Planning permission received for the development of a new regional distribution centre at Symmetry Park, Biggleswade, pre-let to the Co-op Food GroupRead more
11 August 2016
Tritax Big Box REIT plc (ticker; BBOX), the only real estate investment trust giving pure exposure to very large logistics assets (“Big Boxes”) in the UK, is today reporting its interim results for the Group for the period from 1 January to 30 June 2016.
Post balance sheet highlights
1 This is a target only not a forecast. There can be no assurances that the target will be met and it should not be taken as an indicator of the Company’s expected or actual future results
2 See note 7 for reconciliation
3 See note 10 for reconciliation
Richard Jewson, Chairman of Tritax Big Box REIT plc, commented:
“Despite a backdrop of uncertainty (and perhaps partially because of it), I believe the future of our Company remains favourable. UK retail continues to evolve, with e-commerce growth leading the way. Many of our properties have an e-retail focus and/or automation, aiding home deliveries or store replenishment. These facilities are delivering economies of scale benefits and cost savings crucial to competitiveness and efficiency in a market where the consumer has become ever more demanding. Our aim is to invest in modern, best in class properties that are mission critical to the tenants that operate from them. This also ensures that our portfolio is defensive whilst offering the strongest potential for value growth.
“We continue to work closely with our tenants, where possible supporting their business objectives whilst delivering value growth through asset management. Occupational demand continues to outweigh the supply of quality logistics buildings in the UK but this situation is even more acutely favourable for Big Boxes. The resultant strong rental growth is expected to continue, helping to grow our income and support our progressive dividend policy.
“Our Investment Manager has continued to perform well, identifying value whilst exercising capital discipline and building a strong, best-in-class portfolio of Big Box investments. Subject to continued support from our shareholders, the Board considers that the Company has both the opportunity and ability to deliver further value growth to our shareholders through attractive investments.”
For further information, please contact:
Colin Godfrey (Partner, Fund Manager) via Newgate (below)
Newgate Communications (Financial PR)
Tel: 020 7680 6550
Jefferies International Limited
Tel: 020 7029 8000
Tel: 020 7493 3631
Tritax Big Box REIT plc is the only listed vehicle to give pure exposure to the “Big Box” logistics asset class in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and managing both standing and pre-let forward funded development assets, the Company focuses on well-located, modern “Big Box” logistics assets, typically greater than 500,000 sq. ft., let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited stock supply.
The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (“REIT“), 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
Meeting for investors and analysts and audio recording of results available
A meeting for investors and analysts will be held at 9.30am today at:
Sky Light City Tower
50 Basinghall Street
London, EC2V 5DE
In addition, later in the day an audio recording of this meeting and the presentation will also be available to download from the Company’s website: www.tritaxbigbox.co.uk