Tritax Big Box REIT plc Sale of three assets for GBP77 million (6487Z)
22 Septiembre 2020 - 1:00AM
UK Regulatory
TIDMBBOX
RNS Number : 6487Z
Tritax Big Box REIT plc
22 September 2020
22 September 2020
SALE OF THREE ASSETS FOR GBP77 MILLION
ACTIVELY MANAGING PORTFOLIO TO DELIVER VALUE FOR
SHAREHOLDERS
Tritax Big Box REIT plc (Tritax Big Box or the Company) today
announces exchange on the sale of three assets to two separate
purchasers for a total consideration of GBP77 million.
Through our ongoing evaluation of the portfolio, we consider
these assets to have reached their full value under our ownership
following the completion of asset management initiatives which
delivered rental growth and a lease extension. Based upon factors
such as their size and relative lease lengths, and detailed
quantitative analysis on expected future returns, these assets are
less well aligned with our long-term strategic and portfolio
objectives.
Asset Size (sq Lease Length Acquisition Completion
ft) (years) date date
Wolseley, Baker Business 2 October
Park, Ripon 221,763 6.2 August 2014 2020
--------- ------------- ------------ -----------
DHL, Langley Mill, 1 December
Nottingham 255,680 4.2 August 2014 2020
--------- ------------- ------------ -----------
Whirlpool, Warth Park, September 1 December
Raunds 473,263 5.6 2016 2020
--------- ------------- ------------ -----------
The sale of these three assets delivers attractive returns to
our shareholders, including:
-- Delivering IRRs above our 9% per annum target.
-- Are sold at or above their current book value.
-- The consideration of GBP77 million represents a blended NIY
of 5.6%, compared to our purchase cost of GBP65.1 million (NIY of
6.6%).
-- Following exchange, the Company will benefit from
approximately three months of additional rental income totalling
GBP0.8 million due to the delayed completion on the disposal of the
Langley Mill and Warth Park assets.
Colin Godfrey, CEO, Fund Management, commented:
"Ongoing portfolio evaluation is an intrinsic part of our
strategy to deliver value to our shareholders. We continue to see
strong demand for UK logistics real estate supporting attractive
prices on assets which no longer align with our strategy and where
we believe they have reached their full value potential in our
ownership. So far this year we have disposed of GBP134 million of
assets, and we will be redeploying the proceeds into attractive
opportunities, including those within our portfolio where we see
the potential to secure higher returns for shareholders."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group Tel: +44 (0) 20 8051 5057
Colin Godfrey (CEO, Fund Management)
Frankie Whitehead (Finance Director)
Ian Brown / Jo Blackshaw (Investor
Relations)
Tel: +44 (0) 20 7379 5151
Maitland/AMO (Media enquiries) tritax-maitland@maitland.co.uk
James Benjamin
The Company's LEI is: 213800L6X88MIYPVR714
NOTES:
Tritax Big Box REIT plc (ticker: BBOX) 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 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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