dbSymmetry rebrands as Tritax Symmetry
Property developer dbSymmetry, which was bought by big sheds investor Tritax Big Box REIT in February, has rebranded as Tritax Symmetry.
Tritax Big Box acquired an 87% economic interest’ in the DBS held assets (the “Symmetry Portfolio”), combining its 30.9 million sq ft logistics investment portfolio with one of the UK’s largest and most geographically diverse land portfolios for the development of large-scale logistics assets, with the potential to deliver approximately 38 million sq ft of additional high-quality logistics assets over the next eight to 10 years.
To date, Tritax Symmetry has completed a series of key transactions. In March, the developer completed a 163,664 sq ft speculative development at Bicester and a 152,038 sq ft speculative development at Doncaster. In May, it achieved full planning permission for a 661,201 sq ft regional distribution centre pre-let to The Co-operative Group on a 20-year lease term at Biggleswade, along with outline planning consent for up to 2.31m sq ft of high-quality logistics space at Symmetry Park, Kettering. At Aston Clinton, a new 15-year lease on a 83,000 sq ft asset was also secured with Global Infusion Group.
In August Tritax Symmetry announced a development management role on a 232,150 sq ft pre-let to Croda Europe Ltd (Croda) on the Goole 36 Enterprise Zone in East Yorkshire (pictured) and achieved practical completion of its 1.5m sq ft pre-let to a major international retailer in Darlington.
Speaking about the rebrand, Richard Bowen, managing director at Tritax Symmetry, said: “The rebrand marks a new chapter in our company’s growth. Since the sale of the Symmetry portfolio, we have been working closely with Tritax Big Box to fully understand each other’s businesses; the rebrand was the next logical step. We have already achieved some notable successes across the UK in our new business and our focus remains set on delivering the business plan we set out at the time of the acquisition.”
Colin Godfrey, fund manager at Tritax Big Box, said: “The acquisition of the Symmetry portfolio provides a hugely attractive platform from which we will develop logistics real estate investments internally on a greater scale, at an attractive yield on cost. Over the next eight to 10 years, this purchase offers the potential to boost our earnings growth, thereby supporting our progressive dividend policy in a disciplined way.
“Furthermore, it will help us to better support the evolving occupational requirements of both new and existing customers, ensuring we can continue to deliver high-quality logistics premises within which they can adapt and grow their businesses efficiently, profitably and sustainably. This rebrand underlines the successful integration of the Tritax Symmetry team, helping to ensure that we are now best placed to maximise the significant opportunities from our combined sector-leading expertise and complementary skill sets over the short and longer term.”