Share Name Share Symbol Market Type Share ISIN Share Description
Tritax Big Box REIT LSE:BBOX London Ordinary Share GB00BG49KP99 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.20p -0.84% 142.00p 142.00p 142.20p 144.00p 142.10p 143.70p 1,651,322 16:35:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 74.7 91.9 10.5 13.5 1,935.52

Tritax Big Box Share Discussion Threads

Showing 701 to 725 of 725 messages
Chat Pages: 29  28  27  26  25  24  23  22  21  20  19  18  Older
DateSubjectAuthorDiscuss
07/9/2017
07:50
New acquisition announced today, see http://otp.investis.com/clients/uk/tritax_big_box/rns/regulatory-story.aspx?cid=1978&newsid=916876 Located in Atherstone, 21 miles north-east of Birmingham, the facility is situated within the 'Golden Triangle' of logistics. Apparently!
barney8000
30/8/2017
17:10
Hi speedsgh, you might be right - I have no idea on timing. Another 3 months is soon in my book but appreciate that isn't the same for everyone. I wasn't trying to predict the exact timing, just saying we know there will almost certainly be one at some point. I still hold quite a few here but sold some at 149 to go into other industrial holdings. My holding here is useful, pays a nice income and price doesn't really change much. As you say lovely for the income part of a portfolio. If you can trade a little around the edges why not : )
nimbo1
30/8/2017
15:55
But don't forget that in the real world there are no boxes available at all at the bigger end of the scale That in itself supports the market no matter how many new players try and jump in to capture a piece of the pie
joe say
30/8/2017
15:01
jonwig - Concur with your sentiments. Big box has been the stand-out sector in the commercial property arena for some time. That of course won't last forever; I have seen several interviews (including with BBOX execs) in which they have guided towards most future gains being driven by rental growth as opposed to yield compression. The sector feels like it is beginning to get a bit crowded and I am inclined to take its current star status as an early warning signal. Have built a fairly decent sized holding over the past 18 months as a long term holding for income. So like yourself, going forward I am likely to roll with what I've got & at most take up minimum entitlement under future fundraisings, assuming that they aren't made available to IIs only. BBOX is at least a holdng that doesn't keep me awake at night!
speedsgh
30/8/2017
14:24
The last fundraising included an open offer. From now, they can issue shares on a non-preemptive basis up to (I think) about 200m. Actually in May I was advised to apply for the minimum only (1/11). Next time I'm not sure I'll want any. Every time you read an article about "boxes" they're described as a red-hot sector. I'd be a bit sceptical about that, given also the new issue pending of Warehouse REIT. Let's see how that does.
jonwig
30/8/2017
13:32
I appreciate that they may want to tap investors as much as possible while markets/the economy is OK but isn't it a bit early for another fundraising, nimbo? Last one was only 3 months ago in May. Previous to that was Oct 2016, so 7 months in between.
speedsgh
30/8/2017
13:15
Thanks for your view Nimbo
gswredland
30/8/2017
10:57
IMO it will be a bit of both but also because the market expects there will be another fund raise soon. So as usual the price will head down towards the fund raise level, which as per the last one will probably be at a small premium to NAV but a discount to the share price! BBOX in hindsight is a fantastic trading share - buy when the raise is announced or when it gets close to the raise price and sell at 148p + - infact I might take my own advice and start trying it. easy 10% = 2 years worth of the dividend!
nimbo1
29/8/2017
19:37
Is the fall market sentiment in general or something company specific?
gswredland
21/8/2017
07:09
The ITF for the above: https://www.investegate.co.uk/warehouse-reit-plc/rns/warehouse-reit-announces-intention-to-float-on-aim/201708210700054747O/ Interesting that they are targeting shorter lease periods (average 7 years) as being 'more secure'. That puzzles me a bit!
jonwig
20/8/2017
09:32
Telegraph, Warehouse REIT: A property company which provides logistics and warehouse space for Argos, Boots and Amazon is to float part of its business on the London Stock Exchange in order to raise up to £150m. Warehouse Real Estate Investment Trust (REIT) is a new company spun off from existing industrial property business Tilstone with a seed portfolio of 27 industrial buildings. The firm is expected to launch its intention to float on Aim this morning [Monday], with an initial offering of 150 million shares valued at £1 each. It is understood to be targeting a dividend yield of 5.5pc in its first year. Http://www.telegraph.co.uk/business/2017/08/19/warehouse-company-counts-argos-tenant-plans-150m-float/ Strictly speaking, the shares are priced at 100p, but probably valued at around 98p. Since BBOX has latest NAV of 133p (premium 7.5%) that could see the new one oversubscribed and open around 105p. Having an existing portfolio of properties is a help. Looking at the starting yield, I'd guess these are not very big boxes they have, and not prime sites: BBOX has a gross yield of around 5.2%, net 4.3%.
jonwig
19/8/2017
08:42
Missed that speedsgh all looking very promising :-)
cheshire man
18/8/2017
11:43
Interesting update in Investors Chronicle yday... Tritax ticking all the big boxes - HTTPS://www.investorschronicle.co.uk/tips-ideas/2017/08/17/tritax-ticking-all-the-big-boxes/ "...Competition for space from other users remains strong, and management has walked away from a number of potential site acquisitions because the price has not offered an acceptable return. Fortunately, through experience and market contacts, Tritax has managed to acquire 80 per cent of its acquisitions off market. The latest of these is likely to be transformational, as it will increase the size of the portfolio by nearly 9 per cent. In late July Tritax bought the freehold for the former Littlebrook power station in Dartford for £65m. This is an amazing coup for a number of reasons. It was a clear example of the management skills and experience because to win the deal Tritax had to beat 24 other interested parties. Then there’s the all-in cost of around £625,000 per acre against an average £1.2m for commercial space in the surrounding area. But the biggest attraction is the location. The 124-acre site is right next to the M25 Dartford river crossing, which means it’s minutes away from the A2/M2 and the M20 with its direct link to the Channel Tunnel. It even has its own docking facilities on the River Thames. Around a third of the site already has planning consent for storage and distribution, and subject to planning consent on the remainder, construction will begin in Autumn 2018 on a pre-let basis with site preparation expected to cost around £25m. And a number of potential tenants have already expressed an interest..." IC VIEW: Tritax is in the right place at the right time, and is taking advantage of a lost decade when construction of new distribution centres was conspicuous by its absence. Building big ensures economies of scale and helps to encourage tenants to stay put for longer. And with strict criteria for acquisitions and building on a pre-let basis only, there is no risk element in the development arm. There’s a decent dividend, too, and the modest premium to forecast net asset value looks justified. Buy.
speedsgh
10/8/2017
10:50
HL view - Tritax - Dividends rise, with more asset purchases to come
skinny
10/8/2017
07:40
Half-year Report Financial highlights · Fully covered dividends declared for the six-month period of 3.20 pence per share, putting the Company on track to hit its full-year target of 6.40 pence2. · EPRA net asset value ("NAV") per share increased by 4.30 pence or 3.3% to 133.30 pence as at 30 June 2017 (31 December 2016: 129.00 pence). · Profit before taxation has increased by 49.9% to £80.53 million (30 June 2016: £53.72 million). · Contracted annual rent roll increased to £108.65 million (31 December 2016: £99.66 million), including all forward funded development commitments. · Portfolio independently valued at £2.10 billion3 as at 30 June 2017, including all forward funded development commitments. · Total return for the period was 5.78% compared to the FTSE EPRA/NAREIT UK REITs Index total return of 4.09%. · EPRA cost ratio continued to fall, to 13.7%, reflecting the benefits of increased scale (31 December 2016: 15.8%). · Further diversified our sources of borrowing, with a new £90 million, long-term, fixed-rate facility with PGIM. Loan to Value ("LTV") as at 30 June 2017 was 27.0% (31 December 2016: 30.0%). · Market capitalisation of approximately £2.0 billion as at 30 June 2017. 2 This is a target only not a profit forecast. There can be no assurances that the target will be met and it should not be taken as an indicator of the Company's expected or actual future results 3 See note 10 for reconciliation Operational highlights · Acquired three Big Boxes with an aggregate purchase price of £142.47 million, adding two new Customers to the portfolio. · Three forward funded pre-let developments reached practical completion in the year to date, with a total value of £155 million. · Average net initial yield of the property portfolio at acquisition is 5.7%, against our period end valuation of 4.9% net initial yield. · At the period end, the portfolio comprised 38 assets, covering more than 19.6 million sq ft of logistics space. · The portfolio was fully let, or pre-let and income producing, during the period. · At 30 June 2017, the weighted average unexpired lease term ("WAULT") was 15.1 years, against our target of at least 12 years. · Raised £350 million of equity in May 2017, through a substantially oversubscribed share issue. Post Balance Sheet Highlights · On 24 July 2017, exchanged conditional contracts to purchase a 124 acre development site at Littlebrook, Dartford for £62.5 million. Colin Godfrey, Fund Manager of Tritax Big Box REIT plc, commented: Heightened investment demand and asset management have helped enhance the value of our portfolio and we consider that market values may improve further. Whilst our asset valuations have benefitted from compressed yields, the tightening investment market means that patience, capital pricing discipline and stock selection will be increasingly important in underpinning our future performance. Nonetheless, investments in the logistics sector remain attractive compared to other asset classes and the Company is well positioned and well capitalised to take advantage with an identified, largely off-market, pipeline of opportunities. Looking forwards, maintaining the quality of our investment purchases will be key. The logistics market continues to dynamically influence the UK economy. We believe that the development of the Big Box logistics market remains in its infancy, with operational efficiencies and e-commerce likely to drive occupational demand for some time to come. Investors seeking robust values and income protection are drawn by long term lease commitments and strong market fundamentals, but also the possibility of maintaining the impressive levels of rental growth witnessed during the last couple of years. These positive attributes are expected to continue, underpinning our ambition to deliver attractive and growing, fully covered, dividends. We view the remainder of 2017 and 2018 with optimism. more.....
skinny
10/8/2017
07:24
H1 results. No cloud in the sky for big boxers, it seems: https://www.investegate.co.uk/tritax-big-box-reit--bbox-/rns/half-year-report/201708100700075928N/
jonwig
02/8/2017
10:25
many thanks for that article. I had not appreciated the 3rd option in this space. Andrew jones at london metric is a very good operator. As we are discussing it here are the 3 portfolios they wanted to acquire - I imagine they will now go for the largest portfolio and use debt to do it but we shall see. It is all set out here. https://uk.advfn.com/stock-market/london/pacific-ind-PILR/share-news/Pacific-Industrial-Log-REIT-PLC-PROPOSED-PLACING/75236919 Portfolio Description Value 1. 9 assets. Capital value GBP45.5 million at of GBP61 per square 7.3 per cent. NIY foot. WAULT of 2.7 years. Low average rents of GBP4.80 per square foot. 2. 6 assets. Capital value GBP31 million at 7.0 of GBP79 per square per cent. NIY foot. WAULT of 5.8 years. Low average warehouse rents of GBP4.35 per square foot. 3. 12 assets. Low capital GBP83 million at 7.2 value of GBP71 per per cent. NIY square foot. WAULT of 7.1 years. Low local rents of GBP5.46 per square foot.
nimbo1
02/8/2017
08:34
nimbo,thanks for the info re PILR.Don't worry about tyranosaurus he seems like a bit of a dinosaur;-) I was vaguely aware from a piece in Share magazine. hTtps://www.sharesmagazine.co.uk/article/the-growing-appeal-of-investing-in-logistics-facilities Be interesting to see what they do with the proceeds from their latest fundraise.
shauney2
02/8/2017
01:34
Thanks for flagging Nimbo, wasn't even on my radar but is now. Will have a look in more detail.
tudes100
01/8/2017
14:12
nimbo - thanks ... that's OK, I have PLIR (and the thread) on watch!
jonwig
01/8/2017
12:42
Hi Jonwig, PILR is absolutely 'little' boxes and lot sizes which are not institutional (or BBOX size). PILR is an active management play where you have to be comfortable backing the management team - lease regears, refurbishment, potential development etc with a cost of acquisition of 30-70% of the replacement cost. Higher risk and potentially higher reward. They paid out 6p in dividend income in their first year also and increased the NAV by c.16%. As you say its v illiquid - i had to pay 119.5 to buy shares and they have just done the raise at 115p. That growth if sustained will be way ahead of what BBOX are able to achieve from here - there isn't really any more room for yield compression for BBOX in the opinion of anyone you talk to in the industry, any growth will be predominantly driven by increases to income and hopefully therefore the dividend. Clearly BBOX has a blue chip tenant base and very secure income streams - its a quality diversified bond play. The fact they have invested so much money in a development site also shows where they now have to go looking for growth. I won't mention PILR again here but the comparison between the 2 is interesting and I will continue to hold both.
nimbo1
01/8/2017
12:06
Liberum Capital Hold 149.55 135.00 135.00 Reiterates
skinny
01/8/2017
12:04
Correct, nimbo. I haven't really looked at PILR, and it got off to a slow start. I have the impression that it's more into 'little' boxes than big ones. It also seems a bit illiquid.
jonwig
01/8/2017
11:16
Who are you the message board police? Writing about another investment trust, on one bb, which invests in the same asset class as BBOX - just lower down the value chain does not count as ramping. I own more that enough BBOX shares to have a right to mention relevant things going on in the industry.
nimbo1
01/8/2017
09:02
PILR only raised half of what they wanted. NO interest from me. GO RAMP IT ELSEWHERE
tyranosaurus
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P:40 V: D:20170919 18:52:58