Tritax Big Box REIT PLC

M&A Activity • Nov 28, 2023

National Storage Mechanism | Additional information

RNS Number : 8310U

Tritax Big Box REIT plc

28 November 2023

DISPOSALS UPDATE

Delivering asset disposals of £327 million at a blended 4.34% Net Initial Yield in FY2023

28 November 2023, Tritax Big Box REIT plc ("Tritax Big Box" or "the Company") provides an update on its disposal activity undertaken so far in its financial year ended 31 December 2023 ("FY 2023").

In-line with its guidance to the market, the Company has:

·      Successfully sold six assets to date in FY 2023;

·      Received a total consideration of £327 million;

·      Conducted disposals at or above most recent valuations, and;

·      Delivered a blended Net Initial Yield of 4.34%.

The assets sold are:

Asset location	Occupier	Sq Ft ('000s)	WAULT (years)
Corby	Eddie Stobart	848	15.3
Raunds	Howdens	659	22.9
Knowsley	Matalan	578	13.5
Skelmersdale	DHL	470	1.4
Worksop	Cerealto	331	12.5
Littlebrook 4A/B (vacant multi-let industrial)	n/a	84	n/a

Consistent with the Company's strategy, the proceeds from these disposals are being recycled into higher returning opportunities, primarily within the development pipeline delivering a 6-8% yield on cost, or opportunistic investment acquisitions.

Colin Godfrey, CEO for Tritax Big Box, commented:

"Our disposals provide further evidence of the delivery of our strategy as we continue to optimise our portfolio. We are realising the value of assets that have delivered attractive returns in our ownership and effectively recycling capital into higher returning development and acquisition opportunities.  The overall high-quality of our portfolio is reflected in our ability to continue to sell assets at or above their book value despite ongoing reduced levels of investment market activity."

For further information, please contact:

Tritax Group

Colin Godfrey, CEO                                                                            Tel: +44 (0) 20 8051 5060

Frankie Whitehead, CFO                                                                   bigboxir@tritax.co.uk

Ian Brown, Head of Corporate Strategy & Investor Relations

Kekst CNC

Tom Climie/Guy Bates                                                                       Tel: +44 (0) 7760160248

+44 (0) 7581 056 415

Email: tritax@kekstcnc.com

The Company's LEI is: 213800L6X88MIYPVR714

NOTES: 

Tritax Big Box REIT plc (ticker: BBOX) 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 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 and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices. 

Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk 

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