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tritax-big-box-map-of-land-assetsIn addition to our 58 Investment Assets, we own a portfolio of land and options over land that make up the Symmetry Portfolio and Littlebrook site, which combined have the potential to develop c.41 million sq ft of logistics property. Our Portfolio is well diversified by size, geography and tenant.

We believe these factors give us one of the best portfolios in the UK quoted real estate sector. This underpins our objective of delivering attractive, low-risk and growing income whilst delivering capital growth primarily through asset management, pre-let developments and a modest amount of speculative development. As at 30 June 2019, our Land Assets extended to c.2,800 acres in total, comprised of a combination of owned and optioned land and other economic interests, such as development management agreements.

 

Future Pipeline at a Glance

c.2,800 acres
6-8%
30%

Investing for future performance

 

In February 2019, the Group acquired one of the UK’s largest and most geographically diverse land portfolios for the development of Big Box assets and related logistics facilities.

The 26 sites making up the Symmetry Portfolio have the potential to add c.38 million sq ft of well-located Big Box and other logistics assets to the Group’s Portfolio, which totalled c.30 million sq ft prior to the db symmetry acquisition. The extent of development will depend upon many factors, including planning, whether new sites are added, tenant demand, investment demand and general economic conditions.

cad-of-new-co-op-big-box-at-biggleswade

CAD image of the Pre-let facility for The Co-op Group at Biggleswade, Bedfordshire. This was the first asset to be added to the Group’s Investment portfolio following the acquisition of db symmetry in February 2019.

The Symmetry Portfolio is concentrated around the core logistics locations of the M1, the M40 and the North West’s prime M6 and M62 corridors, plus sites in the North East and South East. It was independently valued by Colliers International at £372.75 million as at 31 December 2018, supporting the total enterprise value attributed to db symmetry of £370 million, subject to certain working capital adjustments at completion.

The Symmetry Portfolio offers an estimated 8-10-year pipeline of opportunities:

  • The ability to deliver over c.38 million sq ft of Big Box and other logistics assets, complementing the Group’s existing Portfolio.
  • The potential to boost gross rental income to over £300 million per annum which would be accretive to both earnings and dividends.
  • Targeted average yield on cost of 7-8%, well above the Group’s current Portfolio Valuation yield of 4.5% at the period end, resulting in significant potential valuation gains, and NAV growth.

For more information on the Symmetry Portfolio see db symmetry.

Littlebrook, Dartford

With 114 acres of gross land at Littlebrook, Dartford, situated in a core “last mile” location on the edge of London and inside the M25, the site has the potential to become one of London’s largest Big Box logistics parks. We are uniquely positioned to deliver highly automated Big Boxes within striking distance of Central London; an extremely rare last mile solution for occupiers. Demolition is progressing on time and to budget, with a target completion date of April 2020 across the whole site. Marketing is under way and there has been good occupational interest for the planned first-phase development of 450,000 sq ft, for which planning consent was received at the end of 2018.