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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tritax Big Box Reit Plc | BBOX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.40 | -0.25% | 161.60 | 10:06:56 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 158.50 | 158.50 | 162.40 | 162.00 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Top Posts |
|---|
Posted at 07/4/2024 09:44 by scruff1 graham - indeed he is. I thought one of the largest investors was already on the board |
Posted at 13/2/2024 14:15 by nickrl @Sky not quite the precipitous collapse that CREI had but got an alert on for 140p!!BBOX shareholder base has no dominant party nor do Aberdeen have a notifiable interest BlackRock 8.48 Aviva Investors 5.71 Vanguard Group 5.01 Legal & General Investment Management 4.09 SSGA 3.42 Brewin Dolphin, stockbrokers 3.28 and no indication of their intentions as to whether they support or not in the RNS but lets see what the offer document has to say (if we get that far). |
Posted at 12/2/2024 14:09 by scruff1 Yep me too. Doesnt instantly grab me as the most obvious fit. Can only think the obvious synergies and possibly the sell off of the UKCM non logistics to fund an increase in the merged co's stock - but even that would seem a tad clumsy. Maybe they will surprise us. Maybe the increased size will attract investor interest - but obviously not today :-) |
Posted at 12/2/2024 08:30 by yump If the yield stays the same for the combined group, the advantage for investors is perhaps a better capital gain, as a result of more fund interest in a larger group than in two smaller ones. Maybe a more secure yield especially if weaker or more volatile rental property is sold.Although it takes the diversification out of our hands. |
Posted at 20/12/2023 19:57 by scruff1 FWIW - investors have raised Tritax Big Box to 169.5. BuyYou seem to be uncharacteristically behind the door today skinny. Hopefully you will soon be back informing us of a new ATH |
Posted at 23/1/2023 09:56 by severnof9 I read this legal article today. It is by it is written by Jack Lightburn of Stevens and Bolton LLP. I am simply crediting the author I have no interest in or prior knowledge of these lawyers. In my view it is interesting anecdotal evidence that the market appears to be playing to TBB strengths.Amazon announced plans last week to shut three warehouses in the UK, a decision which will affect around 1,200 jobs and bring 1.3 million square feet of warehousing space back to the market. The online retailer also stated its intention to open two new major warehouses, which it claims will create 2,500 new jobs in the next three years. A spokesman commented: “We are always evaluating our network to make sure it fits our business needs… As part of that effort, we may close older sites, enhance existing facilities or open new sites…” This development is interesting to consider in light of Savills’ latest Big Shed Briefing blog (BSB) and it could be viewed as symptomatic of a number of recent trends within the I&L sector. Whilst the headline from the BSB is that 2022 was the third strongest ever year for take-up of industrial and logistics space, the sector was not immune to the wider geopolitical and UK specific factors causing uncertainty in the economy. This is most clearly illustrated by the sharp decline in take-up in the second half of the year (19.01m sq ft) following record numbers in the first six months (28.98m sq ft), albeit the lesser figure is still well above the long-term half-yearly average. Savills also note that online retailers took just 6.6m sq ft of new space, the lowest level since 2017. Amazon’s announcement does not seem out of place in this context. Another interesting takeaway from the BSB is the escalating demand for brand new units, likely driven by a combination of increasing investor focus on ESG, rising energy prices and the ever widening reach of environmental regulation, not least the impact of the minimum energy efficiency standard (MEES) regulations and the government’s plans to increase the minimum standard to an EPC rating of B by 2030. Savills’ data reveals that take-up for second hand sites made up only 22% of the market in 2022 - a record low - whereas build-to-suit transactions equated to 50% of the market, of which speculative take up amounted to over half - the highest level ever recorded. Perhaps the most startling statistic of all is that the average void for speculatively constructed units in 2022 was just one month. Whilst Amazon’s decision to close three warehouses can be viewed as a continuation of the market downturn seen in the second half of 2022, its plans to open two brand new warehouses are also indicative of the move away from second hand units and the ever increasing demand for high-quality new space. It will be interesting to see if other major space users follow Amazon’s lead in trading in old space for new. In our own practice we continue to see significant demand for I&L deals. In the last few months alone we have advised on a forward commitment to purchase a newly-built big shed let to a large surgical manufacturing company and are also advising an institutional fund client on the letting of a significant new warehouse and light industrial unit, so we are not seeing any signs of demand for high quality new I&L space abating. In my view it is interesting anecdotal evidence that the market appears to be playing to TBB strengths. Amazon announced plans last week to shut three warehouses in the UK, a decision which will affect around 1,200 jobs and bring 1.3 million square feet of warehousing space back to the market. The online retailer also stated its intention to open two new major warehouses, which it claims will create 2,500 new jobs in the next three years. A spokesman commented: “We are always evaluating our network to make sure it fits our business needs… As part of that effort, we may close older sites, enhance existing facilities or open new sites…” This development is interesting to consider in light of Savills’ latest Big Shed Briefing blog (BSB) and it could be viewed as symptomatic of a number of recent trends within the I&L sector. Whilst the headline from the BSB is that 2022 was the third strongest ever year for take-up of industrial and logistics space, the sector was not immune to the wider geopolitical and UK specific factors causing uncertainty in the economy. This is most clearly illustrated by the sharp decline in take-up in the second half of the year (19.01m sq ft) following record numbers in the first six months (28.98m sq ft), albeit the lesser figure is still well above the long-term half-yearly average. Savills also note that online retailers took just 6.6m sq ft of new space, the lowest level since 2017. Amazon’s announcement does not seem out of place in this context. Another interesting takeaway from the BSB is the escalating demand for brand new units, likely driven by a combination of increasing investor focus on ESG, rising energy prices and the ever widening reach of environmental regulation, not least the impact of the minimum energy efficiency standard (MEES) regulations and the government’s plans to increase the minimum standard to an EPC rating of B by 2030. Savills’ data reveals that take-up for second hand sites made up only 22% of the market in 2022 - a record low - whereas build-to-suit transactions equated to 50% of the market, of which speculative take up amounted to over half - the highest level ever recorded. Perhaps the most startling statistic of all is that the average void for speculatively constructed units in 2022 was just one month. Whilst Amazon’s decision to close three warehouses can be viewed as a continuation of the market downturn seen in the second half of 2022, its plans to open two brand new warehouses are also indicative of the move away from second hand units and the ever increasing demand for high-quality new space. It will be interesting to see if other major space users follow Amazon’s lead in trading in old space for new. In our own practice we continue to see significant demand for I&L deals. In the last few months alone we have advised on a forward commitment to purchase a newly-built big shed let to a large surgical manufacturing company and are also advising an institutional fund client on the letting of a significant new warehouse and light industrial unit, so we are not seeing any signs of demand for high quality new I&L space abating. |
Posted at 20/10/2022 11:56 by skinny That's interesting - the RNS states 1.675p, but the website says 1.34p. |
Posted at 20/9/2022 17:21 by shauney2 "Commercial property values across the UK could fall by as much as 15 per cent by the end of next year as rising interest rates make financing deals more expensive and the risk of recession threatens to slow rental growth, an asset manager has warned.The full impact of rising borrowing costs is yet to show up in official data, according to Nick Montgomery, Schrodersâ head of UK real estate investment, but transactional evidence shows that investors are becoming more cautious about how much they are willing to pay for some types of property.The value of commercial real estate such as warehouses and central London offices has risen sharply over the past decade, which has compressed the yield generated for institutional investors by owning these assets. Commercial landlords make money when the rental yield outweighs borrowing costs.âYou need a higher yield to start with to compensate you for what weâre seeing with rising rates,â? Montgomery said.Five-year swap rates, used to determine finance terms for borrowers fixing debt, have risen to 3.60 per cent, from 2.45 per cent in August and 0.55 per cent in September last year. Based upon higher swap rates and a slowdown in consumer spending, property values are likely to be 15 per cent lower at the end of next year than they were at the end of last year, according to Montgomery, who manages the London-listed Schroder Real Estate Trust.For types of property whose prices have risen the most, such as large warehouses let to Amazon, the cost of borrowing can be higher than the yield generated, which is âeffectively leading to deficit financingâ?, Montgomery said. However, there is unlikely to be the same wave of repossessions across the commercial real estate industry as during the 2008 financial crisis as loans as a proportion of commercial property values are much lower, he said.The prospect of a continued decline in consumer spending, which could strain retailersâ ability to pay higher rents or cause them to go bust, might cause shopping centres and high street retail property to fall even further, Montgomery added.Property values have started to weaken as investors become more cautious. The yield attached to prime industrial property had risen to 3.75 per cent in July from 3.5 per cent in June and 3.25 per cent in May, according to data from the real estate services group Savills. This is âprobably the fastest weâve seen the market correctâ?, according to Mat Oakley, head of Savillsâ commercial research team, representing a fall in value of 5-15 per cent." |
Posted at 04/8/2022 17:02 by income investor Personally I think the outlook is a bit more mixed than some of these comments suggest. The company has a big development program and they admitted in the presentation that there had been a summer lull in investment activity as investors considered the interest rate rises, which may cause problems if they want to fund the development by selling some assets. And with shares trading at a discount to NAV, an equity raise would be difficult as well. They could fund by more borrowing, but at today's higher rates! NAV valuations also look a bit rich to me. Values can fall as well as rise and with interest rate rises you would expect investors to demand higher yields when buying property! |
Posted at 08/6/2022 11:39 by speedsgh Interesting comment on the sector by Marcus Phayre-Mudge, the highly-rated fund manager of TR Property Investment Trust (TRY) in their recent results...Industrial and Logistics 2021 was yet another record year in terms of take up, capital value growth and, all importantly, further shrinkage in the amount of vacancy. The UK market saw take up exceed 50 million sq ft and vacancy is now below 3% across the whole range of 'big box' unit sizes. Like for like rental growth for Segro's portfolio was in excess of 5% and this has driven yields nationwide 75-100 bps leading to huge capital growth. Yet urban logistics has been even hotter, with investors focused on the supply inelasticity of infill markets. Greater London prime industrial transactional evidence now regularly sees equivalent yields (i.e. based off market rents which are higher than passing rents) of less than 3%. This price inflation has been fuelled by evidence of another year of rental growth exceeding 10%. Segro reported rental growth averaging 13.1% in its UK portfolio during 2021. Savills estimate that inner London rents have moved 25% in the last year alone. UK industrial transaction volumes reached £16.7bn in 2021, 113% growth on 2020 and 152% growth on the five year average. Given such an acceleration we must closely watch the fundamentals, there may well be capital seeking deployment without due consideration. However, for now, the demand/supply imbalance at the occupier level is driving rental growth. The entire UK industrial market recorded a drop in available space to 18.1million sq ft, a contraction of one third over the year. No wonder rents are rising. On the Continent, we have also seen market rental growth outstrip annual indexation. This is set to continue even with the printing of record high annualised inflation of 5.1%. Segro are the only fully pan-European listed player and they reported 4.1% like for like rental growth across Continental Europe for 2021. We remain confident that in many key markets this level of growth will be exceeded in 2022. Across Continental Europe, online sales penetration now averages 15-18%, still a long way behind the UK at c.28%. Shortening supply chains and reshoring has driven demand in cheaper markets such as Poland. Savills European Logistics Survey 2021 showed that 46% of all occupiers canvassed expected to increase their warehouse requirements over the next year. Availability continues to shrink, with vacancy down from 5.1% to 3.5%, with record low levels in Dublin (1.1%), the Netherlands (3.3%), Czech Republic (1.7%) and take up levels well ahead of decade averages with Madrid (+9), Poland (+13%) and the Netherlands (+10%). For the best space, rents are responding very rapidly and we expect average rental growth to exceed 5% across the Continent. However in early May this year (post the year end) Amazon announced a dramatic pause in its expansion programme. Whilst we believe that these comments were focused on their domestic US market, it has caused reverberations across all logistics/ecommerce real estate markets. Major owners and developers such as Segro and Tritax point to full orderbooks and strong transactional evidence, forward looking equity markets took fright. Share prices of these two names are down - 22% and 17% respectively, calendar year to date. |
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