our 6-8% guidance.
Unit 5 has been built to net-zero carbon construction standards and has a BREEAM "Excellent" and EPC A+ rating.
Jonathan Wallis, Director, Tritax Big Box Developments, commented:
"Symmetry Park Rugby continues to be incredibly successful for Tritax Big Box, supplying best-in-class buildings and attracting strong clients into the portfolio. The latest letting underlines our insight-driven approach to development, delivering modern, high-quality buildings matched to occupier needs. We are seeing strong occupational interest in the remaining two units at Rugby, further demonstrating the quality of the location and the buildings themselves."
For further information, please contact:
Tritax Group
Colin Godfrey, CEO Tel: +44 (0) 20 8051 5060
Frankie Whitehead, CFO Email: bigboxir@tritax.co.uk
Ian Brown, Head of Corporate Strategy & Investor Relations
Kekst CNC
Tom Climie / Guy Bates Tel: +44 (0) 7760 160 248 / +44 (0) 7581 056 415
Email: tritax@kekstcnc.com
Notes:
Tritax Big Box REIT plc (ticker: BBOX) is the UK's largest listed investor in high-quality logistics warehouse assets and controls the largest logistics-focused land platform in the UK. Tritax Big Box is committed to delivering attractive and sustainable returns for shareholders by investing in and actively managing existing built investments and land suitable for logistics development. The Company focuses on well-located, modern logistics assets, typically let to institutional-grade clients on long-term leases with upward-only rent reviews and geographic and client diversification throughout the UK. Additionally, having adopted a "power-first" approach, the Company has recently secured its first data centre development opportunities (amounting to 272MW), and has a pipeline of over 1-gigawatt of further opportunities, offering the potential to deliver exceptional returns on an accelerated basis.
The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies, is listed on the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.
The Company's LEI is: 213800L6X88MIYPVR714.
Further information on Tritax Big Box REIT is available at: tritaxbigbox.co.uk
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