Tritax Big Box REIT plc Outline planning - Symmetry Park, Kettering (2036A)
28 Mayo 2019 - 1:01AM
UK Regulatory
TIDMBBOX
RNS Number : 2036A
Tritax Big Box REIT plc
28 May 2019
28 May 2019
TRITAX BIG BOX REIT PLC
(the "Company")
OUTLINE PLANNING RECEIVED FOR THE DEVELOPMENT OF UP TO
2.31 MILLION SQ FT OF HIGH-QUALITY LOGISTICS SPACE
AT SYMMETRY PARK, KETTERING
The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX)
announces that outline planning consent has been obtained for up to
2.31 million sq ft of high-quality logistics space at Symmetry
Park, Kettering. This represents the second new development from
the db Symmetry ("DBS") strategic land portfolio acquired by the
Company in February this year.
This development site extends to a total of 136 acres and is one
of the few sites in the East Midlands that can accommodate a single
logistics asset in excess of one million sq ft. The site has
excellent road connectivity, located directly alongside the A14
"Trans-European" freight route. It will also deliver the first
phase of the Isham bypass, which will see the joining and dualling
of the A509 from Junction 9 of the A14 to the site entrance,
helping the area to become an increasingly important UK
distribution location.
The area benefits from an appropriately skilled and flexible
labour supply within close proximity and this new logistics park
will be a major contributor towards Kettering's planned economic
growth with the potential to create up to 2,800 jobs.
The Company currently holds this land under option and will now
begin committing the initial capital, to be drawn down in phases,
in order to ready the site for promotion on a pre-let development
basis.
Once fully developed, the site has the potential to deliver a
return on acquisition cost within the Company's target range of 7%
to 8%.
Colin Godfrey, Partner of Tritax, commented:
"We are pleased to have secured outline planning consent for
this significant, well-located logistics development scheme at
Symmetry Park, Kettering. This represents the second planning
success from the db Symmetry portfolio acquired by the Company in
February 2019, following on from the 660,000 st ft detailed
planning consent secured on behalf of The Co-op Food Group at
Biggleswade.
We have already commenced work on the planning application for
the associated infrastructure and first phase of development and we
look forward to continuing to engage with the local community as
our proposals progress.
This new logistics park has the potential to provide an
attractive yield on cost within our target range and, once fully
developed, will bring significant employment opportunities and
strengthen further the area's economic growth."
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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