Tritax Big Box REIT : BBOX

06 Aug 2026 2 min read

Tritax Big Box lifts its earnings target after powering up its data centre pipeline with a £350m fund raise

Tritax Big Box (BBOX) has raised £350m to fund two new data centres in Greater London after securing 235MW of grid connection agreements to power them. Launching the fund raise after the market closed last night, the £4.6bn real estate investment trust said the new developments would be “materially accretive” to earnings. However, the issue […]

27 Jul 2026 2 min read

Morning briefing: Tritax Big Box gains full approval for Manor Farm data centre; Chris Mills objects to terms of US private equity bid for Pinewood; Railpen abandons IP Group pursuit; Invesco Asia Dragon gets third manager; plus BSIF and EWI

Tritax Big Box REIT (BBOX) has achieved planning consent on its Manor Farm data centre development near Heathrow after a six-week judicial review brought by Slough Borough Council failed to overturn the approval granted by the Ministry of Housing, Communities and Local Government last month. Chief executive Colin Godfrey said a pre-let agreement for the 107MW […]

03 Jul 2026 4 min read

Trust Spot: Biotech Growth soars 21%; 3i Group regroups after May slump; Seraphim Space steps back from high

Biotechnology trusts BIOG and IBT replaced technology trusts as last month’s big risers with profit taking hitting Seraphim Space (SSIT) in June, but 3i Group (III) recovering after its tumble in May. June’s top risers Investment company Total shareholder return % Premium (- discount) % Biotech Growth (BIOG) 20.58 -8.59 Bluefield Solar (BSIF) 16.5 -13.96 […]

2 min read

REIT Review: Bids bring diverging fortunes for UK targets

Real estate share price risers and fallers in June were heavily influenced by M&A announcements, which continue to dominate the listed property landscape following four years that has seen the sector halve in number. Overall, the sector was up 1.5% on average in June and was up 4.5% in the quarter. The war in Iran […]

17 Jun 2026 3 min read

Morning briefing: Impax Environmental admits Saba will win control today; Saba ups SDCL stake before share plunge; Odyssean flags UK smaller company recovery after 25% return; Rockwood spies “exceptional” small-cap value; Tritax Big Box agrees second data centre build

Impax Environmental Markets (IEM) has conceded defeat in its battle with Saba Capital, acknowledging that the activist hedge fund, which holds over 31% of its shares after the recent exit tender offer, will succeed in replacing the board at the annual and extraordinary general meetings being held today. Chair Glen Suarez said: “And here we […]

11 Jun 2026 2 min read

Morning briefing: Tritax gains Manor Farm planning consent; Social Housing’s Inclusion wins regulator’s approval; Custodian Property returns 10%; Sequoia Economic eyes Japan and Korea loans

Tritax Big Box REIT (BBOX) shares rose nearly 5% to 151p yesterday afternoon after the government approved its data centre development at Manor Farm near Heathrow. Planning consent had originally been expected in the second half of last year but the confirmation means the £4.1bn logistics fund should remain on track with its updated timeline […]

10 Jun 2026 3 min read

Morning briefing: “Strap in” for Grainger battle as Saba follows Mike Ashley with 5% stake; Saba target Workspace cuts dividend; Molten backs Isar Aerospace; IBT and BIOG chalk up sixth bid as GSK buys Nuvalent; plus Helical, Tritax Big Box

Saba Capital has bought a 5% position in Grainger (GRI), the £1.1bn residential landlord that has been trading at around a 50% discount to net asset value. Shares in the company rose 4.2% to 159.7p after the activist hedge fund’s stake, mostly held in swap derivatives, was disclosed yesterday afternoon. Saba completed buying the position […]

03 Jun 2026 3 min read

Morning briefing: Morningstar says SpaceX is “significantly overvalued”; British Land hires its first female CEO; Tritax Big Box sells £199m of logistics assets; ICG Enterprise fee cut; 3i backs French supplements brand; GABI disposal

Morningstar has warned SpaceX is “significantly overvalued” and estimated its fair value at $780bn, less than half the $1.75tn-$1.8tn target in next month’s flotation. In their report, analysts Nicolas Owens and Suryansh Sharma cited regulatory and technical hurdles and also untested AI economics for their cautious assessment. Seeking to puncture some of the hype in […]

23 Apr 2026 2 min read

Morning briefing: Tufton founder retires prompting reshuffle at SHIP team; Aberdeen Diversified sells last investment; Phoenix Spree pays out £17.5m; Tarncourt starts as Crystal Amber’s new manager; plus BBOX, SGRO

Tufton Assets (SHIP), the £331m tanker fleet operator, is getting a third portfolio manager as part of changes prompted by the retirement of its fund manager’s founder. Ted Kalborg, who established Tufton Investment Management in 1985, has stepped down as chairman. He is replaced by chief executive Andrew Hampson, who in turn is succeeded by […]

02 Apr 2026 4 min read

March Madness: How the Iran war hit investment companies – the top risers and fallers over one month and first quarter

March was a tough month for investors as the UK stock market dropped 7% and globally share prices retreated 5% with equities in Japan, Asia and emerging markets sliding 10-12% at the shock of oil prices soaring 63% to more than $118 a barrel in response to the US and Israel’s war on Iran. A […]

17 Mar 2026 2 min read

Morning briefing: Geiger Counter serves notice on Manulife; Government delays Tritax data centre decision; plus BPCR, OCI, PCTN, ASLI

Uranium fund Geiger Counter (GCL) has followed Golden Prospect Precious Metals (GPM) in serving protective notice against Manulife CQS Investment Management after fund managers Keith Watson and Robert Crayfourd handed in their notice earlier this month. Tritax Big Box REIT (BBOX) says the Ministry of Housing Communities and Local Government has delayed its planning consent […]

10 Mar 2026 2 min read

REIT review: Improving real estate sentiment reverses as Iran war risks interest rate upset

Real estate had extended its strong performance in February with a median share price uplift over the month of 1.8% and 4.3% over the first two months of the year. That came crashing down at the start of March with war raging in the Middle East. There is a growing prospect that the conflict could […]

27 Feb 2026 2 min read

Blackstone deal propels Tritax Big Box into FTSE 100 as £4.6bn real estate trust chases full rental “reversion”

Tritax Big Box REIT (BBOX) has marked its promotion to the FTSE 100 with annual results demonstrating the momentum in the £4.6bn logistics fund after a year in which it advanced on its strategic fronts. Shares in BBOX have have risen 20% since October when it bought a £1bn portfolio from Blackstone, ensuring its promotion […]

22 Jan 2026 2 min read

Morning briefing: Fleet fears prompt Taylor Maritime to buy back 46% of its shares; Tritax Big Box in talks to let flagship Heathrow data centre

Taylor Maritime (TMI), the specialist dry bulk shipping company, is to make a compulsory purchase of 46% of its shares on 30 January in order to complete the $143.4m return of capital announced last month following the sale of a “large portion” of its fleet. The dollar shares will be bought at a price of […]

02 Dec 2025 2 min read

TR Property spies full dividend cover after half-year earnings leap in broadening real estate recovery

TR Property (TRY), the £1bn pan-European real estate fund, is on track to restoring dividend cover after seeing revenue rise 23% in the first half of its financial year. The 5%-yielder, which pays two dividends a year, lifted the interim payout to 5.75p per share up 1.8% from 5.65p a year ago. Revenue per share jumped 1.91p […]

28 Nov 2025 3 min read

Mansion tax raises more questions than revenue

This budget will probably be remembered for two things – obviously the bizarre early release by the OBR but also the, almost as perplexing, plans for a mansion tax. It was packed with short-term political manoeuvring that sadly took precedence over long-term growth initiatives, but there were a couple of positive spots. Reforming the ISA […]

07 Nov 2025 2 min read

Morning briefing: JPMorgan Global Emerging outperforms but Schroder Oriental Income falls short; plus RTW, NBDD-NBDX-NBDG, SOHO

The £439m JPMorgan Global Emerging Markets Income Trust (JEMI) reported strong results for the year to 31 July with an underlying net asset value (NAV) total return of 14.1%, outperforming its MSCI Emerging Markets index benchmark, which returned 13.7% in sterling terms, and underpinned a total shareholder return of 16.8%. The trust stands on a […]

29 Oct 2025 1 min read

Aberdeen to take full control of Tritax Management by 2029

Aberdeen Group (ABDN) is to acquire full ownership of logistics specialist Tritax Management over the next four years, lifting its current 60% stake to 80% next April and then 100% in 2029. The fund management group bought its initial majority holding in Tritax in 2020 with an option to increase the position in future. It […]

24 Oct 2025 2 min read

Morning briefing: Aquila renewables fund to return £55m after Greek disposal; TwentyFour Income raises £42m; plus BBOX, ICGT, PIN, USA, AAEV, AATG, CRWN

Aquila European Renewables (AERI), a £176m investment company two years into a difficult wind-down, has agreed to sell its Danish and Greek wind assets (Holmen II, Svindbaek and Desfina) to its fund manager Aquila Capital for €61.9m, a 17% discount to their valuation at 30 June. Together with the €16.5m sale of its minority investment in […]

22 Oct 2025 5 min read

QuotedData Investors’ Choice Awards 2025: All the winners, best investment companies and groups revealed!

An excited crowd of fund managers, directors, journalists and PR folk assembled at the Guardian Royal Exchange in the City of London last week for QuotedData’s second annual investment companies awards. Corks popped and champagne flowed as the winners of our 14 awards were announced. Everyone likes to be told they’re the best. What […]

13 Oct 2025 2 min read

Tritax Big Box buys £1bn logistics portfolio from Blackstone in return for 8.7% equity stake plus cash

Blackstone, the US alternative assets group that won the bid battle for Warehouse REIT (WHR) in August, has struck a deal to take an 8.7% stake in rival bidder Tritax Big Box (BBOX). Confirming a Sky News report at the weekend, Tritax Big Box said it was buying a £1bn logistics portfolio from Blackstone in […]

2 min read

Morning briefing: Big Yellow soars 19% as Blackstone considers bid; plus RCP, VNH, CORD, FAIR, CMPI/CMPG, UEM

Busy Blackstone has not only tied up a £1bn deal to invest in Tritax Big Box, it is also considering a cash offer for UK self-storage group Big Yellow, sending its shares sharply higher; RIT Capital Partners sees stake held by Rothschild family foundation rise; and Vietnam Holding is to redeem 17.9% of its shares […]

04 Sep 2025 2 min read

REIT Review: Real estate recovery hamstrung by weak economic outlook

A welcome base rate cut in August did little to prevent another mauling in the real estate sector, with an average 3.7% share price fall over the month. Gilt yields, and the five-year swap rate that is closely followed by the sector, widened on persistent inflation and rising public debt. Consequently, just a handful of […]

22 Aug 2025 3 min read

Morning briefing: Tritax bows out of Warehouse auction so Blackstone wins the day; plus MCT, USA, HOME, HET-FEV, NBDD, CREI, UEM & PMGR

Tritax Big Box declares its cash and shares offer for Warehouse REIT final, which means victory for Blackstone’s improved and recommended 115p per share cash offer. Middlefield Canadian Income finalises plans for its conversion to an exchange-traded fund and suspended Home Reit renegotiates the contract with its wind-down fund manager AEW. Tritax Big Box (BBOX) […]

20 Aug 2025 2 min read

Morning briefing: Panel prepares Warehouse REIT auction; plus TMPL, BFSP, AWEM, AEI, LMP, GRIT

Takeover Panel says it will hold an auction for Warehouse REIT next week; top-performing Temple Bar publishes strong half-year results; plus updates from Blackfinch Spring VCT, Ashoka Whiteoak Emerging Markets and dividends from Aberdeen Equity Income and LondonMetric Property. The Takeover Panel says it will hold an auction for Warehouse REIT (WHR) if neither Blackstone […]

01 Aug 2025 3 min read

Slim pickings in REIT sector as recovery takes hold

At a time when real estate fortunes are turning positive, the UK REIT sector offers slim pickings to attentive investors. Three years battling wide discounts to NAV and pulsating merger and acquisitions (M&A) activity has seen the number of listed real estate stocks almost halve. Mid-way through 2022, when the impact of soaring inflation and […]

30 Jul 2025 2 min read

QuotedData Morning Briefing 30 July: JGGI, UKW, OCI, ASL, TFG, BBOX, PCTN, MGCI & DORE

JPMorgan Global Growth & Income co-manager Tim Woodhouse steps down and Greencoat UK Wind reports a 4.4% fall in the portfolio and sells £181m of assets. JPMorgan Global Growth & Income (JGGI) co-manager Tim Woodhouse is stepping down to take a new job at JPMorgan Asset Management, leaving Helge Skibeli and James Cook in charge […]

11 Jul 2025 1 min read

Warehouse REIT switches recommendation back to Blackstone after US alts group tops Tritax bid

Update: We’re in ping pong territory in the bid battle for Warehouse REIT (WHR) after Blackstone yesterday trumped a rival offer from Tritax Big Box for the logistics fund, prompting its board this morning to swing its recommendation back to the US alts group. Blackstone, which first approached Warehouse in March, has upped its cash […]

30 Jun 2025 4 min read

QuotedData’s morning briefing 30 June 2025 – EOT, MAJE, SCP, HET, PRSR, BBOX

In QuotedData’s morning briefing 30 June 2025, European Opportunities Trust’s manager – Devon Equity Management – has agreed terms to be acquired by River Global; Majedie’s investment manager, Marylebone Partners LLP, is in discussions to join Brown Advisory and we have interim results from both Schroder UK Mid Cap and Henderson European. We also have: […]

25 Jun 2025 4 min read

Tritax Big Box bids for Warehouse REIT

The boards of Tritax Big Box REIT (BBOX) and Warehouse REIT have reached agreement on the terms of a recommended cash and share offer, in which BBOX will acquire Warehouse REIT – trumping the current Blackstone offer. Under the terms of the acquisition, each Warehouse REIT share will be entitled to receive 0.4236 new BBOX […]

23 Jun 2025 2 min read

QuotedData’s morning briefing 23 June 2025 – INPP, BBOX

In QuotedData’s morning briefing 23 June 2025: We also have: Stories you may have missed from Friday:

07 May 2025 2 min read

Tritax Big Box REIT closes in on hyperscaler letting for data centre development

In an investor update ahead of its AGM today, Tritax Big Box REIT has said that it has made good progress with its data centre development near Heathrow – with non-disclosure agreements (NDAs) signed with several potential pre-let occupiers including hyperscalers and co-locators. Planning consent for the 107 MW data centre development at Manor Farm, […]

16 Apr 2025 2 min read

QuotedData’s morning briefing 16 April 2025 – MNP/FRGT, MTU, SHIP, BBOX

In QuotedData’s morning briefing 16 April 2025: [QD comment MR: It is encouraging to see a director of MTU investing money into the trust as it not only helps improve alignment with other shareholders but shows confidence in the strategy at a time when the trust continues to trade on a notable discount to NAV […]

28 Feb 2025 3 min read

Clouds parting for real estate

Results season has been a depressingly gloomy affair over the last two or three years for property analysts, but a series of 2024 reports posted this week show that the clouds are parting and the light is starting to peer through for real estate. In the main, 2024 was a very positive year for the […]

3 min read

Tritax Big Box REIT delivers highest returns since 2021

Tritax Big Box REIT delivered a NAV total return of 9.0% over 2024, its largest annual return since 2021, as the logistics property market rebounds. The company’s EPRA net tangible assets (NTA) were up 4.7% over the year to 185.56p per share, while the company paid dividends of 7.66p (up 4.9% on 2023). These were […]

31 Jan 2025 4 min read

REITs on the cheap

With REITs and property companies having been heavily discounted by the market over the past two-and-a-half years, and with share prices moving inversely in eerily close tandem with gilt yields – the sharks are no longer just circling; they are taking huge chunks out of the sector. Seven REITs and property companies were lost to […]

2 min read

Tritax Big Box REIT pre-let 1m sq ft scheme

Tritax Big Box REIT pre-let a 1m sq ft development in one of the largest letting deals in the UK in 2024. It made the announcement in a trading update for 2024, in which it also announced that it had sold £181.2m of non-core assets it acquired as part of the UK Commercial Property REIT […]

21 Jan 2025 5 min read

Tritax Big Box REIT taps into data centre boom with London development

Tritax Big Box REIT has purchased a 74-acre site at Heathrow, London, where it plans to build one of the largest data centres in the UK. The Manor Farm site, which sits within the Slough Availability Zone – a key EMEA data centre location, has the potential to house a data centre scheme with up […]

27 Dec 2024 5 min read

QuotedData’s review of the year 2024

This is the last of our weekly emails for 2024. We hope that you have been finding them useful. 2024 has been a year of setbacks and shrinkage for the UK investment companies industry, topped by the cynical and self-serving attack on seven trusts by US corporate raider Saba Capital (there will be much more […]

07 Aug 2024 1 min read

Tritax Big Box NAV edges up in H1 2024

Tritax Big Box REIT (BBOX) has reported a 1.2% uplift in its EPRA net tangible assets (NTA) to 179.33p per share over the six months to 30 June 2024. Its portfolio grew 0.7% in value over the period on a like-for-like basis (off the back of 1.9% growth in ERV). These were the first set […]

02 Aug 2024 3 min read

The first cut is the deepest

At last! The Bank of England’s first cut in interest rates has finally come, marked by a collective sigh of relief for many downtrodden sectors such as property. It may be just a 0.25% cut and a succession of quickfire cuts seem highly unlikely, but it signals a turning point that should bring confidence to […]

03 Jul 2024 1 min read

QuotedData’s morning briefing 3 July 2024 – DORE, SYNC, HOME, BBOX

in QuotedData’s morning briefing 3 July 2024: Downing Renewables & Infrastructure (DORE) announced that Downing Hydro has pre-qualified its first hydropower plant site for participation in the Frequency Containment Reserve markets (FCR) in Sweden. The FCR markets serve to stabilise the Swedish grid. The initial site pre-qualified is the Gottne hydropower plant. The site is […]

03 May 2024 1 min read

QuotedData’s morning briefing 3 May 2023 – USF, BBOX/UKCM

In QuotedData’s morning briefing 3 May 2023: US Solar Fund (USF) has published a circular with details of the tender it announced on 24 April 2024 which it is proposing to use as a means of returning capital to shareholders. The proposed tender price of $0.764 per share is equivalent to the 31 December 2023 […]

05 Apr 2024 3 min read

QD view – Who’s next on the M&A conveyor belt?

It has been interesting to watch the different merger and acquisition (M&A) activity play out in the real estate sector – and the different boards’ approaches to it. Last week, the proposed deal, that would have seen abrdn Property Income Trust (API) swallowed by Custodian Property Income REIT, collapsed after it failed to get the […]

21 Mar 2024 3 min read

Terms of Tritax Big Box and UK Commercial merger agreed

The Boards of Tritax Big Box REIT (BBOX) and UK Commercial Property REIT (UKCM) have reached agreement on the terms of a recommended all-share merger. Under the terms, each UKCM shareholder will be entitled to receive 0.444 new BBOX shares for each UKCM share. The exchange ratio is on an EPRA NTA for EPRA NTA […]

01 Mar 2024 2 min read

Tritax Big Box REIT doubles down on developments as market improves

Tritax Big Box REIT has said improving market conditions has reinforced its conviction for logistics development projects. In annual results for the period to 31 December 2023, the company said that easing inflation, continuing rental growth, and improving yields on cost make its development programme more attractive. It added that it will continue to sell […]

23 Feb 2024 3 min read

QD view – Still a place for the generalist REIT?

Consolidation is in vogue in the investment trust space right now and nowhere is this more prominent than in the real estate sector, where it seems not a week goes by when another merger bid is made. This week’s latest proposal saw Urban Logistics REIT (SHED) table a surprise offer for abrdn Property Income Trust […]

16 Feb 2024 1 min read

QuotedData’s weekly news show 16th February 2024

Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Brunner (0:38) • Tritax Big Box REIT & UK Commercial Property (9:19) This week’s interview was with Richard Hulf from HydrogenOne Capital – watch it again […]

12 Feb 2024 2 min read

Tritax Big Box REIT in merger talks with UK Commercial Property REIT

A possible £3.9bn merger of Tritax Big Box REIT (BBOX) and UK Commercial Property REIT (UKCM) was announced this morning – although UKCM’s chairman has yet to support the deal. BBOX announced that both boards, excluding UKCM chairman Peter Pereira Gray, had “reached agreement on the key terms of a possible all-share offer” for the […]

29 Jan 2024 2 min read

QuotedData’s morning briefing 29 January 2024 – BOOK, GCP, DORE, LMS, BBOX

In QuotedData’s morning briefing 29 January 2024: Literacy Capital (BOOK) has provided a quarterly trading update and NAV announcement for the fourth quarter of 2023. Over the period BOOK saw a NAV uplift of $4.6m, or 7.7p per share, equal to a quarterly return of 1.6%. Its total NAV for the end of 2023 was […]

28 Nov 2023 1 min read

Tritax Big Box REIT updates on sales progress

Tritax Big Box REIT has announced that it has sold six assets so far in 2023 for a total of £327m. These disposals were conducted at or above most recent valuations, the company said, and delivered a blended net initial yield of 4.34%. The announcement provided top line detail on the assets, but it appears […]

17 Oct 2023 1 min read

QuotedData’s morning briefing 17 October 2023 – HEIT, BBOX

In QuotedData’s morning briefing 17 October: Harmony Energy Income Trust (HEIT) announced the successful energisation of two BESS projects: the 198 MWh / 99 MW Bumpers project, located in Buckinghamshire; and the 99 MWh / 49.5 MW Little Raith Project in Fife, Scotland. Both projects were energised ahead of schedule and take the company’s total […]

03 Aug 2023 2 min read

QuotedData’s morning briefing 3 August 2023 – BBOX, PSDL, RESI

QuotedData’s morning briefing 3 August 2023: Tritax Big Box REIT (BBOX) posted a 1.5% uplift in EPRA net tangible assets (NTA) to 183.02p per share in the six months to 30 June 2023. Its portfolio valuation was stable at £5.05bn, while adjusted earnings were up 5.6% to 3.94p per share. This covered its dividend for […]

15 May 2023 1 min read

Tritax Big Box REIT ventures into urban logistics

Tritax Big Box REIT has acquired a urban logistics park in Birmingham for £58.5m, at a 4.5% net initial yield and a reversionary yield of 6.7%. The group has bought Junction 6 Industrial Park, one of the UK’s leading urban logistics estates of scale totalling 384,000 sq ft across 12 assets. It is located less than […]

03 Mar 2023 4 min read

QD view – Discounts – time to get serious?

The chart below shows how the median discount of share price to net asset value (NAV) across the whole London-listed investment companies market has moved since the start of 2021. What we see is a big lurch downwards around the outbreak of the war in Ukraine. Then a steady widening over the next few months […]

02 Mar 2023 1 min read

Tritax Big Box REIT sells £125m of assets

Tritax Big Box REIT has exchanged contracts for the sale of three investment assets for a total of £125m, in line with the 31 December 2022 valuations and reflecting a blended net initial yield of 4.6%. The purchaser is a leading global investor in real estate. The three assets, which have a combined WAULT of […]

2 min read

Prime property yield movement hits Tritax Big Box REIT

Tritax Big Box REIT has posted a 19.0% drop in EPRA net tangible assets (NTA) in 2022 results. The fall, to 180.37p per share, was the result of the impact of rising interest rates on prime property yields, but was less than anticipated. The group’s portfolio value decreased 15.2% on a like-for-like basis in the […]

17 Feb 2023 2 min read

QD view – Nadir point close for property values

The headline numbers reported by real estate investment trusts (REITs) make for scary reading. NAV down 13.9% at AEW UK REIT in the final quarter of 2022, 21.5% at UK Commercial Property REIT, and several others posting similar declines. These falls (and more) were widely anticipated and priced into most companies late last year at […]

21 Oct 2022 2 min read

QD view – has logistics been oversold?

They say a week is a long time in politics, try a day. Wednesday was a breathtakingly embarrassing day for the government, with the calamitous Liz Truss finally falling on her sword of uncosted tax cuts on Thursday. This will mean that the UK will have its third prime minister in less than two months […]

05 Aug 2022 2 min read

QD view – The logistics paradox

The logistics sector is in a curious place right now. Comments from Amazon (the market leader in occupier take-up of logistics space over the last few years) about slowing the pace of its warehouse expansion have freaked the market. Meanwhile interest rate rises will almost certainly see investment yields erode as the cost of capital […]

13 Jun 2022 2 min read

QuotedData’s morning briefing 13 June 2022

In QuotedData’s morning briefing 13 June 2022: ThomasLloyd Energy Impact (TLEI) has released its interim results for the period ended 31 March 2022. During the period, it committed 40% of its IPO proceeds. Meanwhile, at 31 March 2022, TLEI had a derivative financial liability associated with the proposed acquisition of the 43% interest in SolarArise, […]

06 May 2022 2 min read

QD view – Is logistics a house of cards?

Amazon’s gloomy earnings call last week has taken the wind out of the sails of some of the biggest listed property companies focused on logistics. The profit warning and caution on online sales growth saw 12.7% and 12.6% wiped off SEGRO’s and Tritax Big Box REIT’s market cap in a week (Thursday 28 April to […]

03 Mar 2022 2 min read

Developments paying dividends for Tritax Big Box REIT

Tritax Big Box REIT’s development programme turbo-charged returns for the year to 31 December 2021. The group posted impressive gains in earnings, portfolio valuation uplifts and profit in the year. NAV total return for the year was a whopping 30.5%. Adjusted earnings per share was up 14.8% to 8.23p, while the group upped its dividend […]

27 Jan 2022 3 min read

QuotedData’s morning briefing 27 January 2022

In QuotedData’s morning briefing 27 January 2022: ICG Enterprise Trust (ICGT) is investing in Brooks Automation alongside funds advised by Thomas H. Lee Partners. The trust has an investment in THL Fund IX and will have exposure to the deal that way, but it will also make a direct investment in Brook Automation. Altogether – […]

15 Oct 2021 2 min read

QuotedData’s morning briefing 15 October 2021

In QuotedData’s morning briefing 15 October 2021: Marwyn Value Investors (MVI) has updated following the completion of Zegona’s tender offer (at £1.535 per Zegona ordinary share). Following the tender, the Marwyn Funds are due proceeds of £45,425,386 attributable to MVI’s ordinary shares and £6,686,881 attributable to MVI’s realisation shares. The Zegona Realisation Share Proceeds, along […]

07 May 2021 2 min read

QD view – Spotlight on logistics development

As predicted, merger and acquisition (M&A) activity has taken off in the listed property sector in 2021. Friday’s announcement that St Modwen Properties (SMP) had received an unsolicited approach from US private equity giant Blackstone regarding a possible cash offer of £1.2bn for the company feels a bit different to recent M&A news. This week […]

3 min read

QD view – how the top 10 trusts have changed

I was playing with the QuotedData data pages this week – looking at factors such as widest discounts and highest yields – then I alighted on the 10-largest funds by market cap and I have to admit that some names on that list were a surprise to me. Fortunately, I had some old data from […]

21 Apr 2021 2 min read

Tritax Big Box toasts £90m acquisition

Tritax Big Box REIT (BBOX) toasts £90m acquisition of the largest wine production warehouse in Europe. The 872,000 sq ft facility in Avonmouth, in the South West of England, is let to Accolade Wines with 13 years on the lease and was acquired at a net initial yield of 5.1%. Accolade Wines is one of […]

19 Mar 2021 3 min read

QD view – property one year on from lockdown

Tuesday next week will mark a year to the day that Boris Johnson announced the UK would go into full lockdown in a bid to curb the COVID-19 pandemic. It seems unbelievable that a year later we are still in a lockdown. The successive lockdowns have hugely impacted the property sector – mainly negatively (as […]

12 Mar 2021 1 min read

QuotedData’s weekly news show 12 March 2021

QuotedData’s weekly news show 12 March 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, Richard Williams covered the week’s top stories: LXI REIT raised 125 m in oversubscribed issue Tritax Big Box REIT results Home REIT fully deployed IPO […]

10 Mar 2021 2 min read

Tritax Big Box reports impressive results

Tritax Big Box REIT reported a whopping 15.7% jump in EPRA net tangible assets (NTA) in full year to the end of December 2020, as the strong fundamentals of the logistics sector continued apace. The group’s portfolio grew in value over the year by 11.9% to £4.41bn, driven by development gains, asset management and the strength […]

29 Jan 2021 2 min read

QD view – Timing just right for Big Box

Timing is everything in property, and it looks as though Tritax Big Box REIT has got it spot on again with its foray into development. Having launched in 2013, when the logistics sector was seen as the ugly cousin of the glamourous retail sector, the group foresaw the online shopping revolution way before anybody else. It […]

28 Jan 2021 1 min read

Tritax Big Box collected 99% of rent in 2020

Tritax Big Box REIT has collected 99% of rent for 2020, it has announced in a quarterly business update. The group said the remaining 1% was subject to deferral arrangements and due to be collected by mid-2021. For the current quarter, the group has so far collected 93%, which it expects to increase to 100% […]

14 Jan 2021 1 min read

Tritax Big Box reports portfolio valuation uplift of 8%

Tritax Big Box REIT has reported a like-for-like increase in the value of its portfolio of around 8% in the six months to the end of December 2020. The group said the second half of 2020 saw a significant increase in the value of prime, larger scale, UK logistics real estate assets let to high calibre occupiers […]

2 min read

QuotedData’s morning briefing 14 January 2021

In QuotedData’s morning briefing 14 January 2021: Polar Capital Global Financials has published a circular to convene a meeting on 1 February at which shareholders will be asked to approve the issue of up to 70,375,000 shares from treasury without pre-emption (first offering them to existing shareholders). The shares will be issued at a premium and […]

09 Dec 2020 2 min read

Aberdeen Standard Investments acquires 60% stake in Tritax Management

Aberdeen Standard Investments (ASI) is set to acquire a 60% interest in Tritax Management, the fund manager behind Tritax Big Box REIT and Tritax EuroBox. The move by ASI comes as it looks to strengthen its offering in the growing logistics real estate market. Tritax specialises in logistics and has around £5.1bn assets under management […]

27 Nov 2020 2 min read

QD view – Black Friday boon for logistics

It is that time of year again – Black Friday. The US export has quickly become one of the biggest shopping days in the UK. But with shops closed due to lockdown, it will almost entirely take place online this year. It is estimated that £6bn will be spent on Black Friday this year versus […]

23 Nov 2020 2 min read

QuotedData’s morning briefing 23 November 2020

In QuotedData’s morning briefing 23 November 2020: US Solar Fund says that all 41 projects in its portfolio, totaling 443MWDC, are now fully operating and generating revenue. The final project, the 128MWDC Milford plant in Utah, reached the commercial operations date under its power purchase agreement (PPA) on 19 November, on-time and under-budget – saving $4m […]

13 Nov 2020 1 min read

Tritax Big Box makes £44m part cash, part shares acquisition of logistics hub

Tritax Big Box REIT has bought a logistics facility let to Tesco for £44.2m, funded through cash and the issue of new shares to the vendor. The group has acquired the temperature controlled distribution unit in Southampton from a “UK real estate fund” at a net initial yield of 5.24%. The £44.2m acquisition will be […]

16 Oct 2020 2 min read

QD view – Rent collection nuggets

Fourth quarter rent collection figures have been coming in thick and fast over the past week or so and overall they show a general improvement on collection rates during the COVID-19 pandemic. There are a few nuggets to come from the announcements so far. The first thing to say is that collection rates have improved […]

12 Oct 2020 1 min read

Logistics heavyweights post positive rent collection figures

Logistics focused property companies Tritax Big Box REIT and LondonMetric Property both announced positive rent collection figures today. Tritax Big Box REIT said it had received 89% of rent for the fourth quarter, with a further 10% expected by the end of November (through upfront monthly payments). The remaining 1% of rent is on payment […]

22 Sep 2020 1 min read

Tritax Big Box sells three assets for £77m

Tritax Big Box REIT (BBOX) has sold three assets for £77m. The group said the three assets had reached their full value following the completion of asset management initiatives that delivered rental growth and a lease extension. The assets comprise Baker Business Park in Ripon, Langley Mill, in Nottingham and Warth Park in Raunds. All […]

03 Sep 2020 1 min read

QuotedData’s morning briefing 3 September 2020

In QuotedData’s morning briefing 3 September 2020: Ashoka India provides an annual redemption facility to its shareholders. This year, just 367,616 shares (0.54% of the issued share capital) were requested to be redeemed. Tritax Big Box REIT has completed its sale of an asset in Chesterfield for £57.3m. The buyer was Warehouse REIT (see separate story). […]

15 Jun 2020 1 min read

Tritax Big Box pre-lets 2.3m sq ft scheme to Amazon

Tritax Big Box REIT has pre-let a 2.3m sq ft logistics scheme in east London to Amazon. The company received planning consent last week for the building in Littlebrook, Dartford and announced today it has exchanged contracts with the world leading online retailer. The scheme, which covers 35.5 acres adjacent to the QEII bridge and Dartford […]

08 Apr 2020 2 min read

Tritax Big Box declares reduced dividend and updates on covid-19 impact

Tritax Big Box REIT has withdrawn its dividend target for 2020 in light of the covid-19 pandemic. The company has collected the majority of its advanced quarterly rent that was due on 1 April 2020 (86%, with a further 10% expected to be paid by the end of May 2020). Around 50% of Tritax Big […]

17 Mar 2020 1 min read

Profit up 7.7% at Tritax Big Box REIT

Tritax Big Box REIT reported a 7.7% increase in operating profit in 2019. The group, which owns a portfolio of ‘big box’ logistics warehouses in the UK, said profit for the year ended 31 December 2019 was £122.5m compared to £113.7m in 2018. It also said its contracted annual rent roll was up 3.4% to […]

03 Feb 2020 2 min read

Tritax Big Box REIT eyes sales as focus shifts to development

Tritax Big Box REIT said it was looking to recycle capital from the sale of specific assets in order to fund its development pipeline. In a trading update, the group said it was targeting an average yield on cost of between 6% and 8% across its developments, well above the group’s current portfolio valuation yield of 4.5%. […]

17 Dec 2019 1 min read

QuotedData’s other news 17 December 2019

In QuotedData’s other news 17 December 2019 Tritax Big Box REIT has reached an agreement to extend the termination date in respect of GBP300 million of its GBP350 million unsecured revolving credit facility, from 10 December 2023 to 10 December 2024. The maturity date of the residual GBP50 million will remain 10 December 2023. This extends the company’s […]

08 Aug 2019 1 min read

Tritax Big Box on road to serious growth

Tritax Big Box on road to serious growth – Tritax Big Box REIT posted an uptick in profits in the first half of the year on the back of strong rental growth. Operating profit before changes in fair value of investment properties increased by 5.7% to £60.7m, while rental income grew 3.5% to £166.8m. The […]

17 Jun 2019 1 min read

QuotedData’s other news 17 June 2019

In QuotedData’s other news 17 June 2019, Tritax Big Box REIT has entered into a new £200m unsecured revolving credit facility at a margin of 1.1% over LIBOR. The facility has a five-year life but can be extended for two more years. We also have an update on Leaf Clean Energy‘s court case

28 May 2019 2 min read

Tritax gets planning for Kettering logistics park

Tritax gets planning for Kettering logistics park – Tritax Big Box REIT says that outline planning consent has been obtained for up to 2.31 million sq ft of logistics space at Symmetry Park, Kettering. This represents the second new development from the db Symmetry strategic land portfolio acquired by Big Box in February this year. The […]

16 May 2019 1 min read

QuotedData’s other news 16 May 2019

BBGI SICAV (BBGI), the global public private partnership (PPP) infrastructure investment company, announced that it had completed the acquisition of a further 33.3% equity interest in the Ohio River Bridges – East End Crossing PPP Project and now owns 66.6% of the equity in the project. The project is a large-scale availability-based infrastructure project that […]

2 min read

Tritax Big Box gets green light for new distribution centre

Tritax Big Box gets green light for new distribution centre – The UK-focused logistics investor, Tritax Big Box REIT (BBOX), has received planning permission for the development of a new regional distribution centre (RDC) at Symmetry Park, Biggleswade. The facility has been pre-let to The Co-op Food Group, part of The Co-operative Group. Co-Op Group […]

06 Mar 2019 2 min read

Tritax Big Box expands portfolio in 2018

Tritax Big Box expands portfolio in 2018 – Tritax Big Box has released its 2018 results today. Some of the highlights are: dividends declared in 2018 totalled 6.70p per share, meeting its target. The earnings per share increased by 8.0% to 6.88p per share in 2018. EPRA NAV per share increased 7.4% resulting in a […]

11 Feb 2019 2 min read

Tritax Big Box fundraise pulls in £250m to fund db Symmetry acquisition

Tritax Big Box REIT (BBOX) has announced the results of its recent fundraising under which the Company has raised approximately £250 million (before expenses). The net proceeds of the issue are to be used by to fund the acquisition of an 87 per cent. economic interest in db Symmetry as well as further investments. The […]

25 Jan 2019 3 min read

Tritax Big Box dives as it announces dilutive share issue

Tritax Big Box dives as it announces dilutive share issue – Tritax Big Box REIT has conditionally agreed to acquire an 87 per cent. economic interest in db Symmetry, which owns one of the UK’s largest strategic land portfolios for the development of Big Box real estate assets and related logistics facilities. Created in 1996, db […]

27 Dec 2018 2 min read

Tritax funds new Durham logistics facility

Tritax funds new Durham logistics facility – Tritax Big Box REIT has completed contracts for the forward funded development of a new logistics fulfilment centre at Integra 61, near Durham, pre-let to a “financially robust world leading retailer” [Amazon?]. The price represents a maximum commitment of GBP147.3 million, reflecting a net initial yield of 5.25% (net […]

05 Dec 2018 1 min read

Tritax Big Box issues £400m loan notes

Tritax Big Box issues £400m loan notes – Tritax Big Box REIT has signed an agreement with a number of new institutional investors for a private placement of £400 million new senior unsecured loan notes. The loan notes comprise two tranches with a weighted average coupon of the fixed rate notes equating to 2.91 per cent. […]

26 Nov 2018 2 min read

Tritax Big Box confirms Littlebrook planning approval

Tritax Big Box confirms Littlebrook planning approval – Tritax Big Box REIT owns 114 acres of prime London development land at Littlebrook, Dartford, within the M25, which was acquired in July 2017. It has successfully secured planning permission from Dartford Borough Council for the proposed development of a 450,240 sq ft cross-docked logistics facility with […]

12 Oct 2018 2 min read

Tritax Big Box REIT buys Bosch warehouse

Tritax Big Box REIT buys Bosch warehouse – Tritax Big Box REIT has exchanged contracts, conditional on receiving full planning consent, to provide forward funding for the development of a new National Distribution Centre at Midlands Logistics Park, Corby. The property is pre-let to BSH Home Appliances Limited, part of the Bosch Group. The Bosch Group is […]

28 Sep 2018 2 min read

Tritax Big Box REIT exchanges contracts on Merseyside acquisition

Tritax Big Box REIT exchanges contracts on Merseyside acquisition – Tritax Big Box REIT (BBOX) has announced that the company has exchanged contracts, conditional on full planning consent, for the forward funded development of a new logistics “sortation centre” (see below) at Haydock, St Helens, Merseyside. The property is pre-let to a company BBOX describe as “a financially […]

19 Jul 2018 1 min read

Investment Trust Insider on how to grow trusts

Investment Trust Insider on how to grow trusts James Carthew: imponderable questions in quest for scale Last week I addressed the uphill battle Ashoka India Equity (AIE) faces if it wants to expand, having raised just £46.5 million in its flotation. It is by no means the smallest fund out there, however. Many of the very smallest funds […]

07 Mar 2018 2 min read

Tritax Big Box REIT sees Brexit silver lining

Tritax Big Box REIT sees Brexit silver lining – Tritax Big Box REIT has released its results for 2017. Highlights are: Dividends declared in relation to 2017 totalled 6.40 pence per share, in line with targets. Progressive dividend target of 6.70 pence per share announced for 2018. EPRA net asset value per share increased by 10.3% to […]

06 Feb 2018 2 min read

Tritax will fund new Eddie Stobart logistics facility

Tritax will fund new Eddie Stobart logistics facility – Tritax Big Box REIT has exchanged contracts, conditional on receiving full planning consent, to provide forward funding for the development of a new regional distribution centre at Midlands Logistics Park, Corby. The development asset is pre-let to Eddie Stobart Limited, one of the UK’s leading logistics […]

18 Jan 2018 1 min read

Tritax’s latest deal is with AO.com

Tritax’s latest deal is with AO.com – The Board of Tritax Big Box REIT plc says that it has acquired a National Distribution Centre at Weston Road, Crewe, Cheshire. The property is let to Expert Logistics Ltd, a wholly owned subsidiary of AO World Plc (“ao.com”), a leading European online electrical retailer listed on the […]

15 Jan 2018 2 min read

Tritax Big Box forward funding two new Howdens Joinery warehouses

Tritax Big Box forward funding two new Howdens Joinery warehouses – Tritax Big Box REIT has completed contracts for the site acquisition and forward funding for the development of two new distribution warehouse facilities at Warth Park, Raunds. The properties are pre-let in their entirety under two separate 30 year leases to Howdens Joinery Group Plc, […]

28 Dec 2017 1 min read

Tritax buys Unilever distribution centre

Tritax buys Unilever distribution centre – Tritax Big Box REIT has acquired a national distribution facility at Hickling Road in Cannock, Staffordshire, which is operated and let to Unilever UK Ltd, one of the world’s leading suppliers of Food, Home and Personal Care products. The total consideration is GBP44.25 million (excluding purchaser’s costs). The property […]

20 Nov 2017 2 min read

Tritax buys two more logistics facilities

Tritax buys two more logistics facilities – Tritax Big Box REIT has exchanged contracts to acquire two separate, modern logistics facilities from a single vendor for a combined purchase price of GBP43.86 million, which are both being funded from equity. Cerealto (UK) Limited National Distribution Centre at Dukeries Industrial Estate, Worksop, Nottinghamshire The facility at […]

25 Oct 2017 2 min read

Not just any big box…

Not just any big box… – Tritax Big Box REIT plc has completed contracts with ProLogis European Finance XI Sarl to acquire two modern Big Box logistics facilities at Prologis Park, Stoke-on-Trent, Staffordshire, let to Marks and Spencer and Dunelm (Soft Furnishings) Ltd, the UK’s number one homewares retailer. The combined net purchase price is GBP78.5 […]

10 Oct 2017 1 min read

Investment trust insider on industrial property prices

James Carthew: has Tritax paid too much as Hansteen hands back cash? In the past week we have seen a very large tender offer from Hansteen Holdings (HSTN), a real estate investment trust specialising in industrial property, and a deal where Tritax Big Box (BBOX) bought a large logistics facility from LondonMetric Property (LMP). Hansteen […]

02 Oct 2017 2 min read

Tritax Big Box buys Royal Mail facility in Daventry

Tritax Big Box buys Royal Mail facility in Daventry – Tritax Big Box REIT has exchanged contracts to acquire a National Distribution Centre at Danes Way, Daventry International Rail Freight Terminal (“DIRFT”), Northamptonshire let to Royal Mail Group Limited, the main subsidiary of Royal Mail plc. The total consideration is GBP48.82 million (excluding purchaser’s costs), reflecting […]

07 Sep 2017 2 min read

Tritax buys Royal Mail distribution facility

Tritax buys Royal Mail distribution facility – Tritax Big Box REIT has acquired a Regional Distribution Centre at Riversdale Road, Atherstone let to Royal Mail Group Limited. The total consideration is GBP32.68 million (excluding purchaser’s costs), reflecting a net initial yield of 6.1% on the corporate acquisition. The purchase is being funded from equity. The […]

24 Jul 2017 2 min read

Tritax Big Box REIT to acquire 124 acres at Littlebrook, Dartford for £65m

Tritax Big Box REIT has announced that it has exchanged conditional contracts to purchase a development site at Littlebrook, Dartford. The freehold of the former Littlebrook Power Station site has been acquired, for a total consideration of £65million (excluding purchaser’s costs), which is being funded by the Company from equity. Good access to rail and […]

13 Jun 2017 1 min read

Investment Trust Insider on UK property

Brexit isn’t all bad news for UK property The past couple of weeks have seen a clutch of results announcements by the larger real estate investment (REIT) and property trusts. The periods they are reporting on incorporate the run up to the referendum vote and its aftermath, and adverse changes to the stamp duty regime. […]

12 Jun 2017 1 min read

Tritax buys Ocado’s Birmingham distribution facility

Tritax buys Ocado’s Birmingham distribution facility – Tritax Big Box REIT plc has acquired a distribution facility at Birch Coppice Business Park, Dordon, Birmingham operated by Ocado Limited and serving both Ocado’s and Wm Morrison Supermarkets Plc’s online retail businesses. The total consideration is GBP92.33 million (excluding purchaser’s costs), reflecting a net initial yield of 5.25% on […]

25 May 2017 6 min read

TR Property plans 25.7% dividend increase

As TR Property announces its full year results for the year ended 31 March 2017, Hugh Seaborn, its chairman, commented: “I’m pleased to report another solid year of performance from the Trust. The Board are particularly pleased to announce a final dividend of 6.4p which brings the full year dividend to 10.5p, a 25.7% increase on […]

17 May 2017 2 min read

Tritax Big Box REIT acquires Unilever’s National Distribution Centre

Tritax Big Box REIT has announced that it has acquired a National Distribution Centre at Trax Park, Doncaster, for £20.9 million (excluding purchaser’s costs), reflecting a net initial yield of 5.61% on the asset acquisition. The purchase is being funded from equity proceeds. The company says that the proeprty is let to Unilever, one of […]

11 May 2017 1 min read

Tritax issue raises £350m

Tritax Big Box REIT has announced the results of its Placing, Open Offer and Offer for Subscription of Ordinary Shares. Investor demand for the issue has significantly exceeded the targeted size of GBP200 million. The Board, after careful consideration with the Manager and in consultation with its Joint Financial Advisers, has exercised its right to increase the […]

07 Mar 2017 2 min read

Tritax Big Box REIT performing in line with its targets

Tritax Big Box REIT (BBOX) has announced its annual results for the year ended 31 December 2016. During the period, BBOX’s EPRA net asset value per share increased by 3.46% or 4.71% on a like-for-like basis to 129p (2015: 124.68 pence), whilst its EPRA NAV total return was 9.6% (BBOX’s medium-term target is 9% per […]

01 Mar 2017 1 min read

Board of Tritax Big Box REIT secures new £90m loan facility

Tritax Big Box REIT has announced that it has agreed a new long-term, interest only, fixed rate term loan facility of £90 million with PGIM Real Estate Finance, secured against a portfolio of three standing assets and one forward funded asset. The 10-year Facility, which will be drawn in full immediately, is repayable on 2 […]

22 Feb 2017 1 min read

Tritax Big Box REIT to forward fund Didcot distribution centre for Hachette UK

Tritax Big Box REIT (Tritax) has announce that it has completed the land purchase and exchanged contracts to provide forward funding for the development of a new distribution centre at Signia Park, Didcot, Oxfordshire. The development is pre-let to Hachette UK Ltd (Hachette UK), a UK publishing company whose ultimate parent is Lagardere SCA. The […]

23 Dec 2016 2 min read

Tritax Big Box REIT to forward fund two new Howdens distribution facilities at Warth Park, Northamptonshire

Tritax Big Box REIT (Tritax) has announced that it has exchanged contracts (conditional on receiving planning consent) to provide forward funding for the development of two new distribution warehouse facilities at Warth Park, Raunds. The two facilities are pre-let in their entirety under two separate leases to Howdens Joinery Group Plc (Howdens) and the investment […]

08 Dec 2016 1 min read

Tritax Big Box REIT to forward fund Screwfix distribution facility at Prologis Park, Fradley, Staffordshire

Tritax Big Box REIT has announced that it has completed the land purchase and exchanged contracts to provide forward funding for the development of a new distribution facility at Prologis Park, Fradley, Staffordshire. The development is pre-let to Screwfix Direct Ltd, whose ultimate parent is Kingfisher Plc The development represents an investment of £52.7 million, […]

13 Oct 2016 2 min read

Tritax buys Co-op facility

Tritax Big Box REIT has announced that it has exchanged contracts to acquire the distribution warehouse and adjacent lorry parking facility at Oliver Road, Thurrock, both let to The Co-operative Group Limited. The purchase price for the Facility is GBP56.5 million (excluding purchaser’s costs), reflecting a net initial yield of 5.53% on the asset acquisition. Completion […]

11 Oct 2016 3 min read

Tritax buys two logistics facilities

Tritax Big Box REIT has announced that it has exchanged contracts with a major UK institution to acquire two modern Big Box logistics facilities at Birch Coppice, Birmingham and at Warth Park, Raunds, Northamptonshire, let to Euro Car Parts Limited and Whirlpool UK Appliances Ltd, respectively. The combined purchase price is GBP115.5 million. Completion of […]

28 Sep 2016 1 min read

Tritax Big Box REIT announces fund raise targeting £150m

Tritax Big Box REIT has announced details of a placing, open offer and offer for subscription of new ordinary shares, in aggregate equalling up to 113,636,364 new shares, at a price of 132 pence per new share. The target size for the fund raising is £150m and the issue price represents a discount of 7.1% […]

11 Aug 2016 1 min read

Tritax Big Box outperforms peers

Over the six months to the end of June 2016, Tritax Big Box REIT’s EPRA net asset value per share increased by 4.23 pence or 3.4% to 128.91 pence (31 December 2015: 124.68 pence). Dividends declared for the six month period totalled 3.1 pence per share, putting the Group on track to hit the target […]

10 Aug 2016 1 min read

Tritax buys Amazon distribution centre

The Board of Tritax Big Box REIT has announced that it has acquired the distribution centre at Kingston Park, Peterborough, let to Amazon UK Services Ltd, for a purchase price of GBP42.9 million (net of acquisition costs), reflecting a net initial yield of 5.6% on the corporate acquisition. The purchase is being funded from equity […]

09 Aug 2016 2 min read

Tritax buys Kellogg’s distribution facility

The Board of Tritax Big Box REIT has announced that it has acquired a distribution facility at Trafford Park, Manchester, let to Kellogg Company of Great Britain Limited, whose ultimate parent is the Kellogg Company. The purchase price is GBP23.5 million (excluding purchaser’s costs), reflecting a net initial yield of 5.9% on the asset acquisition. […]

03 Aug 2016 1 min read

Tritax agrees new debt facility

The Board of Tritax Big Box REIT plc has announced that it has agreed a new long-term, interest only, fixed rate term loan facility of GBP72 million with Canada Life Investments, secured against a portfolio of three standing assets. The Facility, which will be drawn in full immediately, is repayable on 30 April 2029 and has a […]

02 Aug 2016 2 min read

Tritax to fund Wolverhampton development

The Board of Tritax Big Box REIT has announced that it has exchanged contracts (conditional on detailed planning consent) to provide forward funding for the development of a new logistics facility and headquarters at Four Ashes, Wolverhampton. The investment price is GBP56.3 million, reflecting a net initial yield of 5.14% (net of land acquisition costs). The […]

24 May 2016 1 min read

Tritax Big Box REIT to acquire DSG Retail’s National Distribution Centre in Newark

Tritax Big Box REIT has announced that it has exchanged contracts to acquire a National Distribution Centre, let to DSG Retail Ltd (part of the Dixons Carphone plc group), for £77.3m (excluding acquisition costs). The purchase, which is being funded from equity proceeds, reflects a net initial yield of 5.86%. Completion is expected to take […]

29 Mar 2016 1 min read

Tritax acquires Argos distribution centre

Tritax Big Box REIT has announced that it has acquired Argos’ National Distribution Centre at Barton Business Park, Burton-upon-Trent, Staffordshire for a purchase price of £74.65m (net of acquisition costs), reflecting a net initial yield of 5.55% on the corporate acquisition. The purchase has been funded from equity proceeds, with senior debt finance expected to be […]

24 Mar 2016 1 min read

Tritax Big Box REIT acquires Brake Brothers distribution centre in Portbury, Bristol, for £25.2m

Tritax Big Box REIT has announced that it has acquired Brake Brothers distribution centre at Portbury Way, Portbury, in Bristol for £25.2m, which reflects a net initial yield of 5.15%. The company says that the purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term. […]

16 Mar 2016 1 min read

Tritax Big Box NAV jumps 16% in 2015

Tritax Big Box REIT reports that its EPRA net asset value per share increased by 17.11 pence (or 15.91%) to 124.68 pence (31 December 2014: 107.57 pence) over the course of 2015. This works out as a total return for the year of 19.4%, compared to the FTSE EPRA/NAREIT UK REITs Index of 10.5%. Dividends […]

27 Jan 2016 1 min read

Tritax Big Box REIT is targeting a fundraise of a further £100m

Tritax Big Box REIT has announced that it is targeting a fundraising of £100m through a placing, open offer and offer for subscription, of new ordinary shares. Tritax says that it expects to use the net proceeds of the issue to acquire further investments. The issue price of 124p per ordinary share represents a discount of […]

09 Dec 2015 1 min read

Tritax Big Box REIT buys Matalan’s Northern Distribution Centre

Tritax Big Box REIT has announced that it has completed the purchase of Matalan Retail’s Northern Distribution Centre at Knowsley Business Park, Liverpool, for £42.38m (net of acquisition costs). This reflects a net initial yield of 6.27% on the acquisition, which is being funded out of equity proceeds, with senior debt finance expected to be […]

02 Oct 2015 1 min read

Tritax Big Box REIT Secures new £500m debt facility

Tritax Big Box REIT has announced that it has agreed a £500m secured debt facility, with a syndicate of four lenders, for five years. The facility comprises a £320m term loan which the company says will be drawn in full immediately, a further £80m term loan available to draw up until the first anniversary of […]

22 Sep 2015 1 min read

Tritax investing in TK Maxx warehouse

Tritax Big Box REIT has announced that it has completed the land purchase and entered into contracts to provide forward funding for the development of a new regional distribution facility, pre-let in its entirety to TJX UK (“TK Maxx”), a major retailer of branded apparel and home fashions in the UK and Ireland. The investment price […]

07 Sep 2015 1 min read

Tritax in pre-let development for Howden Joinery

Tritax Big Box REIT has announced that it has exchanged conditional contracts to acquire the land and provide forward funding for the development of a new distribution warehouse facility, pre-let in its entirety to Howden Joinery Group Plc, the parent group of the UK’s leading supplier of kitchens and joinery. The investment price is £67m, […]

21 Aug 2015 1 min read

Tritax on track for 6p full year dividend

Tritax Big Box REIT’s results for the first half of 2015 show a 14.8% uplift in its EPRA NAV, a 13.9% improvement in is EPRA earnings per share (to 2.3p) and a 62% hike in the interim dividend from 1.85p to 3p as they progress towards paying their target 6p per annum. The fund expanded […]

22 Jul 2015 1 min read

Discount trends, big names big prices

http://www.moneyobserver.com/news/21-07-2015/discount-trends-big-names-big-prices Investment trusts with big name managers saw their share prices soar over the second quarter as investors sought out the best active management.

26 Jun 2015 1 min read

Small Companies Dividend hoping for M&A uptick

Smaller Companies Dividend Trust has reported its annual figures covering the year to the end of April 2015. Over this period the total return on the portfolio was 6.9%, adjusting for the effects of the zero dividend preference shares, this made the return in the net asset value of the ordinary shares 7.2%. The ordinary […]

01 Jun 2015 1 min read

Tritax acquires Tesco regional distribution centre

Tritax is spending £47.1m to buy the Tesco Regional Distribution Centre at Capitol Park, Goole. The price reflects a net initial yield of 5.67%. They are paying for the deal using their own resources but expect senior debt finance to be introduced in the near term. Completion is expected to take place by 5 June […]

05 May 2015 1 min read

Tritax invests in New Look distribution centre

Tritax Big Box REIT is spending £30m to buy one of New Look Retailers Ltd’s two adjoining national and European distribution centres in Newcastle-under-Lyme. the purchase price works out at a net initial yield of 5.9%. Constructed in 2007 and extended in 2011 to satisfy New Look’s expansion requirements, the property comprises a gross internal […]

29 Apr 2015 1 min read

Tritax buys B&Q depot

Tritax Big Box REIT has announced that it is buying the B&Q Core Products Regional Distribution Centre at Worksop, Nottingham for £89.75m. The price is equivalent to a net initial yield of 5.13%. Constructed in 2005 for B&Q, the property is of a high specification and incorporates modern design features including cross docking, eaves height of […]

10 Apr 2015 1 min read

Tritax buys Brakes distribution centre

Tritax Big Box REIT is paying £37.2m to acquire the Brakes Brothers distribution centre in Flex Meadow, Harlow. the price is equivalent to a net initial yield of 5%. They say the centre is strategically positioned in a core South East location, close to the M11, the M25 and Central London, providing distribution reach across […]

23 Feb 2015 1 min read

Tritax goes from zero to 6.9m sq ft in thirteen months

Tritax Big Box REIT has published its first set of results, covering the period from inception on 1 November 2013 until the end of December 2014. over that period the fund’s net asset value rose to 107.02p – up from 98p (post issue expenses) when it launched. They also paid two dividends – the first […]

29 Jan 2015 1 min read

Tritax building new facility for Ocado

Tritax Big Box REIT is investing £98.8m to build a new distribution warehouse facility for Ocado. The facility will be located inside the M25 at Crossdox, Bronze Age Way, Erith, on the south side of the River Thames and A2016, with Central London approximately 12 miles to the West and Tilbury Docks and DP World […]

08 Dec 2014 1 min read

Tritax buys two more distribution centres

Tritax Big Box REIT has announced the acquisition of two more distribution centres – one at Dove Valley Park, Derby and the other at Trafford Park in Manchester for a combined price of £55.1m, equivalent to a blended net initial yield of 6.53%, assuming 5.8% purchase costs. Completion of both purchases is expected to take place by 12 […]

28 Nov 2014 1 min read

Tritax raises £110m and spends £22m

BBOX : Tritax raises £110m and spends £22m Tritax Big Box REIT has announced that it has raised £110m by placing 104.77m shares at 105p. It has also said that it has exchanged contracts on a Tesco retail distribution warehouse for which they are paying £22.45m, equivalent to a net initial yield of 8.25%. The […]

13 Nov 2014 1 min read

Tritax Big Box buys Doncaster distribution centre

BBOX : Tritax Big Box buys Doncaster distribution centre Tritax Big Box REIT is buying The Range UK National Distribution Centre at Nimbus Park, Thorne, Doncaster for a purchase price of £48.5m (a net initial yield of 6.1%). Thorne is about 7 miles to the north east of Doncaster town centre, adjacent to the M18 motorway and […]

29 Aug 2014 1 min read

Tritax Big Box REIT acquires Wolseley distribution centre in Ripon for £12.2m

BBOX : Tritax Big Box REIT acquires Wolseley’s distribution centre in Ripon for £12.2m Tritax Big Box REIT has acquired Wolseley’s Regional Distribution Centre at Ripon, North Yorkshire for £12.24m (net of acquisition costs). The high specification property was constructed in 2001 and has ancillary offices and substantial parking over approximately 10.9 acres. The rentalised area is approximately 222k square […]

28 Aug 2014 1 min read

Tritax Big Box REIT reports 3.9% increase in NAV since December launch

BBOX : Tritax Big Box REIT reports 3.9% increase in NAV since December launch Tritax Big Box REIT has posted its first interim results since raising £200m at its IPO in December 2013. Since launch Tritax has seen its NAV per share increase from 98p to 101.85 as at 30 June, a 3.9% increase. In addition, […]

20 Aug 2014 1 min read

Tritax Big Box REIT acquires DHL Distribution Warehouse in Lancashire for £28.9m

BBOX : Tritax Big Box REIT acquires DHL Distribution Warehouse in Lancashire for £28.9m Tritax Big Box REIT has announced it is to acquire a Distribution Warehouse in Skelmersdale, Lancashire, currently let to DHL Supply Chain Ltd, for £28.9m (net of purchase costs). The warehouse was originally constructed in 2003 and is a fully fitted distribution facility, […]

08 Jul 2014 1 min read

Tritax Big Box REIT : BBOX – expansion

Tritax Big Box REIT has published a prospectus and a circular as it prepares to try to raise c£150m this month and up to a further £350m thereafter. They have said that they intend to move to a listing on the main market as part of this deal. They have also declared their first dividend […]

18 Jun 2014 1 min read

Tritax Big Box REIT : BBOX – new acquisition

Tritax Big Box REIT is buying William Morrison’s distribution centre in Sittingbourne, Kent for £97.8m. The 919,443 sq ft South East Regional Distribution Centre was developed in 2009. The distribution centre is being acquired from Wm Morrison Supermarkets plc subject to a new leaseback agreement for 25 years and with annual rent reviews indexed to […]

11 Jun 2014 1 min read

Tritax Big Box REIT : BBOX – new warehouse

Tritax Big Box REIT is buying the Next Group distribution warehouse in West Moor Park, Doncaster for £60m – this equates to a net initial yield of 6.07%. Barclays Bank is providing a £16.4m facility , secured against the warehouse (a loan to value of 27%). Tritax Big Box REIT’s finance, post this loan, will […]

04 Jun 2014 1 min read

Tritax Big Box REIT : BBOX – financing

Tritax Big Box REIT has refinanced two recent acquisitions – the Marks & Spencer East Midlands Distribution Centre at Castle Donington, Leicestershire and the Tesco Distribution Centre at Southmead Industrial Estate, Didcot. Barclays Bank is providing loans of £49.3m and £12.2m respectively, secured individually on the assets. They are paying slightly more for the M&S centre financing […]

Tritax Big Box REIT : BBOX

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What the logistics is going on?

What the logistics is going on?

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Industrial property market – The gift that keeps on giving

Industrial property market – The gift that keeps on giving

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