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Share Price:
Up 156.60p
Change Today:
0.70p
Market Cap:
2,673.12m
Sector:
Real Estate Investment Trusts

Tritax Big Box sells Chesterfield asset to Warehouse REIT

By Josh White

Date: Thursday 03 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Tritax Big Box announced the sale of its Chesterfield asset on Thursday, for 57.3m.
The FTSE 250 real estate investment trust acquired it in March 2014, when it had 6.2 years of lease remaining to Tesco.

In 2018, it agreed an early surrender of the existing lease to Tesco, and secured a new 15 year lease to Amazon, "significantly" enhancing the value of the asset.

Having completed all key asset management initiatives, and as part of its ongoing portfolio evaluation, Tritax said it decided to realise the value created on this asset via a sale to Warehouse REIT.

The price was a premium to the 30 June book value, and reflected an internal rate of return of 18.5% per annum.

Tritax's board said the asset sale demonstrated its ability to create and realise value in its portfolio by direct and active asset management, while the proceeds from the disposal would be redeployed into attractive opportunities, including our development pipeline with a target yield on cost of between 6% and 8%.

"The sale of our Chesterfield asset for 57.3 million demonstrates the successful implementation of our strategy and is a great result for our shareholders," said chief executive officer Colin Godfrey.

"Through our active management, and working closely with our customers, we were able to support them while significantly enhancing the value of the Chesterfield asset, securing a high-quality tenant on attractive lease terms."

Godfrey said there is "strong" investment demand in the market for high-calibre logistics assets of this nature, which the company is able to take advantage of through "carefully selected" disposals, redeploying the proceeds into opportunities including its development pipeline, where the firm expects to deliver a 6% to 8% yield on cost.

"With investment demand in the market remaining strong, and attractive opportunities for us to deploy capital, we expect to complete a number of further disposals during the remainder of this financial year."

At 0923 BST, shares in Tritax Big Box REIT were up 0.95% at 156.27p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

BBOX Market Data

Currency UK Pounds
Price 156.60p
Change Today 0.70p
52 Week High 166.70p
52 Week Low 85.90p
Volume 3,250,809
Shares Issued 1,706.97m
Market Cap 2,673.12m

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 4
Sell 0
Strong Sell 1
Total 9
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BBOX Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 22-Oct-20 13-Aug-20
Paid 13-Nov-20 28-Aug-20
Amount 1.56p 1.56p

Trades for 30-Oct-2020

Time Volume / Share Price
17:01 1,348 @ 155.75p
16:35 7,349 @ 156.60p
16:35 1,042,507 @ 156.60p
16:29 31 @ 156.30p
16:29 101 @ 156.20p

BBOX Key Personnel