Tritax Big Box REIT has divested six assets so far in its 2023 financial year for £327m, reflecting a blended net initial yield of 4.34%.
The six assets, which have a combined WAULT of 13.12 years and a total area of 2.9 million square feet, are located in Corby, Raunds, Knowsley, Skelsermsdale, Worksop and Littlebrook 4A/B.
”Consistent with the Company’s strategy, the proceeds from these disposals are being recycled into higher returning opportunities, primarily within the development pipeline delivering a 6-8% yield on cost, or opportunistic investment acquisitions,” said the REIT in a statement.
Colin Godfrey, CEO for Tritax Big Box, commented: “Our disposals provide further evidence of the delivery of our strategy as we continue to optimise our portfolio. We are realising the value of assets that have delivered attractive returns in our ownership and effectively recycling capital into higher returning development and acquisition opportunities. The overall high-quality of our portfolio is reflected in our ability to continue to sell assets at or above their book value despite ongoing reduced levels of investment market activity.”
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