Tritax Big Box Reit Share Discussion Threads

[jonwig] 29/11/2018 07:49

So who is it, this world leading retailer?

[skinny] 29/11/2018 07:11

COMPLETION OF A NEW 15 YEAR LEASE TO A WORLD LEADING RETAILER ON CHESTERFIELD ASSET

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the successful completion of a new 15-year lease to the incumbent licensee, a financially robust world leading retailer, on the Company's distribution centre at Barlborough Links, Chesterfield.

Previously let to Tesco Stores Limited ("Tesco"), on a lease which was due to expire in March 2020, this well located and well configured logistics facility was acquired by the Company in March 2014 at an attractive yield.

In March 2018, the Company successfully negotiated a surrender of the Tesco lease, without premium, to obtain vacant possession. Almost simultaneously, this world leading occupier entered into a 12-month licence agreement, to help enable it to undertake due diligence on the asset, with a view to negotiating and finalising a formal lease.

This well specified cross-docked facility with 64 dock level loading doors, has a gross internal area of 501,751 sq ft, an eaves height of 15 metres, ancillary office space and a site density of 46%. It benefits from immediate access to the M1 at Junction 30, providing excellent motorway and wider transport network connectivity.

The Company is undertaking a programme of works in conjunction with the customer's extensive fit out plans.

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[skinny] 26/11/2018 08:39

Liberum Capital Hold 140.40 155.00 Reiterates

[skinny] 26/11/2018 07:07

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to provide the following update on progress with the Company's c.114 acres of prime London development land at Littlebrook, Dartford, within the M25, which was acquired in July 2017.

The Company announces that it has successfully secured planning permission from Dartford Borough Council for the proposed development of a 450,240 sq ft cross-docked logistics facility with a clear internal height of 21 metres. The proposed development of the asset is on 28.6 acres of Phase 1 land and this planning permission consolidates planning consents from other parts of the site.

The marketing campaign, which formally commenced recently, has already attracted a healthy level of enquiries and the Phase 1 planning consent is expected to heighten interest further. The Company is targeting a yield on cost on Phase 1 in excess of 6.5%.

The Littlebrook site represents one of London's largest big box logistics parks and is in a core South East "Last Mile" location on the edge of London and inside the M25 orbital motorway. It has excellent road and port connectivity and can support the potential development of approximately 1.7 million sq ft of logistics distribution buildings, including several big box logistics facilities, together with some smaller urban logistics facilities. By developing buildings on a pre-let basis only on this site, the Company aims to add new high-quality investments to its portfolio over the coming years at an attractive yield on cost, whilst minimising risk.

Demolition of both Phases 1 and 2, which total approximately 54 acres, has now completed on time and on budget. An important part of the demolition process is ensuring that as much of the demolished material as possible is recycled. To date, a recycling level of over 98% has been achieved across the site.

The demolition of Phase 3, which includes the main power station and its associated infrastructure, is continuing and is on track to complete in early 2020.

Discussions are now ongoing with Dartford Borough Council for a separate application for outline planning consent on the balance of the site.

Colin Godfrey, Partner of Tritax, commented:

"Working alongside our development partner, Bericote Properties, we are delighted to have been granted planning permission for the first development phase of this exciting Big Box logistics park within the M25 at Dartford, London.

The development team look forward to continuing to build on the positive working relationship established with Dartford Borough Council to progress discussions to secure planning consent for the development of the balance of this site. We anticipate being able to provide additional new high-quality investments on a pre-let basis to the Company's portfolio over the coming years at an attractive yield on cost.

Our continuing phased capital investment programme will in time bring new jobs to the site as well as the wider area."

[buying] 21/11/2018 22:54

Robbie Burns hasn't sold out completely, only his last buy

[insideryou] 21/11/2018 10:36

Robbie burns sold out. Never a good sign. Although, its retracement is minimal and shows huge resilience

[skinny] 12/11/2018 10:42

Hmmmm - 140p breached.

[tyranosaurus] 06/11/2018 18:57

Hovering around 140p
Last 6 times it sunk to 140p it bounced.
Let`s hope it does so again.

[skinny] 06/11/2018 11:13

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.

[insideryou] 29/10/2018 06:27

Trending down. Hasnt been ear marked by the shorts yet either. Not for me

[skinny] 12/10/2018 07:20

FORWARD FUNDED INVESTMENT IN A NEW PRE-LET LOGISTICS FACILITY AT MIDLANDS LOGISTICS PARK, CORBY, FOR £89.3 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the Company has exchanged contracts, conditional on receiving full planning consent, to provide forward funding for the development of a new National Distribution Centre at Midlands Logistics Park ("MLP"), Corby. The property is pre-let to BSH Home Appliances Limited ("BSH"), part of the Bosch Group. The Bosch Group is the largest manufacturer of home appliances in Europe and one of the leading companies in the sector worldwide with high quality brands that include Bosch, Gaggenau, Neff and Siemens. The development represents an investment of £89.3 million, reflecting a net initial yield of 5.2% (net of acquisition costs to the Company).

The property will comprise a cross-docked facility with 360-degree circulation, a minimum eaves height of 15 metres, together with extensive parking and a site cover of approximately 50%. The new prime facility will be purpose-built to a high specification with a gross internal area of c. 945,375 sq ft; it will become BSH's largest UK distribution centre.

The site, situated adjacent to the pre-let Eddie Stobart Limited property owned by the Company, forms part of MLP, a new logistics park to the south of Corby. The property benefits from direct access onto the A43 dual carriageway, which has recently been upgraded, thereby providing improved access to the M1 southbound, the M6 and A1(M) via the A14 dual carriageway. MLP is capable of potentially accommodating approximately 5 million sq ft. of logistics space and benefits from a 500-metre rail siding and yard for a potential future connection onto the rail freight network. This potential bi-modal connection for MLP would provide enhanced connectivity for the site to the UK's ports and cities. Corby has attracted a number of major occupiers including Eddie Stobart, Wincanton, Matalan and Morrisons.

Upon practical completion of the construction, targeted for Autumn 2019, the property will be let to BSH on a new 10-year lease, subject to five yearly upward only rent reviews indexed to the Retail Price Index, subject to a cap and collar. From completion of the land purchase and during the construction phase, the Company will receive an income return equivalent to the rent.


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[davr0s] 04/10/2018 10:28

Not for me - I never buy anything that is trending down

[belgraviaboy] 04/10/2018 10:20

Was also written up on iii on the 2nd Oct:

www.ii.co.uk/analysis-commentary/stockwatch-defensive-high-yielder-buy-ii506870/

[belgraviaboy] 04/10/2018 10:09

Good opportunity to add below NAV here

[skinny] 03/10/2018 11:01

02 Oct 18 Barclays Capital Equal weight 147.35 - 160.00 Initiates/Starts

[jonwig] 02/10/2018 07:35

A new £250m short-term debt facility: a term of 12 months, with an option to extend by a further six months, at the sole option of the Company.

Strongly suggests this is bridging finance ahead of a new equity fundraising next year to repay the debt. About 11% of the equity will probably need to be raised which looks like an open offer to me.

[tyranosaurus] 28/9/2018 16:08

Acquisition at yield of 4.9% which doesn`t excite me very much.
After a 3% rent increase at the first review this goes up to 5.4%.
I fail to see how the maths works for this.

[belgraviaboy] 26/9/2018 09:05

I think the fundraisings will slow.

I seem to remember that TR Property wrote that they had asked BBOX to slow down the issue of equity and BBOX have suggested the next round will be debt financed.

Looks good value to me here, trading around NAV.

[sleepy] 10/8/2018 15:28

Speedsgh

Thank you for Post 875

Do you happen to have the prices of the fundraisings?

[rustle2] 10/8/2018 10:22

Would be a good AGM question as to whether they see a slowdown after reaching a certain size. They may also become a stage, one way or another where it becomes harder to get the placings away so makes sense to do them while they can.

[speedsgh] 09/8/2018 16:34

Hi jonwig. Yes, my suspicion re another fundraising was based partly on their comment in today's rns re currents funds being fully deployed relatively soon and partly on their previous history of tapping the market at regular intervals. I see no sign of them reducing that appetite in the near future although you would like to think it would slow/cease at some point. Maybe not before year end for the next round but certainly by next spring. Aimho

Apr 2018 (£155.6m placing)
May 2017 (£350m placing/open offer/offer for subscription)
Sep/Oct 2016 (£350m placing/open offer/offer for subscription)
Jan/Feb 2016 (£200m placing/open offer/offer for subscription)
Jun 2015 (£54m placing)
Mar 2015 (£175m placing/offer for subscription)
Nov 2014 (£110m placing)
Jun/Jul 2014 (£150m placing/open offer/offer for subscription)
May 2014 (£20m placing)
Admission: Dec 2013

[jonwig] 09/8/2018 15:26

@ gwsredland - I guess it will move with the market but better than the property sector (so, flat in my view). Their debt is cheap, and much lower than their normal level.

I can't find any reference to future fundraising, but they say they will have deployed the last one pretty soon. I hope they will hold off, as opportunities won't be cheap in one of the better property sectors.

[gswredland] 09/8/2018 15:17

Probably a bit further to fall but I would like to add!

[skinny] 09/8/2018 14:49

Liberum Capital Hold 152.45 165.00 - Reiterates

[angusf77] 09/8/2018 14:24

Sounds like business as usual although the tone is maybe a bit more cautious e.g. "We feel that Brexit does not yet appear to be affecting occupier demand for Big Box space significantly...". Previous results perhaps seemed more confident about demand outlook and talked about Brexit silver linings