Tritax Big Box Reit Share Discussion Threads

[williamcooper104] 24/4/2023 09:53

They've not been mark to marketing the land options So while land values have indeed fallen recently before that they'd gone up massively The land option cost value is stated on bboxs balance sheet at £150m or c3 percent of GAV The actual value of those options is a lot higher than £150m - it's less than it would have been 12 months ago but a lot more still than would have been a few years ago

[hindsight] 24/4/2023 09:23

Your missing the point on the development value. Your argument works for newly built values (why I like quality property long term) but not the former

BBOX either own the land so thats 50% gone or on options cant build at min price so land owner does not have to sell and pockets the option fee


Industrial land values shrank by 47.4 per cent in the six months to December 2022, due to inflation and increased borrowing costs, says Colliers Industrial & Logistics analysts.

[williamcooper104] 24/4/2023 08:58

6 gives a standard 20 percent PoC return 8 gives a super return of about 60 percent profit margin

[williamcooper104] 24/4/2023 08:57

6-8 development yield works

[hindsight] 24/4/2023 08:43

The options will have a minimum price, it could be they cant build at those mins so options basically worthless at present

[williamcooper104] 24/4/2023 08:09

Rising rents mitigates build cost inflation - hence can still get the same 6-8 development yield Most of bboxs land is held at option cost; which was part of the reason why bbox previously traded at big premiums to NAV

[hindsight] 24/4/2023 07:57

WC104, Landbanks with permission will be taking the biggest % fall though at present

[williamcooper104] 22/4/2023 19:57

One share price to another share price doesn't mean anything Ebox is on a c6 implied yield Bbox is on a c5 something implied yield But one has little development upside The other has the largest logistics landbank in the UK

[williamcooper104] 22/4/2023 19:50

Would you pay the same for one shed on 1000 acres of land as one shed on 5 acres of land

[skyship] 22/4/2023 19:48

"Bbox can more than double its size with the largest logistics land bank in the UK at 6-8 yield on cost".....sorry, but that is really for the birds WC. But I know you like to come out with that rather meaningless stuff. So, whatever.

Personally I think one's a plum snd one's a prune.

Sp's today 149p v. 64.3p

Let's see where we are end Q2, Q3 & Q4. Don't fancy yours.... but not saying you may not be right.

We'll see...

[williamcooper104] 22/4/2023 16:27

Apples and oranges comparison Bbox can more than double its size with the largest logistics land bank in the UK at 6-8 yield on cost Plus it's actually got a covered dividend and no material debt to refinance until 2026 (from memory) So it's both safer and has more upside

[skyship] 22/4/2023 15:54

Up over 200p BBOX was way over-valued; now less so at 149p, however the bald stats of:

# EPRA NAV discount of 17.4% - too low

# Yield of just 4.7% - way, way too low

...suggests to me they are likely to continue churning in the 130p-150p for some time to come...

Compare this with Tritax Eurobox on a 47% NAV discount & a 6.9% yield. Clearly EBOX offer far, far better value.

[speedsgh] 21/4/2023 13:25

Tritax Symmetry signs Syncreon up to final spec unit at Symmetry Park Bicester -

National logistics property developer Tritax Symmetry has completed the first phase of Symmetry Park, Bicester. syncreon, A DP World Company has now leased the last remaining speculatively built facility at the Park totalling 271,227 sq ft.

The company, which provides logistics and supply chain solutions, has taken Unit C on a 15-year lease to further improve its distribution network after securing a contract with a major music distributor . The company, which is part of DP World, will join existing businesses at the Park including DPD (60,000 sq ft); Ocado (164,000 sq ft), Bentley Designs (88,000 sq ft) and Medline Services (110,000 sq ft).

Unit C is the latest building at Symmetry Park Bicester to be built to net zero carbon in construction, in line with Tritax’s commitment to building all new developments to net zero carbon, as regulated by the UK Green Building Council (UKGBC). syncreon’s state-of-the-art logistics building, which was built by A&H Construction and completed in December 2022 incorporates significant PV solar power generation as well as EV car charging points.

Speaking about the scheme, Tom Leeming, Development Director at Tritax Symmetry, commented: “Since we first broke ground here at Symmetry Park Bicester in 2017, we have closely worked with Cherwell District Council to attract more businesses, provide growth opportunities to existing businesses in the town and attract considerable capital investment of over £100m to the area. Today, the Park is home to a host of premier businesses. In addition, we have a further 16-acres to develop as part of phase three.”

Tom Parker, EMEA Real Estate Director at syncreon, continued: “We are pleased to secure Unit C at Symmetry Park, Bicester, which is another exciting acquisition to syncreon’s expanding UK Real Estate Portfolio. Bicester is the perfect location from which to operate our customer’s national distribution from, relocating from an existing operation in Aylesbury. The net zero carbon construction, and on-site renewable energy generation, is an important aspect in DP World’s own sustainability agenda and the state-of-the-art facility reflects positively on our business and brand. We look forward to continuing our relationship with Tritax over the duration of the lease.”

Extending to a total of 69 acres, Symmetry Park, Bicester has the capacity to deliver up to 963,000 sq ft of logistics floor space.

Savills and DTRE are joint letting agents for Symmetry Park, Bicester.

[speedsgh] 31/3/2023 16:41

Big Box Occupational Market Coming to Boil After Slower Start to 2023 -

DTRE Reports Fall in Deals Over 300,000 Square Feet but Stronger Q2 Predicted Thanks to 8 Million Square Foot Pipeline

Big box logistics lettings over 300,000 square feet fell by 50% in the first quarter of 2023, holding back overall volume deals, but a stronger second quarter is coming with several million square feet of deals in the pipeline...

[continues behind paywall]

[igoe104] 13/3/2023 16:15

Just added to my holding here, I was very impressed with the presentation, these look very cheap..

[yump] 10/3/2023 09:30

Double hit xd and fed. Who thought income stocks would ever be this volatile. Portfolio valuation as well.

Looks like it won’t escape the bottom area quite yet, although drop seems overdone given comments about current year.

[skinny] 07/3/2023 17:26

Quite some volume!


free stock charts from uk.advfn.com

[williamcooper104] 07/3/2023 17:26

Revenge of the Fed

[scruff1] 07/3/2023 17:22

Two forward two back zzzzzz

[speedsgh] 03/3/2023 07:36

Citywire forum link here -

[scruff1] 03/3/2023 07:32

Interesting article in CityWire this am asking for readers thoughts on BBOX after the results. Sorry not able to post a link

[igoe104] 02/3/2023 14:33

I was very impressed with today's presentation, very polished and positive.

[williamcooper104] 02/3/2023 14:22

BBOX just sold three assets for £120m at 4.6 to Brookfield, think these had some near term reversion so not the same as the typical 15 year leases 5 yield quoted in the trading update But positive none the less; still a lot of capital chasing assets in the sector BBOX will be selling to fund developments - so out at 4.6 and reinvested at 6-8