Southampton cold store acquired for £44.2m
Property investor Tritax Big Box REIT has acquired a temperature controlled distribution unit in Southampton for £44.2m.
The facility on Nursling Industrial Estate comprises 325,000 sq ft on a 20-acre site.
It is let to Tesco on a 25-year lease expiring in January 2021.
Colin Godfrey, chief executive of fund management, said: “This is a rare asset acquired off-market in a prime South Coast location next to the M27 motorway and close to the Port of Southampton.
“Benefitting from a strong existing tenant and a robust underlying occupational market, this building presents us with several attractive asset management opportunities which we expect will drive income and capital value growth.
“While the investment market for logistics assets continues to strengthen, there remain select attractive acquisition opportunities where significant value can be added through asset management.”