Next warehouse acquired in £60m deal
NEXT’S regional distribution warehouse at West Moor Park in Doncaster has been acquired in a £60m deal.
Real estate investment trust Tritax Big Box announced to the markets this morning that it has exchanged contracts for the acquisition of the warehouse, which was developed in 2003 and let to Next for a 20-year term without breaks.
The building was extended in 2005 to 755,052 sq ft of ground floor area; in addition to a first and second floor mezzanine storage area of 106,552 sq ft.
In a statement on the acquisition, Tritax Big Box highlighted Doncaster as one of largest commercial centres in South Yorkshire and said it is also one of the most important distribution locations in the UK due to its excellent motorway and rail connections, as well as its close proximity to the Humber Ports.
Colin Godfrey, partner of Tritax, said: “Doncaster is one of the most important distribution locations in the UK and the immediate surrounds have attracted occupiers such as Ikea, B&Q, Tesco, Wincanton, The Range and DFS due to excellent transports links and less congested motorways. It remains a core location for Next’s operations and Tritax Big Box REIT is delighted to have made this acquisition.”
Tritax has signed an agreement with Barclays Bank to provide £16.4m of senior debt financing secured on the asset.
Roebuck Asset Management represented the company and CBRE represented the vendor.
