Tritax Big Box REIT plc Valuation update: strong portfolio performance (6232L)
14 Enero 2021 - 1:00AM
UK Regulatory
TIDMBBOX
RNS Number : 6232L
Tritax Big Box REIT plc
14 January 2021
14 January 2021
VALUATION UPDATE
STRONG PORTFOLIO PERFORMANCE
Tritax Big Box REIT plc (the Company) today announces an update
on its valuation ahead of its full year results for the twelve
months to 31 December 2020, which are due to be published on
Wednesday, 10 March 2021. All figures disclosed in this
announcement are unaudited.
UK large-scale logistics real estate market has significantly
strengthened
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 on long leases. The supply of these prime assets
remains constrained and occupier demand for larger scale logistics
buildings continues to strengthen. When combined with a buoyant
investment market, this is driving tighter pricing in transactions,
accelerating yield compression and increasing valuations for prime
assets both in the broader logistics real estate market and in our
own high-quality investment and development portfolio.
Portfolio valuation ahead of market expectations
The independent valuation of our portfolio's investment and
development assets (1) as at 31 December 2020 indicates a
like-for-like increase in value of approximately 8% since 30 June
2020. This has been driven by the strength of the logistics real
estate market, our active development and asset management
activity, alongside the high-quality nature of our portfolio as
demonstrated through consistently high levels of rent
collection.
As a result, we expect our 31 December 2020 EPRA NTA per share
to have increased materially since the half year (30 June 2020:
154.85 pence per share) and to exceed the upper end of current
analysts' estimates (2) .
The Company will publish its Q4 2020 trading update on Thursday,
28 January 2021.
(1) Excludes land and land options.
(2) Based upon a Company compiled consensus, the current range
of nine sell side analysts' estimates for EPRA NTA per share at 31
December 2020 is 152 pence to 166 pence, with an average of 159
pence.
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
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation EU 596/2014 as it forms
part of retained EU law (as defined in the European Union
(Withdrawal) Act 2018).
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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