Topland sheds two warehouses

Dec 2014

Tritax Big Box REIT has acquired two warehouses from Topland for £55.1m, reflecting a net initial yield of 6.9%.

The first property is a 315,000 sq ft warehouse at Trafford Park in Manchester, which is let to L’Oreal until 2019.

The second is a 344,000 sq ft unit at Dove Valley Park in Foston, Derbyshire, which is let to Kuehne & Nagel until 2018.

The combined income from the units is £3,805,231 a year.

Sol Zakay, chairman and chief executive of Topland, said: “Our investment team has already identified a number of sectors and specific opportunities where the capital from these disposals can be best used, and I anticipate reinvestment to occur sometime in the New Year.”