Tritax Big Box to buy £1.4bn logistics portfolio from Blackstone

Tritax Big Box has bought a £1.4bn logistics portfolio from Blackstone

The deal includes the purchase of 32 urban logistics and 5 big box assets.

The acquisition is expected to complete on or around October 22 subject to conditions being met.

Colin Godfrey, BBOX CEO, said: “Aligned with our strategic objectives, this exceptional portfolio offers strong rental reversion and numerous asset management opportunities.

“It also significantly broadens our client proposition across key urban logistics markets and reinforces our leading position in mission critical big boxes; in combination growing our GAV to over £7.9bn.”

Godfrey said the deal delivers “immediate financial benefits” including enhanced returns.

Blackstone becomes a 8.6 per cent shareholder in the real estate investment trust.

James Seppala, chairman of Blackstone Europe and head of real estate Europe, added: “This transaction reflects our conviction in BBOX and its market-leading position, as well as our continued conviction in the UK logistics sector.

“This portfolio represents a rare aggregation of high-quality properties with meaningful embedded rental growth potential.”

Seppala said the decision to take a stake in the company as part of the transaction reflected Blackstone’s belief in its “long-term strategy and outlook”.

More about Tritax here: https://www.tritaxbigbox.co.uk/