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On 17 June 2026, Tritax Big Box REIT plc entered into a development management agreement with Tritax Management LLP to deliver a 125MW data centre scheme at Chelmsford, Essex. Under this agreement, Tritax Management LLP will receive approximately £3.3 million for project assembly services, a development management fee of up to 5% of the development cost, and a 17.5% share of total development profits. Fifty percent of the Manager's profit share will be used to subscribe for or acquire shares in Tritax Big Box REIT plc, with a targeted scheme yield on cost of 10-11%.
| Date | 17 Jun 2026 |
| Time | 07:00:03 |
| Category | Acquisitions and alliances |
| ID | 5636I |
Entry into development management agreement at Chelmsford
17 June 2026, Tritax Big Box REIT plc ("Tritax Big Box" or "the Company") has entered into a development management agreement ("the Agreement") with Tritax Management LLP ("Tritax Management" or "the Manager") to deliver a 125MW data centre scheme at Chelmsford, Essex - the second in its data centre pipeline.
Under the Agreement, which emulates the existing arrangements for the delivery of Tritax Big Box's first data centre scheme at Manor Farm, Heathrow, Tritax Management has been appointed to provide development management and technical services. These include pursuing planning, overseeing construction, pre-letting services, technical electrical expertise and managing the technical aspects of the scheme and all power-related elements.
Consistent with its first data centre scheme, Tritax Management will receive a payment of c.£3.3 million in respect of project assembly services to date at the Chelmsford scheme; a development management fee of up to 5% of the development cost of the scheme[1], contingent upon receiving planning consent; and a profit share[2] of 17.5% of the total development profits, contingent upon full delivery of a practically completed and let data centre. 50% of the Manager's profit share payment will be applied to the subscription or acquisition of shares in the Company[3].
The targeted yield on cost for the scheme of 10-11% includes these payments.
Tritax Management is a related party of the Company pursuant to UKLR 11.5.3R. The payments to Tritax Management set out above are deemed to be a relevant related party transaction under UKLR 11.5.4R.
The Board considers that the agreement regarding the development management fee and profit share payment is fair and reasonable as far as the shareholders of the Company are concerned and the Directors have been so advised by Jefferies International Limited in its capacity as sponsor.
For further information, please contact:
Tritax Group
Colin Godfrey, CEO +44 (0) 20 7993 9640
Frankie Whitehead, CFO [email protected]
Ian Brown, Head of Corporate Strategy & Investor Relations
Kekst CNC
Tom Climie/Guy Bates +44 (0) 7760 160 248 / +44 (0) 7581 056 415
The Company's LEI is: 213800L6X88MIYPVR714.
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 targets 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 clients on long-term leases with upward-only rent reviews and geographic and client diversification throughout the UK. Additionally, having adopted a "power first" approach, the Company has recently secured its first data centre development opportunities (amounting to over 250MW), and has a pipeline of c.1-gigawatt of further opportunities, offering the potential to deliver exceptional returns on an accelerated basis.
The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies, is listed on the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 100, FTSE EPRA/NAREIT and MSCI indices.
Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk
[1] The development management fee is payable by reference to different milestones, with 3.5% payable in quarterly instalments contingent on and commencing from the grant of satisfactory planning permission and 1.5% payable following the later of the date of grant of satisfactory planning permission and the date of exchange of an acceptable pre-letting agreement.
[2] The profit in respect of the above contingent profit share arrangement is calculated as the fair value of the asset base at the time of completion (as confirmed by an independent valuer) less all associated costs.
[3] Subject to a 12-month lock up arrangement.