Tritax Big Box REIT plc Notice of GM (4881G)
November 06 2018 - 6:00AM
UK Regulatory
TIDMBBOX
RNS Number : 4881G
Tritax Big Box REIT plc
06 November 2018
6 November 2018
TRITAX BIG BOX REIT PLC
(the "Company")
NOTICE OF GENERAL MEETING
RECOMMENDED PROPOSAL TO AMEND THE COMPANY'S EXISTING INVESTMENT
POLICY
The Board of Tritax Big Box REIT plc (ticker: BBOX) announces
the publication today of a notice convening a general meeting (the
"Notice of General Meeting") to consider a recommended proposal to
amend the Company's Existing Investment Policy, details of which
are set out in a shareholder circular accompanying the Notice of
General Meeting (the "Circular").
Change to the Company's Existing Investment Policy
The Company is proposing an amendment to its Existing Investment
Policy and has consulted with a number of its larger Shareholders.
The Company proposes to increase the maximum exposure limit to land
and options over land from 10 per cent. of Net Asset Value to 15
per cent. of Gross Asset Value, of which up to 5 per cent. of Gross
Asset Value may be invested in speculative developments, namely
development activities where no tenant is in place.
Furthermore, whilst the Company's primary investment focus is
Big Box assets, it is also seeking to clarify that it may from time
to time develop and/or acquire other ancillary assets, including,
but not limited, to smaller distribution warehouses and/or urban
distribution or "last mile" hubs.
The ability to make limited investments in speculative
development activity will give the Company additional flexibility
to source development opportunities at an earlier stage with the
potential to deliver enhanced returns for Shareholders.
By increasing its maximum exposure limit to land and options
over land, including making limited investments in speculative
development activity, the Board and the Manager believe that the
Company will be capable of deriving higher earnings from such
investments as new developments are undertaken. In implementing the
Company's broader investment strategy, the Board will remain fully
focused on delivering an attractive dividend yield for
Shareholders.
It is expected that all assets developed (whether speculatively
or on a forward funded, pre-let basis) that meet the Company's
investment criteria will be held by the Company for investment
purposes in accordance with its Investment Policy.
The Circular sets out full details of the background to and
rationale for the proposed changes to the Company's Existing
Investment Policy.
Notice of General Meeting
The proposal to amend the Existing Investment Policy requires
the approval of Shareholders by ordinary resolution. The General
Meeting will be held on Friday, 23 November 2018 at 10:00 a.m. at
the offices of Taylor Wessing LLP, 5 New Street Square, London EC4A
3TW.
A copy of the Notice of General Meeting will be posted to
Shareholders today and will be available on the Company's website
at www.tritaxbigbox.co.uk/investors. A copy will also be submitted
to the National Storage Mechanism and will be available for
inspection at www.morningstar.co.uk/uk/NSM.
Any capitalised terms used but not defined in this announcement
will have the same meaning as set out in the Circular.
For further information, please contact:
Tritax Group via Newgate below
Colin Godfrey (Partner, Fund Manager)
Newgate (PR Adviser) Tel: 020 7680 6550
James Benjamin Email: tritax@newgatecomms.com
Anna Geffert
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 pre-let forward funded developments, the Company focuses on
well-located, modern "Big Box" logistics assets, typically greater
than 500,000 sq ft (measured by floor area, c. 67% of the Company's
existing logistics facilities including forward funded developments
are in excess of 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 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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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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