The development is being funded by Tritax Big Box REIT plc in a forward funding commitment with an investment value of £56.3 million, reflecting a net initial yield of 5.14%.
Richard Saint, Managing Director of Bericote commented:
“We are delighted to have secured this preletting at Four Ashes to a major global company. The deal represents a huge investment in capital, infrastructure and jobs for the area and a massive vote of confidence in the UK market post Brexit. This is our third forward funding with Tritax, taking business created between us to £195m and over 1.5m sq ft, after successfully completing facilities for Rolls Royce Motor Cars and Ocado together.”
Construction of the main works is expected to commence during September 2016 with practical completion anticipated for July 2017.
Dowley Turner Real Estate LPP represented Bericote and Jones Lang Lasalle represented Tritax Big Box REIT.