Tritax Big Box disposes of six logistics assets for £199m

(Sharecast News) - Real estate investment trust Tritax Big Box said on Wednesday that it has sold six logistics assets to EQT Real Estate for a total cash consideration of £199m as it looks to invest further into higher returning development-led logistics and data centre opportunities.

Tritax said the disposals were in line with their respective book values and comprised big box and urban logistics assets located at Leamington Spa, Peterborough, Didcot and Kettering. The assets generated total contracted annual rent of £12m.

The FTSE 100-listed company said the sale was part of its strategy to continually recycle capital into higher returning opportunities, including development-led logistics assets and data centre projects.

Chief financial officer Frankie Whitehead said: "Consistent with our ambition to self-fund our very attractive near-term opportunities, we have been one of the most proactive recyclers of capital in our sector, delivering sales of nearly £1bn over the past three years.

"We are delighted to complete this £199m sale to EQT Real Estate, the proceeds of which will support investment in higher returning development-led opportunities and further strengthen our balance sheet."

As of 0810 BST, Tritax shares were down 0.20% at 149.70p.

Reporting by Iain Gilbert at Sharecast.com

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