Tritax Big Box REIT (LSE:BBOX) has completed a 1 million square foot logistics facility for Amazon at Symmetry Park in Kettering, with a 20-year lease now commencing.
The facility will generate annual rental income of £9.8 million for Tritax Big Box. The company said the development achieved a yield on cost at the upper end of its 6% to 8% guidance range.
The building is Amazon’s largest cross-dock warehouse in the UK, according to the information provided by Tritax Big Box.
Symmetry Park Reaches 1.6 Million Sq Ft
Completion of the Amazon facility marks the delivery of all three committed buildings at the 136-acre Symmetry Park development.
The logistics park now comprises 1.6 million square feet of completed space, including facilities occupied by Iron Mountain and Greggs.
Tritax Big Box said the Amazon development meets specified sustainability standards and is expected to support around 2,000 jobs in the region.
Amazon Begins 20-Year Lease
The commencement of Amazon’s 20-year lease adds £9.8 million of annual rental income to Tritax Big Box’s portfolio.
The development forms part of the company’s strategy of using its logistics land portfolio to develop assets for occupiers and generate rental income from completed properties.
Tritax Big Box Invests in UK Logistics Properties
Tritax Big Box REIT invests in and develops logistics warehouse properties across the UK and operates a logistics-focused development land platform.
The FTSE 100 real estate investment trust focuses on modern logistics facilities, including properties leased to institutional occupiers under long-term agreements.
The group is also developing a pipeline of potential data centre projects.
Leave a Reply