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Full Year Results for the period from 1 January to 31 December 2018

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We own and manage some of the UK’s most sought after Big Boxes. Our Big Boxes are strategically important to our tenants as they offer efficiency savings and are increasingly fulfilling e-commerce retail sales. Our tenants include some of the biggest names in retail, logistics, consumer products and automotive.

Strong and long lasting relationships with our occupiers, along with a deep understanding of their business and logistical requirements, forms the basis of all our activities. This underpins our ability to generate high-quality, secure cash flows


Amazon was founded in 1994 and is the world’s largest electronic and e-commerce retailer headquartered in the United States of America. Amazon sell a broad range of goods and services online direct to the consumer ranging from books, DVDs, music, furniture, electronics and even food through “Amazon Fresh” online which is now active in the UK. Amazon has also recently launched “Amazon Prime” which aims to capture the household’s online delivery needs including satellite TV.

Amazon have undertaken an aggressive expansion plan throughout Europe in recent years by taking a large amount of logistics space in the UK in order to facilitate an increased just in time delivery service to the consumer through one of the world’s most comprehensive supply chains. Amazon dominate the online retail market in the UK through a combination of several categories including, audio visual entertainment (26.50%), online books (33.23% vs Smith’s 10.30%), Music (27% vs iTunes’ 21.60%), and Video (23.60% vs HMV’s 16.80%) (source).

For further information about Amazon UK please visit their website.

Amazon occupy our Big Box asset at Kingston Park, Peterborough (below) and Barlborough Links, Chesterfield. For more information on these assets and location see Properties.


Kellogg’s was founded in 1906 and was incorporated in Delaware in 1922. Its subsidiaries are engaged in the manufacturing and marketing of ready-to-eat cereal and convenience foods across 180 countries. Kellogg’s set up in the UK with its headquarters in Manchester in 1938. From their factory in Manchester they make and subsequently distribute product brands such as Crunchy Nut Corn Flakes, Coco Pops, Rice Krispies and Corn Flakes.

For further information about Kellogg’s please visit their website.

Kellogg’s occupy our Big Box at Trafford Park, Manchester (below). For more information on this asset and location see Properties.


Founded in 1884, M&S has grown from a single market stall to an international, multichannel retailer, selling clothing, home and food products. Currently, they operate in more than 50 territories worldwide and employ almost 86,000 people. Within the UK they have 798 stores and a growing e-commerce business.

For further information on M&S see their website.

M&S occupy our Castle Donington Big Box, in Leicestershire (below). For more information on this asset and location see Properties.


Tesco was founded in 1919 and now operates in 12 countries around the world, employing more than 530,000 people. Operations in the UK are the largest within the Tesco Group, with more than 3300 stores and more than 310,000 colleagues. Originally a grocery store, they are now a multichannel retailer, offering a range of products and services including Tesco Bank, Tesco Mobile and “Blinkbox”. A key part of their multichannel offering is Tesco’s Click & Collect service – in the UK, they have 1,750 Click & Collect collection points for general merchandise and more than 260 Grocery Drive-thrus.

For further information on Tesco see their website.

Tesco occupy four Big Box assets: Chesterfield, Derbyshire; Didcot, Oxfordshire; Goole, East Riding of Yorkshire (below); and Middleton, Lancashire. For more information on these assets and locations see Properties.


In the past 100 years Morrisons has grown to be the UK’s fourth largest food retailer with more than 500 stores, with the primary focus of the business being mainly food and grocery. They employ 125,000 colleagues across the business and have 12 million customers pass through their doors every week. In January 2014, using technology developed by Ocado, Morrisons launched their online food deliveries service, with the first home delivery services available to homes across the Midlands, followed by Yorkshire in February 2014.

For further information on Morrisons see their website.

Morrisons occupy our Sittingbourne Big Box, in Kent (below) along with our Morrisons Big Box in Tamworth, Birmingham. For more information on this asset and location see Properties.


DHL is part of the world’s leading postal and logistics Group, Deutsche Post DHL and encompasses three divisions: DHL Express, DHL Global Forwarding, Freight and DHL Supply Chain. It now operates in over 220 countries and territories across the globe, making it the most international company in the world. With a workforce exceeding 315,000 employees, DHL provide solutions for an almost infinite number of logistics needs.

For further information on DHL see their website.

DHL occupy two Big Box assets, one at Langley Mill, Nottinghamshire and the other at Skelmersdale, Lancashire (below). For more information on each asset and location see Properties.

Kuehne + Nagel

Kuehne+Nagel is a leading global provider of supply chain solutions. The company’s main business activities include air-freight, sea-freight, contract/integrated logistics and overland transport. Kuehne+Nagel Group have more than 1,000 offices in over 100 countries, with over 63,000 employees.

For further information on Kuehne+Nagel see their website.

Kuehne+Nagel occupy our Dove Valley Park Big Box, in Derbyshire (below). For more information on this asset and location see Properties.


L’Oréal is a world leading beauty company whose brands include Giorgio Armani Cosmetics, Garnier, Maybelline, Kérastase, Yves Saint Laurent and Lancôme. L’Oréal (UK) Limited was founded in 1932 and has since become the sixth biggest subsidiary of the company. L’Oreal employs 3,500 people in the UK and Ireland, including sales, marketing and operations. Their headquarters are in Hammersmith and Dublin with distribution centres and satellite offices in Birmingham, Bury, Manchester, Nottingham and South Wales.

For further information on L’Oréal (UK) Limited see their website.

L’Oréal occupy our Trafford Park Big Box, in Manchester (below). For more information on this asset and location see Properties.

TK Maxx

Launched in 1994, T.K. Maxx introduced off-price retailing to the UK and Ireland. Today, T.K. Maxx is the only brick-and-mortar, off-price retailer of apparel and home fashions of significant size in Europe. T.K. Maxx offers great values in top-brand family apparel and home fashions, including women’s footwear, lingerie, accessories and other merchandise, such as luggage and toys.

T.K. Maxx ended 2014 with 407 stores, which average approximately 31,000 square feet in size. For further information on T.K. Maxx see their website.

T.K. Maxx occupy our Big Box at Knottingley in Wakefield. For more information on this asset and location see Properties.


Ocado is the world’s largest dedicated online grocery retailer. Since 2000 they have developed and operate a unique business model that positions them strongly as more consumers choose to shop online. Ocado listed on the London Stock Exchange in 2010, and completed their first commercial deal – with UK grocery retailer Morrisons – in 2013.

For further information on Ocado see their website.

Ocado Limited occupy our Erith Big Box in Erith, South East London (below). For more information on this asset and location see Properties.


The NEXT retail chain was launched in February 1982 and originally focused on clothes, shoes and accessories for women. Collections for men, children and the home quickly followed. Today NEXT trades from more than 500 stores in the UK and Eire, with almost 200 stores in more than 40 countries overseas. In 1988, the groundbreaking mail order operation NEXT Directory was launched. Online shopping was introduced in 1999 and the entire book became available to shop from on the internet, another first in home shopping in the UK. NEXT Directory now also serves customers in around 70 countries outside the UK.

For further information on NEXT see their website.

NEXT occupy our Doncaster Big Box, in South Yorkshire (below). For more information on this asset and location see Properties.

The Range

The Range (originally CDS Superstores), was founded in 1980 by Plymouth-based entrepreneur Chris Dawson, opening its first superstore at Sugar Mill Business Park in Plymouth in 1989. The Range continues to evolve, now with 92 stores nationwide, it offers more than 65,000 quality products across 16 departments including: DIY, homewares, furniture, lighting, arts and crafts and garden.

For more information on The Range see their website.

The Range occupy our Thorne Big Box in South Yorkshire (below). For more information on this asset and location see Properties.

Rolls Royce

Rolls-Royce Motor Cars Ltd is arguably regarded as the market leader in the luxury car sector. Rolls-Royce Motor Cars Ltd is a BMW Group Company, which is one of the world’s largest automobile manufacturers. The business operates in the premium brand sector and is renowned for quality and innovation. Rolls-Royce is experiencing growth as it is regarded as a brand with significant status and the ultimate in luxury and refinement. Since the recent wealth generation into new markets, such as the Eastern bloc, South America, China and Asia there has been a marked increase in demand for luxury cars.

For further information on Rolls-Royce Motor Cars Ltd see their website.

We have exchanged contracts to provide forward funding for the development of a new logistics facility located near Bognor Regis, West Sussex, which is pre-let in its entirety to Rolls-Royce Motor Cars Ltd. For more information on this development and location see Properties.


Founded in London in 1869 Sainsbury’s has grown to become one of the UK’s largest retailers, employing more than 161,000 staff. Through their 592 supermarkets, 611 local stores and online proposition, they sell food, general merchandise and clothing. They also offer banking and financial services products through their wholly owned subsidiary Sainsbury’s Bank.

For further information on Sainsbury’s see their website.

Sainsbury’s occupy our Leeds Big Box in North Yorkshire (below). For more information on this asset and location see Properties.


Matalan was founded in 1985 and is one of the leading fashion and homeware retailers in the UK. The company currently trades from 228 stores/retail warehouses across the UK, and is opening a number of key stores in city centre locations. They recently opened a high street store in Edinburgh, Cardiff and Oxford Street.

For further information on Matalan see their website.

Matalan occupy our Big Box at Knowsley Business Park in Liverpool. For more information on this asset and location see Properties.


Wolseley UK Ltd is the UK operating subsidiary of Wolseley PLC, the world’s number one distributor of heating and plumbing products and a leading supplier of builders’ products to the professional market. Wolseley UK employs 5,952 people across 765 branches and is wholly engaged in the distribution of construction products and materials through a nationwide branch network. The company is organised into trading brands including Plumb Center, Parts Center, Pipe Center, Drain Center, Climate Center, William Wilson, each of which service distinct customer groups.

For further information on Wolseley UK see their website.

Wolseley occupy our Ripon Big Box in North Yorkshire (below). For more information on this asset and location see Properties.

New Look

New Look was founded in 1969 and has grown to become a major global fashion retailer, particularly targeting value clothing and accessories. They are reportedly the UK’s No1 clothing and accessories retailer for the under 35s.

New Look Retailers Ltd drives more than 75% of the group’s business (New Look Retail Group Ltd) through its only two National and European distribution centres based at Lymedale Business Park. New Look distributes sales through more than 1,000 traditional high street shops internationally as well as via e-commerce (online, mobile apps, and via third-party e-commerce partners such as ASOS).

New Look has heavily invested into its e-commerce business, which is principally supported from our Big Box in Newcastle-under-Lyme, Staffordshire.

New Look achieves 2.7 million hits per week and Google recently reported that New Look was the most frequently searched fashion retailer on their search engine over Christmas 2014. Their e-commerce sales volume increased from £91.4 million in 2013 to £179.8 million in 2014, alone up from a modest volume of £62.7 million in 2012. For further information on New Look Retailers Ltd see their website.

For more information on the New Look Big Box and its location see Properties.


Brake Bros is the number one food service distribution company in the UK (with a market share of 18%) and also a leading supplier to the food services sector in Ireland, France and Sweden. The group comprises a portfolio of specialist businesses which supply frozen, chilled and ambient foods as well as catering supplies and equipment to the catering industry. The principal trading companies in the Group are Brake Bros Limited, Brake Bros Foodservice Limited, M&J Seafood Limited, Wild Harvest Limited, O’Kane Food Service Limited, Freshfayre Limited, Brake Bros Foodservice Ireland Limited, Brake France Service SAS and Menigo Foodservice AB.

Brakes have established themselves as market leaders in multi-temperature food distribution and, through their national network of over 80 distribution depots, are able to provide a bespoke logistics solution to a range of major UK food service customers. Employing approximately 7,000 people, the Group supplies 20,000 products to a diverse customer base, which includes independent pubs, restaurants and hotels, schools, hospitals, contract caterers and a range of well-known national chains. Brakes’ delivers to over 100,000 customer sites across the UK and this is achieved from its hub and spoke distribution network, which provides efficient and comprehensive national coverage.

For further information on Brakes Group see their website.

Brake Bros ltd occupy two Big Box assets, one at Harlow, Essex (below) and Bristol, North Somerset. For more information on these assets and locations see Properties.


B&Q is the largest home improvement and garden centre retailer in the UK and the leading home improvement retailer in with more than 60 stores opened internationally, including B&Q Beijing, which is now the largest B&Q store in the world. B&Q has 350 stores in the UK and eight stores in Ireland. B&Q is wholly owned by Kingfisher, Europe’s leading home improvement retail group and the third largest in the world.

For further information on B&Q Plc see their website.

B&Q occupy our Worksop, Nottinghamshire Big Box, (below). For more information on this asset and location see Properties.


Argos is the UK’s leading multi-channel retailer, offering more than 33,000 products both on-line and in-store.  Argos continues to be the UK’s largest high street retailer online with over 430 million website visits annually. Argos serves around 130 million customers a year through its network of 740 stores.

For further information on Argos visit their website.

Argos occupy two Big Box assets one at Heywood, Manchester (below) and the other at Burton-on-Trent, Staffordshire. For more information on this asset and location see Properties.

Dixons Carphone

DSG Retail Ltd is one of the largest consumer electronics retailers in Europe, with over 530 outlets in the UK and Ireland. The company operates several brands including Dixons Carphone Warehouse, Currys Digital, TechGuys, PC World and their service brand, Knowhow. DSG Retail Limited is currently rationalising its retail footprint by consolidating Carphone Warehouse units into their Currys PC World stores to drive greater efficiency and respond to online retail.

Dixons Carphone plc, the ultimate parent of the new merged company, Dixons Carphone plc is Europe’s leading specialist electrical and telecommunications retailer and services company, employing over 40,000 people in nine countries. They sell £10 billion worth of products and services every year, online and in their c.2,300 stores. Dixons Carphone provides customers with an integrated offering across a broad range of technology, connectivity and services beyond the point of sale.

For further information on DSG Retail see the Dixons Carphone corporate website.

DSG Retail occupy our Newark Big Box in Nottinghamshire (below). For more information on this asset and location see Properties.

Nice-Pak International

Nice-Pak International was founded in the US more than half a century ago. Launching their European operations in 1987, they are now the European leader in the manufacture and supply of wet wipes with production facilities in the UK and Germany, they now make more than 450 million packs of wipes every year.

They produce both branded and own-brand wipes (baby, cosmetic, household, personal care) for some of Europe’s largest retailers and brand owners including Johnson & Johnson, Unilever, Kimberley Clarke and Tesco.

For further information on Nice-Pak International Limited see their website.

Nice-Pak International Limited occupy our Wigan, Greater Manchester Big Box (below). For more information on this asset and location see Properties.


Dunelm is the UK’s number one homewares retailer offering over 20,000 products across 22 home categories. The business operates from 137 “out of town” superstores, seven high streets and provides further “multi-channel” convenience through on-line, mobile, catalogue, telephone ordering, and reserve and collect propositions. The company’s online store features approximately 24,000 products. Dunelm (Soft Furnishings) Ltd is a wholly owned subsidiary of Dunelm Group Plc which has a market cap of £1.81 billion and is a FTSE 250 company.

Dunelm Group Plc released their latest 3rd quarter trading update on 2 April 2015 which showed their total revenue for the third quarter grew by 10.7% to £216.2 million. This statement indicates the potential for Dunelm to continue to grow whilst increasing profit margins.

For Further information on Dunelm see their website.

Dunelm occupy our Stoke Big Box (below). For more information on this asset and location see Properties.


Howden Joinery Group Plc (“Howdens”), the parent group of the UK’s leading supplier of kitchens and joinery was founded in Yorkshire in 1995.

In its first year of operation it had just 14 depots and sales of £1 million. Today, Howden Joinery Group has grown to become the UK’s leading supplier of kitchens, with the largest rigid cabinet manufacturing capacity in Europe. It employs over 7,000 people, has nearly 600 depots nationwide and generates annual sales of over £1 billion.

For further information on Howdens see their website.

Howden Joinery Group occupy our Raunds Big Box (below). For more information on this asset and location see Properties.


Gestamp is an international group dedicated to the design, development and manufacture of metal automotive components. It is specialized in developing innovatively designed products to achieve increasingly safer and lighter vehicles, thereby reducing energy consumption and environmental impact. Gestamp was founded in 1997 with the goal of being a global supplier with a focus on technology. Since then, the company has grown steadily, progressively adding new products and technologies. This has made Gestamp leader in the design and manufacture of automotive metal components and one of the main manufacturers in the automotive industry worldwide.

During the last years, Gestamp has had a strong growth sustained by the high added value given to its customers, in terms of technological content, productive investments and international development.

For further information about Gestamp visit their website.

Gestamp will occupy our Big Box at Four Ashes, Wolverhampton (below). For more information on this asset and location see Properties.


Set up in 1844 in Rochdale The Co-operative Group is the UK’s largest mutual business, owned by more than eight million members, operating 3,500 outlets and employing c.70,000 people. It has businesses across food, funerals, insurance, electrical and legal services. It is the UK’s 5th largest supermarket by market share. Food is seen as its core business. It undertakes c.18 million food transactions per week on average and has c.2,800 food stores.

For further information on The Co-operative Group see its website.

The Co-operative Group occupy our Big Box Thurrock. For more information on this asset and location see Properties.


Indesit Company UK was acquired by Whirlpool Corporation as part of its acquisition of Italian registered Indesit Company S.p.A. for €758 million. The company number is now registered to Whirlpool UK Appliances Ltd. Whirlpool manufactures, delivers, sells and services domestic appliances, mainly under the brands Hotpoint, KitchinAid and Indesit – and have the largest market share of domestic appliances in the UK. The product portfolio in the UK includes cooking, laundry, refrigeration, tumble dryers, dishwashers and small domestic appliances.

For further information about Whirlpool visit their website.

Whirlpool occupy our Big Box asset at Raunds, Northamptonshire (below). For more information on this asset and location see Properties.


Unilever UK Ltd , founded in 1885, one of the world’s leading suppliers of Food, Home and Personal Care products. Approximately two billion people use Unilever products which range from cosmetic and consumer products which range from cosmetic and consumer products to food brands. Unilever Plc is the ultimate parent company for Unilever UK Ltd which is the 5th biggest listed company on the London Stock Exchange with a market cap of approximately £90 bn.

For further information on Unilever see their website.

Unilever occupy our Unilever Big Box, in Doncaster. For more information on this asset and location see Properties.

Euro Car Parts

Euro Car Parts Limited is the UK’s largest distributor of parts for most makes of cars and light commercial vehicles. The company employs over 9,000 staff and was named in the Internet Retailing Top 500 (top 150 group) as a leading UK e-commerce and multichannel retailer. Euro Car Parts was acquired by NASDAQ-listed LKQ Corporation (ultimate parent) for £225 million in October 2011. LKQ Corporation is the largest provider of alternative auto parts in North America and the UK, distributing wholesale used and refurbished auto parts across the world. LKQ is currently a Fortune 500 corporation and employs over 31,000 staff. As of December 2015, LKQ Corporation had a turnover of $7.192 billion, an EBITDA of $832.919 million, and total shareholders’ equity of $3.114 billion.

For further information about Euro Car Parts visit their retail website and corporate website.

Euro Car Parts occupy our Big Box asset at Tamworth, near Birmingham (below). For more information on this asset and location see Properties.


Screwfix Direct Ltd is the UK’s largest multichannel supplier of trade tools, plumbing, electrical, bathrooms and kitchens. The business has 35 years’ experience in the industry and dispatches parcels for next day and weekend delivery to tradesmen, handymen and direct to individuals across the UK. There are more than 470 Screwfix stores nationwide. In March 2016, Retail Week awarded Screwfix “Multi-channel Retailer of the Year” and “Employer of the Year”. attracts 2.2 million visitors per week and has a Click & Collect service from its stores. The current five-year business plan is to grow revenues to £1.63 billion by 2020.

For further information on Screwfix see their website.

Screwfix occupy our Big Box at Fadley, Staffordshire. For more information on this asset and location see Properties.


Hachette UK is the largest and one of the most diversified book publishers in the UK. The Group is made up of several publishing companies and imprints including Headline Publishing Group, Hodder & Stoughton, John Murray, Orion Publishing Group, Octopus Publishing Group, Little, Brown Book Group and Hodder Education. Hachette UK is owned by Hachette Livre, the global publishing group based in France, which is in turn a wholly owned subsidiary of Lagardère, a company that is active worldwide in the areas of communications and media (books, press, audiovisual and distribution/retailing of cultural products). Lagardère SCA, the ultimate parent company has a net asset value of c.€2.084 billion (as at March 2016).

Some of Hachette UK’s recent best sellers include Harry Potter and the Cursed Child by J.K. Rowling, Jack Thorne and John Tiffany, I See You by Clare Mackintosh, and Belgravia by Julian Fellowes. 

For further information about Hachette UK Ltd please visit their website.

Hachette occupy our Big Box asset at Signia Park, Didcot, Oxfordshire. For more information on this asset and location see Properties.

Royal Mail

Royal Mail Group Limited (“Royal Mail”), the main subsidiary of Royal Mail plc, one of the UK’s leading postal and delivery companies and the UK’s designated universal postal service provider. They remain the only company delivering a ‘one-price-goes-anywhere’, six days a week service to more than 29 million addresses across the UK. In October 2013, Royal Mail became a quoted company with shares traded on the London Stock Exchange.

For further information on Royal Mail visit their website.

Royal Mail occupy two Big Box assets one at Daventry International Freight Terminal, Northamptonshire (below) and the other at Atherstone, Warwickshire. For more information on these assets and their location see Properties.

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