Member Article

Tritax snaps up major Co-Operative distribution hub in eight-figure deal

Investment firm Tritax Big Box REIT has completed its third deal in two days after acquiring one of the Co-Operative Group’s biggest distribution hubs.

The 322,684 sq ft facility at Oliver Road, Thurrock is one of the group’s six strategic distribution hubs and its only one located within the South East.

Tritax have agreed to pay £56.5m for the property which is spread over 15.25 acres, following on from conditional agreement for a £115m double deal announced yesterday for two more big box sites in Birmingham and Northamptonshire.

Located just off the M25, the facility sits near a number of strategically important transport hubs with ready access to Central and Greater London and the deep sea ports of London Gateway.

Commenting on the acquisition, Colin Godfrey, Partner of Tritax, said: “We are pleased to have acquired the Co-Op’s South East distribution facility at Thurrock, further diversifying our portfolio tenant mix with an established covenant in a core distribution location.

“Prime quality Big Box logistics warehouses are in high demand from occupiers requiring close access to the densely populated London conurbations, but there are no units of this size or greater currently available to let around the M25 ring.”

Tritax stated that the transaction was dependent on a fundraise which it expects to complete by 20 October, and would make the property its 34th asset in its big box portfolio.