05/15/2023 | Press release | Distributed by Public on 05/15/2023 03:18
Tritax Big Box REIT plc ("the Company") announces an update on its performance for the year to date.
Colin Godfrey, CEO commented: "We continue to make positive progress delivering our strategy despite a more challenging economic backdrop. Occupational demand remains strong and we are successfully converting customer requirements into new lettings, adding a further £4.1 million to our annual contracted rent in the first four months of the calendar year from development.
"We have taken advantage of investment market conditions to acquire £58.5 million of high-quality urban logistics assets with significant near-term reversionary potential. These assets complement our existing portfolio, broaden our customer offer, and provide additional asset management opportunities to drive income growth.
"Our high-quality portfolio, strong balance sheet, accretive development pipeline and visibility on an attractive range of investment opportunities mean we remain well placed to continue generating long-term value for shareholders."
Stabilising investment market and resilient occupational market
Development lettings adding a further £4.1 million to annual contracted rent
Actively managing and recycling capital into higher returning opportunities
High-quality portfolio underpinning resilient income generation
Strong balance sheet with long term and low margin debt profile
1 Based on values as at 31 December 2022, adjusted for disposals and other capital expenditure during the first quarter.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group Colin Godfrey Frankie Whitehead Ian Brown |
Tel: +44 (0) 20 8051 5057 |
Kekst CNC Neil Maitland/Tom Climie |
Tel: +44 (0) 7971 578 507 +44 (0) 7760 160 248 |
Email: [email protected] |
NOTES:
Tritax Big Box REIT plc (Tritax Big Box or the Company) is the largest listed investor in high-quality logistics warehouse assets and controls the largest logistics-focused land platform in the UK. Tritax Big Box is committed to delivering attractive and sustainable returns for shareholders by investing in and actively managing existing built investments and land suitable for logistics development. The Company focuses on well-located, modern logistics assets, typically let to institutional-grade tenants on long-term leases with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity provided by the imbalance between strong occupational demand and constrained supply of modern logistics real estate in the UK.
The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies, is listed on the premium segment of the Official List of the UK Financial Conduct Authority (Ticker: BBOX) and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.
The Company's LEI is: 213800L6X88MIYPVR714
Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk