Tritax Big Box REIT plc One Million Sq Ft Letting Agreed (5586O)
June 13 2022 - 2:00AM
UK Regulatory
TIDMBBOX
RNS Number : 5586O
Tritax Big Box REIT plc
13 June 2022
Development update
One million sq ft of new development lettings secured at
Rugby
Tritax Big Box REIT plc (Tritax Big Box or the Company)
announces that is has successfully leased one million sq ft across
four buildings at its Symmetry Park Rugby development site to a
global leader in storage and information management services (the
Customer).
Extensive land portfolio supports the long-term growth ambitions
of our customers
These logistics facilities will support our new Customer's
growth ambitions by enabling it to create its first UK campus,
capable of delivering a full range of services for its clients. The
lettings also support the development programme at Tritax Big Box's
Rugby site, which benefits from planning consent to deliver
approximately 1.9 million sq ft of logistics space and access to
key transport infrastructure.
Enhancing our portfolio with high-quality and sustainable
assets
The buildings will be state of the art and, in line with our
leading and integrated approach to ESG, will:
-- Be constructed to BREEAM Very Good rating;
-- Target an EPC rating of A;
-- Achieve net zero carbon in construction, and
-- Initially provide 20% solar PV roof covering with potential to increase.
Delivering attractive returns to investors
The Customer is leasing four buildings, of which two are from
our speculative development programme, and has entered into a
further two pre-lets on buildings which will be constructed on a
built-to-suit basis, noting that:
-- Each of the four buildings will be let on a new 15 year lease
with five yearly open market rent reviews;
-- Collectively the four buildings are expected to deliver a
yield on cost within our 6-8% guidance range;
-- Delivery of the buildings will be phased, with:
o 321,000 sq ft due to practically complete in Q2 2023 (forming
part of our current speculative development programme where
construction commenced in May 2022)
o 643,000 sq ft of pre-let space expected to practically
complete in late 2023.
Colin Godfrey, CEO, commented:
"Our successful letting of one million sq ft of prime logistics
space will be one of the largest UK letting transactions completed
so far this year and is further evidence of our strategy delivering
growing rental income to our investors at an attractive yield on
cost. Our development activity continues to gather momentum as we
benefit from strong and diversified occupational demand. Our
significant land portfolio allows us to carefully match customers'
requirements in terms of building size, location and configuration.
We are delighted to be supporting a new customer's growth plans and
welcome them and these state of the art and highly sustainable
buildings into our portfolio".
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tritax Group Tel: +44 (0) 20 8051 5057
Colin Godfrey
Frankie Whitehead
Ian Brown
Kekst CNC Tel: +44 (0) 7971 578 507
Neil Maitland/Tom Climie +44 (0) 7760 160 248
Email: tritax@kekstcnc.com
NOTES:
Tritax Big Box REIT plc (Tritax Big Box or the Company) is the
largest listed investor in high-quality logistics warehouse assets
and controls the largest logistics-focused land platform in the UK.
Tritax Big Box is committed to delivering attractive and
sustainable returns for shareholders by investing in and actively
managing existing built investments and land suitable for logistics
development. The Company focuses on well-located, modern logistics
assets, typically let to institutional-grade tenants on long-term
leases with upward-only rent reviews and geographic and tenant
diversification throughout the UK. The Company seeks to exploit the
significant opportunity provided by the imbalance between strong
occupational demand and constrained supply of modern logistics real
estate in the UK.
The Company is a real estate investment trust to which Part 12
of the UK Corporation Tax Act 2010 applies, is listed on the
premium segment of the Official List of the UK Financial Conduct
Authority (Ticker: BBOX) and is a constituent of the FTSE 250, FTSE
EPRA/NAREIT and MSCI indices.
The Company's LEI is: 213800L6X88MIYPVR714
Further information on Tritax Big Box REIT is available at
www.tritaxbigbox.co.uk
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END
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