Tritax Big Box REIT plc Planning received for Coop Biggleswade RDC (1822Z)
16 May 2019 - 4:00PM
UK Regulatory
TIDMBBOX
RNS Number : 1822Z
Tritax Big Box REIT plc
16 May 2019
16 May 2019
TRITAX BIG BOX REIT PLC
(the "Company")
PLANNING RECEIVED FOR THE DEVELOPMENT OF A NEW REGIONAL
DISTRIBUTION CENTRE AT SYMMETRY PARK, BIGGLESWADE
PRE-LET TO THE CO-OP FOOD GROUP
The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX)
announces that full planning permission has been obtained for the
development of a new regional distribution centre ("RDC") at
Symmetry Park, Biggleswade, pre-let to The Co-op Food Group, part
of The Co-operative Group Ltd. This represents the first pre-let
development from the db Symmetry ("DBS") strategic land portfolio
acquired by the Company in February 2019. Contracts were originally
exchanged between db Symmetry and The Co-op Food Group in November
2018, conditional on full planning consent.
The development will comprise a new purpose-built RDC with an
eaves height of 15 metres and a gross internal floor area of
661,000 sq ft on a site of c.50 acres, representing a low site
cover of c.35%. This RDC, which also includes ancillary office
space as well as significant parking and service yards, will allow
The Co-op Food Group to continue to provide a first-class service
to existing food stores, whilst also helping to support the
retailer's investment programme as it looks to further increase its
presence in London, the South and the South East. The property will
also benefit from significant capital investment by the occupier,
including high levels of fit-out to include frozen, chilled and
ambient food storage zones within the RDC.
Symmetry Park at Biggleswade, which DBS acquired in summer 2017,
is an extension of an existing logistics park which has a critical
mass of occupiers. The site has excellent road connectivity,
situated just off the A1, 45 miles north of Central London and 29
miles north of the M25 (Junction 23). The area benefits from an
appropriately skilled and flexible labour supply within close
proximity, which underpins the appeal of the area as an
increasingly important UK distribution location.
Upon practical completion of the construction, currently
targeted for Q1 2021, the occupier will take up a new 20-year
lease, subject to five yearly upward-only rent reviews indexed to
the Retail Prices Index (collared at 2% pa and capped at 4% pa). It
is anticipated that construction will commence towards the end of
2019.
Colin Godfrey, Partner of Tritax, commented:
"I am delighted to announce that full planning consent has been
received for our first pre-let development transaction since we
acquired the db Symmetry strategic UK land portfolio in February
this year. This foundation asset, which has recently secured full
planning, will be a prime big box regional distribution centre let
on a long 20-year lease to a well-known tenant covenant.
The property, which will benefit from significant capital
investment in the fit-out, will create a wide range of jobs locally
and play an important role in The Co-op Food Group's UK supply
chain, as it expands further into London and the South East.
Strategically positioned in an increasingly important logistics
location with excellent transport infrastructure and a strong
labour supply, we look forward to delivering this high-quality
pre-let development asset for an existing customer of Tritax Big
Box."
For further information, please contact:
Tritax Group via Maitland below
Colin Godfrey (Partner, Fund
Manager)
Maitland (Communications Adviser) Tel: 020 7379 5151
James Benjamin tritax-maitland@maitland.co.uk
Jefferies International Limited Tel: 020 7029 8000
Gary Gould
Stuart Klein
Akur Limited Tel: 020 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
The Company's LEI is: 213800L6X88MIYPVR714
NOTES:
Tritax Big Box REIT plc is the only listed vehicle dedicated to
investing in very large logistics warehouse assets ("Big Boxes") in
the UK and is committed to delivering attractive and sustainable
returns for shareholders. Investing in and actively managing
existing built investments, land suitable for Big Box development
and developments predominantly delivered through a pre-let forward
funded basis, the Company focuses on large, well-located, modern
"Big Box" logistics assets, let to institutional-grade tenants on
long-term leases (typically at least 12 years in length) with
upward-only rent reviews and geographic and tenant diversification
throughout the UK. The Company seeks to exploit the significant
opportunity in this sub-sector of the UK logistics market owing to
strong tenant demand and limited supply of Big Boxes.
The Company is a real estate investment trust to which Part 12
of the UK Corporation Tax Act 2010 applies ("REIT"), is listed on
the premium segment of the Official List of the UK Financial
Conduct Authority and is a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices.
Further information on Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk
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END
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