Tritax Big Box REIT plc Dedicated developer rebrands as Tritax Symmetry
10 Septiembre 2019 - 1:02AM
RNS Non-Regulatory
TIDMBBOX
Tritax Big Box REIT plc
10 September 2019
10 September 2019
TRITAX BIG BOX REIT PLC'S DEDICATED LOGISTICS DEVELOPER
REBRANDS AS TRITAX SYMMETRY
Tritax Big Box REIT plc (ticker: BBOX), the UK's leading
investment company focused on big box logistics real estate,
announces that its dedicated logistics developer db symmetry
("DBS") has rebranded as Tritax Symmetry.
Tritax Big Box acquired an 87% economic interest in the DBS held
assets (the "Symmetry Portfolio") in February this year, combining
its 30.9 million sq ft logistics investment portfolio with one of
the UK's largest and most geographically diverse land portfolios
for the development of large-scale logistics assets, with the
potential to deliver c.38 million sq ft of additional high-quality
logistics assets over the next eight to 10 years.
To date, Tritax Symmetry has completed a series of key
transactions. In March, the developer completed a 163,664 sq ft
speculative development at Bicester and a 152,038 sq ft speculative
development at Doncaster. In May, it achieved full planning
permission for a 661,201 sq ft regional distribution centre pre-let
to The Co-operative Group on a 20-year lease term at Biggleswade,
along with outline planning consent for up to 2.31 million sq ft of
high-quality logistics space at Symmetry Park, Kettering. At Aston
Clinton, a new 15-year lease on a 83,000 sq ft asset was also
secured with Global Infusion Group (GIG).
Last month Tritax Symmetry announced a development management
role on a 232,150 sq ft pre-let to Croda Europe Ltd (Croda) on the
Goole 36 Enterprise Zone in East Yorkshire and achieved practical
completion of its 1.5 million sq ft pre-let to a major interational
retailer in Darlington.
Speaking about the rebrand, Richard Bowen, managing director at
Tritax Symmetry, commented:
"The rebrand marks a new chapter in our company's growth and one
that we are hugely excited about. Since the sale of the Symmetry
Portfolio, we have been working closely with Tritax Big Box to
fully understand each other's businesses; the rebrand was the next
logical step. We have already achieved some notable successes
across the UK in our new business and our focus remains set on
delivering the business plan we set out at the time of the
acquisition."
Colin Godfrey, fund manager at Tritax Big Box continued:
"The acquisition of the Symmetry Portfolio provides a hugely
attractive platform from which we will develop logistics real
estate investments internally on a greater scale, at an attractive
yield on cost. Over the next 8-10 years, this purchase offers the
potential to boost our earnings growth, thereby supporting our
progressive dividend policy in a disciplined way.
Furthermore, it will help us to better support the evolving
occupational requirements of both new and existing customers,
ensuring we can continue to deliver high-quality logistics premises
within which they can adapt and grow their businesses efficiently,
profitably and sustainably.
This rebrand underlines the successful integration of the Tritax
Symmetry team, helping to ensure that we are now best placed to
maximise the significant opportunites from our combined
sector-leading expertise and complementary skill sets over the
short and longer term."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group via Maitland (below)
Colin Godfrey (Partner, Fund Manager)
Maitland (Communications Adviser) Tel: 020 7379 5151
James Benjamin tritax-maitland@maitland.co.uk
Jefferies International Limited Tel: 020 7029 8000
Gary Gould
Stuart Klein
Akur Limited Tel: 020 7493 3631
Anthony Richardson
Tom Frost
Siobhan Sergeant
The Company's LEI is: 213800L6X88MIYPVR714
NOTES:
Tritax Big Box REIT plc is the only listed vehicle dedicated to
investing in very large logistics warehouse assets ("Big Boxes") in
the UK and is committed to delivering attractive and sustainable
returns for Shareholders. Investing in and actively managing
existing built investments, land suitable for Big Box development
and developments predominantly delivered through a pre-let forward
funded basis, the Company focuses on large, well-located, modern
Big Box logistics assets, 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 supply of Big Boxes.
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
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END
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