Tritax Big Box REIT plc Notice of GM (4881G)

TIDMBBOX

RNS Number : 4881G

Tritax Big Box REIT plc

06 November 2018

6 November 2018

TRITAX BIG BOX REIT PLC

(the "Company")

NOTICE OF GENERAL MEETING

RECOMMENDED PROPOSAL TO AMEND THE COMPANY'S EXISTING INVESTMENT POLICY

The Board of Tritax Big Box REIT plc (ticker: BBOX) announces the publication today of a notice convening a general meeting (the "Notice of General Meeting") to consider a recommended proposal to amend the Company's Existing Investment Policy, details of which are set out in a shareholder circular accompanying the Notice of General Meeting (the "Circular").

Change to the Company's Existing Investment Policy

The Company is proposing an amendment to its Existing Investment Policy and has consulted with a number of its larger Shareholders. The Company proposes to increase the maximum exposure limit to land and options over land from 10 per cent. of Net Asset Value to 15 per cent. of Gross Asset Value, of which up to 5 per cent. of Gross Asset Value may be invested in speculative developments, namely development activities where no tenant is in place.

Furthermore, whilst the Company's primary investment focus is Big Box assets, it is also seeking to clarify that it may from time to time develop and/or acquire other ancillary assets, including, but not limited, to smaller distribution warehouses and/or urban distribution or "last mile" hubs.

The ability to make limited investments in speculative development activity will give the Company additional flexibility to source development opportunities at an earlier stage with the potential to deliver enhanced returns for Shareholders.

By increasing its maximum exposure limit to land and options over land, including making limited investments in speculative development activity, the Board and the Manager believe that the Company will be capable of deriving higher earnings from such investments as new developments are undertaken. In implementing the Company's broader investment strategy, the Board will remain fully focused on delivering an attractive dividend yield for Shareholders.

It is expected that all assets developed (whether speculatively or on a forward funded, pre-let basis) that meet the Company's investment criteria will be held by the Company for investment purposes in accordance with its Investment Policy.

The Circular sets out full details of the background to and rationale for the proposed changes to the Company's Existing Investment Policy.

Notice of General Meeting

The proposal to amend the Existing Investment Policy requires the approval of Shareholders by ordinary resolution. The General Meeting will be held on Friday, 23 November 2018 at 10:00 a.m. at the offices of Taylor Wessing LLP, 5 New Street Square, London EC4A 3TW.

A copy of the Notice of General Meeting will be posted to Shareholders today and will be available on the Company's website at www.tritaxbigbox.co.uk/investors. A copy will also be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM.

Any capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular.

For further information, please contact:

 
  Tritax Group                             via Newgate below 
    Colin Godfrey (Partner, Fund Manager) 
 
   Newgate (PR Adviser)                     Tel: [phone] 
    James Benjamin                           Email: [e-mail] 
    Anna Geffert 
 
   Jefferies International Limited          Tel: [phone] 
    Gary Gould 
    Stuart Klein 
 
   Akur Limited                             Tel: [phone] 
    Anthony Richardson 
    Tom Frost 
    Siobhan Sergeant 
 

The Company's LEI is: 213800L6X88MIYPVR714

NOTES:

Tritax Big Box REIT plc is the only listed vehicle dedicated to investing in very large logistics warehouse assets ("Big Boxes") in the UK and is committed to delivering attractive and sustainable returns for shareholders. Investing in and actively managing existing built investments, land suitable for Big Box development and pre-let forward funded developments, the Company focuses on well-located, modern "Big Box" logistics assets, typically greater than 500,000 sq ft (measured by floor area, c. 67% of the Company's existing logistics facilities including forward funded developments are in excess of 500,000 sq ft), let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited supply of Big Boxes.

The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies ("REIT"), 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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November 06, 2018 06:00 ET (11:00 GMT)