Forward Funded Investment in a New Pre-Let Logistics Facility at Midlands Logistics Park, Corby for £89.3 millionRead more
4 May 2018
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the official opening of its Screwfix Big Box Distribution Centre at Prologis Park, in Fradley, near Lichfield, in Staffordshire.
This purpose-built Distribution Centre plays a key role as Screwfix expands its distribution network to meet increasing customer demand and growing store network.
The Company acquired this pre-let forwarded funded development in December 2016, which reached practical completion on time and to budget late last year and has been building up to run at full scale
The new Distribution Centre, which will be operated by Wincanton on behalf of Screwfix, will work in conjunction with Screwfix’s existing warehouses at Stafford and Trentham to deliver stock to the national Trade Counter estate, boosting the logistics infrastructure, supporting the Screwfix business plan and over 570 stores nationwide.
This high specification 562,000 sq ft Distribution Centre, currently employs over 400 people in the local area, with a goal of creating a further 300 jobs over the next 18 months, is strategically located in a key Midlands logistics location with excellent road, rail and air connectivity,
Screwfix Direct Ltd (“Screwfix“), whose ultimate parent is Kingfisher Plc, is the UK’s largest multi- channel retailer of trade tools, accessories and hardware products.
Colin Godfrey, Partner of Tritax, commented:
“This investment, originally acquired by the Company in December 2016, represented our eighth pre- let forward funded development and is an excellent addition to our portfolio with a strong tenant covenant in Screwfix. Built to a high specification and delivered on time and budget, this investment is well located within the Golden Triangle for UK logistics and also offers tenant and business sector diversification.”
Mark Lemming, Supply Chain and Logistics Director at Screwfix, said:
“The new site at Lichfield is the perfect addition to our already great logistics network, receiving over 5,000 pallets each week and in turn picking 400,000 units for customer orders. We can now reach even more of our customers located around the UK, ensuring our busy trade customers are able to get what they want, quickly, affordably and right first time.”
Liam McElroy, Managing Director, Retail & Consumer, Wincanton, added:
“We have an established and ongoing relationship with Screwfix, based on an understanding of and ability to meet their needs and growth aspirations. This new facility will support fulfilment across the Screwfix network and support a seamless customer experience. We are delighted and proud to be part of this latest development.”
For further information, please contact:
Newgate (PR Adviser to Tritax Group)
Tel: 020 7680 6550
Tritax Big Box REIT plc is the only listed vehicle dedicated to investing in very large logistics warehouse assets (“Big Boxes”) in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and actively managing existing built investments, land suitable for Big Box development and pre-let forward funded developments, the Company focuses on well-located, modern “Big Box” logistics assets, typically greater than 500,000 sq. ft. (measured by floor area, c.65% of the Company’s existing logistics facilities including forward funded developments are in excess of 500,000 sq ft.), let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited supply of Big Boxes.
The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (“REIT”), is listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.
Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk