Tritax Big Box REIT plc is to acquire Marks & Spencer’s East Midlands Distribution Centre at Castle Donington for a purchase price of £82.6 million.
The distribution centre is being acquired with an unexpired lease term of approximately 23 years, which is subject to a five yearly open market rent review with a minimum increase equivalent to 1.5 per cent per annum and a maximum increase equivalent to 2.5 per cent per annum.
Tritax partner Colin Godfrey said: “This is one of the tallest and most efficient distribution units in the UK. It was purpose-built for Marks & Spencer to meet the needs of their online and national store distribution requirements. It provides only the second facility of its kind for Marks & Spencer and Tritax Big Box REIT plc is delighted to become their new landlord.”
The regional distribution centre was purpose-built for Marks & Spencer in 2011 and comprises over 900,000 sq ft of ground floor area with 25 metre eaves height, with associated offices, car park and vehicle maintenance unit and with the benefit of an adjacent rail freight terminal and sidings.
