Tritax Big Box REIT has exchanged contracts for the sale of an investment asset let to Howdens in Raunds for £84.3 million.
The purchaser is a leading UK institutional investor in real estate.
The building is one of three at Raunds developed for and let to Howdens Joinery Group Plc. It comprised a 659,000 sq ft logistics building, which the company has owned for seven years, with an unexpired lease term at exchange of approximately 23 years.
Howdens continues to occupy the remaining two buildings, which are owned by Tritax Big Box.
Colin Godfrey, CEO for Tritax Big Box, said: “We constantly seek ways to optimise our portfolio to crystalise value and recycle capital into higher returning opportunities. The disposal, which was in line with the book value at both December 2022 and June 2023, demonstrates the attractiveness of our assets and our ability to fully realise their value.
“The sale to a leading institutional investor in real estate provides further evidence of growing stabilisation within the UK investment market and the strong fundamentals of the sector.”
