TRITAX BIG BOX SELLS THREE INVESTMENT ASSETS FOR £125 MILLION

2 March 2023, Tritax Big Box REIT plc ("Tritax Big Box" or "the Company") today announces it has successfully exchanged contracts for the sale of three investment assets for a net consideration of £125 million, in line with the 31^st December 2022 valuations and reflecting a blended net initial yield of 4.6%. The purchaser is a leading global investor in real estate.

The three assets, which have a combined WAULT of 9.2 years and a total area of 1.4 million square feet, comprise:

·      Skelmersdale is let to DHL for an unexpired term of 1.5 years. The investment was purchased in August 2014 at a net initial yield (NIY) of 6.5%. Constructed in 2003, the building extends to 470,000 sq ft and has an eaves height of 12.8 metres.

·      Knowsley, which was purchased in December 2015 for 6% NIY, is let to Matalan for a further 13.6 years. Originally constructed in 2006 and extended in 2014, the building has an eaves height of 15 metres and a ground floor GIA of 578,000 sq ft. 

·      Worksop, which is let to Cerealto for a further 12.5 years was acquired by the Company in November 2017 for 6.6% NIY. The 330,000 sq ft building was constructed in 2007.

All three assets are non-core to the investment strategy of the Company and have delivered an attractive blended IRR of 12.8% per annum over the combined hold period.

The transaction brings the total value of disposals exchanged or completed so far in 2023 to approximately £150 million.

Colin Godfrey, CEO for Tritax Big Box, commented:

"We constantly seek ways to optimise our portfolio to crystalise value and redeploy capital into higher returning opportunities. The disposal of three assets for £125 million, in line with their book value, demonstrates the ongoing effective implementation of our strategy and the attractiveness of our assets. The sale to a leading global investor in real estate provides further evidence of  the growing stabilisation within the UK investment market. With the UK's largest logistics focused land portfolio, we have a significant pipeline of higher returning development opportunities we are able to recycle capital into."  

ENDS

NOTES:

Tritax Big Box REIT plc (ticker: BBOX) 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 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