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Tritax Big Box inks development agreement for Chelmsford data centre
(Sharecast News) - Real estate investment trust Tritax Big Box has signed a development management agreement with Tritax Management to deliver a 125mw data‑centre scheme in Chelmsford, the second project in its growing data‑centre pipeline. Under the deal, Tritax Management will oversee planning, construction, pre‑letting and all technical and power‑related elements of the project, with the manager set to receive around £3.3m for project‑assembly work completed to date, a development‑management fee of up to 5% of total development costs once planning consent has been secured, and a 17.5% profit share contingent on delivering a completed and let data centre.
The FTSE 100-listed firm stated half of that profit share will be used to subscribe for or acquire Tritax Big Box shares, with the targeted 10% to 11% yield on cost for the scheme including these payments.
Tritax Big Box added that as Tritax Management was a related party, the agreement constitutes a related‑party transaction under UK listing rules, witih the board stating that the terms were "fair and reasonable" for shareholders, a view supported by its sponsor Jefferies.
As of 0930 BST, Tritax shares were up 0.91% at 154.80p.
Reporting by Iain Gilbert at Sharecast.com
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