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(Sharecast News) - Real estate investment trust Tritax Big Box disposed of three assets on Tuesday for a total consideration of £77.0m.
Tritax said that an ongoing evaluation of its portfolio led it to believe that the Baker Business Park in Ripon, a DHL site in Nottingham and a Whirlpool location in Raunds had all reached "their full value" under its ownership and were now "less well aligned" with its long-term strategic and portfolio objectives.
The FTSE 250-listed firm said the sale delivered an internal rate of return above its 9% per annum target and represented a blended net initial yield of 5.6% compared to the assets' purchase cost.
Chief executive Colin Godfrey said: "Ongoing portfolio evaluation is an intrinsic part of our strategy to deliver value to our shareholders. We continue to see strong demand for UK logistics real estate supporting attractive prices on assets which no longer align with our strategy and where we believe they have reached their full value potential in our ownership.
"So far this year we have disposed of £134.0m of assets, and we will be redeploying the proceeds into attractive opportunities, including those within our portfolio where we see the potential to secure higher returns for shareholders."
As of 0900 BST, Tritax shares were down 0.34% at 151.19p.
21 Aug 2020 16:00