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Tritax Big Box Fundamentals (BBOX)

ACQUISITION OF A KELLOGG'S DISTRIBUTION FACILITY AT TRAFFORD PARK, MANCHESTER FOR £23.5 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired a distribution facility at Trafford Park, Manchester, let to Kellogg Company of Great Britain Limited ("Kellogg's"), whose ultimate parent is the Kellogg Company. The purchase price is £23.5 million (excluding purchaser's costs), reflecting a net initial yield of 5.9% on the asset acquisition. The purchase is being funded from equity proceeds, with senior debt finance expected to be introduced in the near term.

The property is one of three distribution and production facilities located at Trafford Park, Manchester let to Kellogg's and is in close proximity to its production facility at Barton Dock Road, Trafford Park, which is the Kellogg Company's largest manufacturing facility in Europe and where it manages its national and some international operations. The asset was built to a high specification in 2007 and includes an eaves height of c.15 metres, offices and extensive parking and loading facilities. The facility has also benefited from significant capital investment including recent investment to improve racking efficiency. The facility has a gross internal floor area of 311,602 sq ft and a site cover of approximately 46%.

Trafford Park remains one of the largest and most successful business parks in Europe with one of the highest concentration of industrial and logistics facilities in the UK, principally due to its excellent rail, shipping and airport connectivity together with its proximity to the greater Manchester conurbation. It has a dedicated rail freight terminal, which is the largest in the North West, running straight through to mainland Europe, direct access to the M60 and the Manchester Ship canal and Manchester International Airport.

The property is being acquired with an unexpired lease term of approximately 1.75 years with a passing rent of £4.50 per sq ft and a capital value cost equivalent to approximately £75 per sq ft.

A new high @140.10p.

ACQUISITION OF THE AMAZON DISTRIBUTION CENTRE AT KINGSTON PARK, PETERBOROUGH FOR £42.9 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired the distribution centre at Kingston Park, Peterborough, let to Amazon UK Services Ltd ("Amazon") (and guaranteed by Amazon EU Sarl), for a purchase price of £42.9 million (net of acquisition costs), reflecting a net initial yield of 5.6% on the corporate acquisition. The purchase is being funded from equity proceeds, with senior debt finance expected to be introduced in the near term.

The property is one of Amazon's major distribution centres in the UK, fulfilling general merchandise online orders and groceries throughout the UK and Europe. The distribution centre has benefited from significant capital investment from the tenant with further initiatives currently underway. The property was built to a high specification in 2006, comprising an eaves height of 15 metres, offices, a secure HGV trailer park and extensive parking. The facility has a gross internal floor area of 549,788 sq ft with a low site cover of approximately 42%.

Kingston Park, Peterborough is well positioned in a core logistics location with excellent motorway connectivity across the UK, located just off junction 17 of the A1M, and links to the M1 (via A47) and A14, which provides a direct route to the Port of Felixstowe and the Midlands. Furthermore, Peterborough was the second fastest growing UK city over the last 10 years (as at 2015), thereby providing a large and growing workforce to draw from, underpinning the longevity of the area as a major UK distribution location.

The property is being acquired with an unexpired lease term of approximately 8.7 years subject to five yearly upward only rent reviews indexed to the Consumer Price Index (collared and capped at 1.5% p.a. and 2.75% p.a.). The next rent review is due in April 2020. The passing rent is c. £4.50 per sq ft with a capital value cost equivalent to approximately £78 per sq ft.

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2016

Financial highlights
· Dividends declared for the six month period of 3.1 pence per share, putting the Group on track to hit the target of 6.2 pence1 for the full year. Our dividend is fully covered by Adjusted earnings2.

· Adjusted earnings per share totalling 3.16 pence per share2 for the six month period.

· Total return for the six month period of 5.8%, compared to the FTSE EPRA/NAREIT UK REITs Index total return of -11.7%.

· Portfolio independently valued at 30 June 2016 at £1.53 billion3, reflecting a £41.1 million or 2.8% valuation gain during the period.

· EPRA net asset value per share increased by 4.23 pence or 3.4% to 128.91 pence (31 December 2015: 124.68 pence).

· Contracted rental income, including forward funded developments, increased to £78.59 million per annum (31 December 2015: £68.37 million).

· Raised £200 million of equity during the period, through a substantially oversubscribed share issue.

· Period end loan to value ("LTV") of 32% (31 December 2015: 33%), which increases to approximately 40%, including the fulfilment of our forward funded development commitments.

· The total expense ratio was 0.54% for the six month period, compared to 1.09% for the full year to 31 December 2015.


Operational highlights
· Acquired three Big Boxes during the period, with an aggregate purchase price of £177 million, further diversifying the portfolio by geography and tenant.

· Four forward funded pre-let developments reached practical completion in the period, with a total value of £271 million.

· Average net initial yield of the property portfolio at acquisition is 5.8%, against the period end valuation of 4.8% net initial yield.

· At the period end, the portfolio contained 28 assets, covering approximately 14.5 million sq ft of logistics space.

· Our portfolio is 100% let, or pre-let with developer licence fee received during the construction period.

· At 30 June 2016, the weighted average unexpired lease term ("WAULT") was 16.3 years, compared to 16.5 years at 31 December 2015 and ahead of the initial target of at least 12 years.


Post balance sheet highlights
· On 29 July 2016, the existing Helaba loan facility, secured on the asset let to Ocado, was extended by three years, taking the maturity of the facility out to July 2023.

· On 1 August 2016, acquired the pre-let forward funded development in Wolverhampton for £56.3 million.

· On 3 August 2016, agreed a new £72 million, c.13 year loan with Canada Life, at a fixed rate of 2.64%.

· On 8 August 2016, the Company acquired an investment property in Manchester, let to Kellogg's, for £23.5 million.

· On 9 August 2016, the Company acquired an investment property in Peterborough, let to Amazon, for £42.9 million.

1 This is a target only not a 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
2 See note 7 for reconciliation
3 See note 10 for reconciliation

Richard Jewson, Chairman of Tritax Big Box REIT plc, commented:

"Despite a backdrop of uncertainty (and perhaps partially because of it), I believe the future of our Company remains favourable. UK retail continues to evolve, with e-commerce growth leading the way. Many of our properties have an e-retail focus and/or automation, aiding home deliveries or store replenishment. These facilities are delivering economies of scale benefits and cost savings crucial to competitiveness and efficiency in a market where the consumer has become ever more demanding. Our aim is to invest in modern, best in class properties that are mission critical to the tenants that operate from them. This also ensures that our portfolio is defensive whilst offering the strongest potential for value growth.

"We continue to work closely with our tenants, where possible supporting their business objectives whilst delivering value growth through asset management. Occupational demand continues to outweigh the supply of quality logistics buildings in the UK but this situation is even more acutely favourable for Big Boxes. The resultant strong rental growth is expected to continue, helping to grow our income and support our progressive dividend policy.

"Our Investment Manager has continued to perform well, identifying value whilst exercising capital discipline and building a strong, best-in-class portfolio of Big Box investments. Subject to continued support from our shareholders, the Board considers that the Company has both the opportunity and ability to deliver further value growth to our shareholders through attractive investments."

DIVIDEND DECLARATION AND DIVIDEND POLICY

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has today declared an interim dividend in respect of the period from 1 January 2016 to 30 June 2016 of 3.10 pence per ordinary share, payable on or around 25 August 2016 to shareholders on the register on 19 August 2016. The ex-dividend date will be 18 August 2016.

This interim dividend will be a Property Income Distribution ("PID").

The Company is targeting a fully covered aggregate dividend of 6.20 pence per ordinary share for the year ending 31 December 20161.

The Board also announces its intention to increase the frequency of dividend payments from semi-annually to quarterly with effect from the financial year beginning 1 January 2017. This reflects feedback from shareholders and recent market practice amongst the Company's peer group of income focused real estate companies.

A new high @141.40p.

A new high @148p.

Placing, Open Offer and Offer for Subscription

PLACING, OPEN OFFER AND OFFER FOR SUBSCRIPTION
The Board of Directors (the "Directors") of Tritax Big Box REIT plc (ticker: BBOX) announces a Placing, Open Offer and Offer for Subscription of new ordinary shares of the Company (the "New Shares") at a price of 132 pence per New Share (the "Issue Price") (the "Issue")

Any capitalised terms used but not otherwise defined in this announcement have the meaning set out in the prospectus and/or the circular to be published by the Company in connection with the Issue.

The Company expects to use the net proceeds of the Issue to acquire further investments. In this regard, Tritax Management LLP (the "Manager") is engaged in detailed discussions with the owners of a number of attractive investment assets that meet the Company's investment criteria and are available for potential acquisition in the near term (as set out in more detail below). The Directors consider that such investment opportunities are likely to be value accretive to investors over the medium term. Accordingly, the Company is seeking to raise a target amount of £150 million1 (before expenses) via the Issue that will provide the Company with funds to capitalise on these opportunities. The Company plans to deploy the net proceeds of the Issue within three months of Admission.

Issue Highlights

· The Issue, which is not underwritten, comprises the Placing, Open Offer and Offer for Subscription, in aggregate equalling up to 113,636,364 New Shares at the Issue Price of 132 pence per New Share (based on the target size of £150 million).

· The Issue Price represents a discount of 7.1 per cent. to the closing price of 143.6 pence per Existing Ordinary Share as at the close of business on 27 September 2016, net of the second interim dividend of 1.55 pence per Ordinary Share described below and a premium of 4.9 per cent. to the unaudited EPRA Net Asset Value per Existing Ordinary Share (128.91 pence as at 30 June 2016), net of the first interim dividend of 3.1 pence per Ordinary Share paid on 25 August 2016.

· The New Shares will rank pari passu in all respects with the Existing Ordinary Shares, save in respect of the second interim dividend of 1.55 pence per Ordinary Share declared today for the three month period to 30 September 2016.

· Under the Open Offer, up to an aggregate amount of 76,364,364 New Shares will be made available to Qualifying Shareholders at the Issue Price, pro rata to their holdings of Existing Ordinary Shares, on the basis of:

1 New Ordinary Share(s) for every 11 Existing Ordinary Shares held on the Record Date.

· The balance of New Shares to be made available under the Issue together with New Shares not taken up pursuant to the Open Offer will be made available for subscription under the Excess Application Facility, the Placing and the Offer for Subscription.

· The Placing and Offer for Subscription are subject to scaling back at the discretion of the Directors. The Open Offer is not subject to scaling back in favour of the Placing or the Offer for Subscription.

· The Issue, which is not underwritten, is conditional, amongst other things, upon the passing of the Resolutions at the General Meeting, Admission of the New Shares occurring no later than 8.00 a.m. on 18 October 2016 (or such later time and/or date as the Company and Jefferies may agree) and the Placing Agreement not being terminated and becoming unconditional in accordance with its terms. If these conditions are not met, the Issue will not proceed and an announcement to that effect will be made via a Regulatory Information Service.

· Application will be made for the New Shares to be admitted to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities.


Benefits of the Issue

The Directors believe that the Issue will have the following principal benefits for Shareholders:

· the net proceeds of the Issue will be used to make further investments in accordance with the Company's investment criteria, diversifying the Company's Portfolio in terms of both tenant exposure and geographical location and capitalising on the Company's leading position in the UK Big Box logistics market;

· all the assets targeted to be acquired are expected to be value accretive for Shareholders over the medium term;

· an increase in the size of the Company should improve liquidity and enhance the marketability of the Company's Ordinary Shares, resulting in a broader investor base over the longer term; and

· an increase in the size of the Company will spread its fixed operating expenses over a larger capital base, which should reduce ongoing expenses per Share.


Pipeline of potential investments

The Manager has access to a pipeline of potential investments and is engaged in discussions with the owners of a number of attractive assets that meet the Company's investment criteria and are available for potential acquisition in the near term (although the Company has not entered into any definitive agreements with respect to any of them). Among these, the Manager is currently in advanced negotiations in relation to three assets, brief details of which are set out below. Each of these assets is under offer and in exclusivity. All three assets are occupied by high quality tenants none of which are tenants of the Company's existing Portfolio.

DIVIDEND DECLARATION

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has declared a second interim dividend in respect of the period from 1 July 2016 to 30 September 2016 of 1.55 pence per ordinary share, payable on or around 27 October 2016 to shareholders on the register on 14 October 2016. The ex-dividend date will be 13 October 2016.

This second interim dividend will be a Property Income Distribution ("PID").

The Company is targeting a fully covered aggregate dividend of 6.20 pence per ordinary share for the year ending 31 December 20161.

Publication of a Prospectus

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ACQUISITION OF TWO LOGISTICS FACILITIES FOR A COMBINED PURCHASE PRICE OF £115.5 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts with a major UK institution to acquire two modern Big Box logistics facilities at Birch Coppice, Birmingham and at Warth Park, Raunds, Northamptonshire, let to Euro Car Parts Limited ("Euro Car Parts") and Whirlpool UK Appliances Ltd ("Whirlpool"), respectively. The combined purchase price is £115.5 million. Completion of the purchases are conditional (amongst other things) on the successful completion of the fundraising announced by the Company on 28 September 2016 (the "Issue") and are expected to occur on or around 20 October 2016.

These purchases comprise two of the three assets noted as being under offer and in exclusivity in the announcement of the Issue. It is anticipated that contracts will also be exchanged on the third asset in the near term.

Euro Car Parts Main National Distribution Facility at Birch Coppice Business Park, Birmingham

The facility at Birch Coppice Business Park is let to Euro Car Parts, whose ultimate parent company is NASDAQ-listed LKQ Corporation, the largest provider of alternative automobile components in North America and the UK. The purchase price is £80.135 million (excluding purchaser's costs), reflecting a net initial yield of 5.04% on the asset acquisition. The purchase price will be funded by equity proceeds (with senior debt expected to be introduced in the near term).

Completed in January 2016 for Euro Car Parts as its new main National Distribution facility, the property has benefited from significant capital investment from the tenant. Purpose-built to a high specification, it comprises an eaves height of 18 metres, offices, a secure trailer park and extensive parking. The facility has a gross internal floor area of approximately 780,977 sq ft.

Birch Coppice Business Park, Birmingham, located within the Golden Triangle of logistics, is one of the UK's premier rail connected distribution parks, with direct access to the Birmingham Intermodal Freight Terminal, one of the UK's most efficient rail freight terminals. The property also has excellent airport and motorway connectivity with close proximity to the M6, M1, M69 and M6 as well as Birmingham International and East Midlands airports. As an established core logistics location, it has attracted a significant number of major occupiers, including Bunzl, CEVA Logistics, Ocado, PHS, Volkswagen Group and UPS.

The property is being acquired with an unexpired lease term of approximately 19.35 years subject to five yearly upward only rent reviews indexed to the Retail Price Index (capped and collared at 2% p.a. and 4% p.a. compound). The next rent review is due in January 2021. The passing rent is £5.48 per sq ft. which could be considered reversionary against recent market transactions.

Whirlpool Distribution Facility at Warth Park, Raunds, Northamptonshire

The facility at Warth Park is let to Whirlpool whose ultimate parent is Whirlpool Corporation Group, an S&P 500 constituent and the world's leading global manufacturer of home appliances. The purchase price is £35.35 million (excluding purchaser's costs), reflecting a net initial yield of 6.6% on the asset acquisition. The purchase price will be funded by equity proceeds (with senior debt expected to be introduced in the near term).

The facility was completed in 2001 and built to a high specification with a gross internal floor area of 473,263 sq ft and a low site cover of approximately 43%. It has benefited from significant capital investment from the tenant, including a 150,000 sq ft extension in 2006, and comprises an eaves height of 11 metres and substantial secure yards, trailer park and extensive parking.

Warth Park in Raunds, Northamptonshire is strategically located on the A45 corridor close to J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway. The site is also close to the established logistics location of Northampton and Thrapston, with existing major distribution occupiers including Homebase, Morrisons and Primark and the Company's new distribution facility pre-let to Howdens in June 2016 on a new 30 year lease, without break.

The property is being acquired with an unexpired lease term of approximately 4.3 years. There are no further rent reviews. The passing rent is c. £5.20 per sq ft with a capital value cost reflecting £75 per sq ft.

Colin Godfrey, Partner of Tritax, commented:

"We are very pleased to have agreed to acquire these two complementary Big Box distribution facilities. These acquisitions will add two new established covenants to the strong list of tenants in our portfolio, which will then comprise 33 Big Box assets. The Euro Car Parts' new National Distribution facility will provide long term income in one of the most sought after locations within the 'Golden Triangle'. The net initial yield of the Whirlpool facility will be accretive to our portfolio running yield and the short unexpired lease term presents an opportunity for value enhancement in an established logistics location upon re-letting or lease re-gear."

ACQUISITION OF THE CO-OPERATIVE GROUP DISTRIBUTION FACILITY AT OLIVER ROAD, THURROCK FOR £56.5 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts to acquire the distribution warehouse and adjacent lorry parking facility (together the "Facility") at Oliver Road, Thurrock, both let to The Co-operative Group Limited ("Co-Op"). The purchase price for the Facility is £56.5 million (excluding purchaser's costs), reflecting a net initial yield of 5.53% on the asset acquisition. Completion of the purchase is conditional on the successful completion of the fundraising announced by the Company on 28 September 2016 (the "Issue") and is expected to occur on or around 20 October 2016.

This purchase comprises the third asset noted as being under offer and in exclusivity in the announcement of the Issue and takes the total number of assets in the Company's portfolio to 34.

The Facility is one of the Co-Op's six strategic UK distribution hubs and the only one located in the South East. The distribution warehouse, built to a high specification in 2005, has a gross internal area of 322,684 sq ft across 15.25 acres, reflecting a site cover of 48.6%. It has an eaves height of c.15 metres, ancillary offices, secure yards, extensive decked parking and has benefited from significant capital investment from the tenant. The adjacent lorry parking facility, which has development potential and covers a separate c.4.10 acres, was constructed in 2012.

The Facility is strategically located just off J31 of the M25, benefiting from excellent access to the wider motorway network including access to Central and Greater London and the South East as well as the deep sea ports of London Gateway and the Port of Tilbury.

The Facility is being acquired with a weighted average unexpired lease term of approximately 9.4 years on full repairing and insuring terms. The distribution warehouse is subject to five yearly upward only rent reviews to the higher of either a guaranteed fixed uplift of 2% p.a. or open market rent. The lorry parking facility is let on five yearly fixed rent increases of 2.5% p.a. The next review for the warehouse is due in December 2020. The next rent review for the lorry parking facility is due in May 2018.

Colin Godfrey, Partner of Tritax, commented:
"We are pleased to have acquired the Co-Op's South East distribution facility at Thurrock, further diversifying our portfolio tenant mix with an established covenant in a core distribution location. Prime quality Big Box logistics warehouses are in high demand from occupiers requiring close access to the densely populated London conurbations, but there are no units of this size or greater currently available to let around the M25 ring."

RESULT OF PLACING, OPEN OFFER AND OFFER FOR SUBSCRIPTION AND FURTHER TAP ISSUE

The Board of Directors (the "Directors") of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the results of the Placing, Open Offer and Offer for Subscription of Ordinary Shares (the "Issue").

Investor demand for the Issue has significantly exceeded the targeted size of £150 million and the maximum size of £250 million. The Board, after careful consideration with the Manager and in consultation with its Joint Financial Advisers, has determined to utilise part of its annual pre-emption disapplication authority to satisfy £100 million of the excess demand on equivalent terms to the Placing (the "Tap Issue").

In taking this decision, the Board has taken into account the strength of the Manager's near term investment pipeline, the Company's stated dividend target for 2016 and its intention to continue to adopt a progressive dividend policy. Accordingly, the total size of the Issue when aggregated with the Tap Issue will be £350 million, which is significantly lower than the total overall demand for the Issue.

A total of 265,151,515 Ordinary Shares will be issued at a price of 132 pence per Ordinary Share (the "Issue Price"), of which 76,364,364 Ordinary Shares will be issued pursuant to the Open Offer, 29,628,265 Ordinary Shares will be issued pursuant to the Offer for Subscription, 83,401,310 Ordinary Shares will be issued under the Placing and 75,757,576 Ordinary Shares will be issued under the Tap Issue.

A scaling back exercise has been undertaken with respect to applications received pursuant to the Placing, the Open Offer and the Offer for Subscription.

The net proceeds of the Issue will be used by the Company to acquire further assets. In this regard, the Company announced on 11 and 12 October 2016 that it had exchanged contracts to acquire three Big Box logistics facilities for an aggregate consideration of £172 million. In addition to these purchases that are each expected to complete on or around 20 October 2016 using the proceeds of the Issue, the Manager is engaged in detailed discussions with the owners of a number of other attractive investment assets, a number of which are off-market, that meet the Company's investment criteria and are available for potential acquisition in the near term.

Commenting on today's announcement, Richard Jewson, Non-Executive Chairman of the Company, said:

"We are delighted with the strong support that this Issue has received from existing shareholders and a wide range of new investors. This fundraising will enable the Company to build upon its strong position and pursue attractive investment opportunities that are likely to be value accretive to our shareholders over the medium term."

Colin Godfrey, Partner of Tritax, commented:

"Since the beginning of 2016, the Company has acquired, or agreed to acquire, nine high quality Big Box assets, taking the total number of investments to 34, and is engaged in discussions with the owners of a number of other attractive assets. The proceeds from this fundraising will allow the Company to strengthen and diversify the portfolio further whilst delivering stable and secure returns for shareholders."

The Issue is conditional, amongst other things, upon the passing of the Resolutions at the General Meeting to be held on 17 October 2016, Admission of the Ordinary Shares occurring no later than 8.00 a.m. on 18 October 2016 (or such later time and/or date as the Company and Jefferies may agree) and the Placing Agreement not being terminated and becoming unconditional in accordance with its terms. If these conditions are not met, the Issue will not proceed and an announcement to that effect will be made via a Regulatory Information Service.

Jefferies International Limited ("Jefferies") and Akur Limited ("Akur") are acting as Joint Financial Advisers and Jefferies is acting as Sponsor, Sole Global Coordinator and Bookrunner in relation to the Issue and the Tap Issue.

Old Mutual Plc < 5%

FORWARD FUNDED INVESTMENT IN A NEW PRE-LET DISTRIBUTION FACILITY AT PROLOGIS PARK, FRADLEY, STAFFORDSHIRE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed the land purchase and exchanged contracts to provide forward funding for the development of a new distribution facility at Prologis Park Fradley, Staffordshire, pre-let to Screwfix Direct Ltd ("Screwfix"), whose ultimate parent is Kingfisher Plc. Screwfix is the UK's largest multi-channel retailer of trade tools, accessories and hardware products. The development represents an investment of £52.7 million, reflecting a net initial yield of 5.5% (net of acquisition costs to the Company).

The site is situated in a key Midlands logistics location, adjacent to the A38 dual carriageway, providing excellent connectivity to the M6 Toll, M42 and M1 motorways and with close proximity to rail and air connections. The area has attracted a significant number of major occupiers including Bidvest Foodservice, DHL, Tesco, Wincanton and Yodel.

The new facility will be completed to a high specification, comprising 562,000 sq ft., with an eaves height of 15 metres, extensive parking, offices and a site cover of approximately 48%. The development will be Screwfix's fourth UK distribution centre.

Upon practical completion of the construction, targeted for October 2017, the property will be leased to Screwfix on a new 10 year lease, subject to five yearly upward only open market rent reviews. During the construction phase, the Company will receive an income return equivalent to the agreed rent from the developer.

The development is being undertaken by Winvic Construction Ltd and guaranteed by Prologis UK Ltd on behalf of Tango Real Estate LLP, a joint venture vehicle between Prologis and Wittington Investments (Developments) Ltd. The land purchase has been funded by the Company from equity proceeds, with senior debt finance to be introduced in the near term.

DTRE represented the Company and JLL represented the vendor.

Colin Godfrey, Partner of Tritax, commented:

"This investment which is accretive to our dividend is a good addition to our portfolio, offering tenant and business sector diversification with a strong covenant. The property is located within the Golden Triangle for UK logistics, which is seeing positive rental growth. This represents our eighth pre-let forward funded development and brings our total portfolio to 35 assets."

ADDITIONAL £50 MILLION SECURED DEBT FACILITY AGREED

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed an additional £50 million term loan (the "Additional Term Loan") to the £500 million secured debt facility agreed with a syndicate of four lenders in October 2015 (the "Original Facility"), which increases the aggregate facility to £550 million.

The Additional Term Loan has been agreed with Wells Fargo Bank, N.A., one of the existing syndicate lenders, on the same terms as the Original Facility. The Additional Term Loan will expire at the same time as the Original Facility in October 2020. Subject to lender support, the Company has a twelve month extension option available on the enlarged loan, which is exercisable in October 2017. The Group has until 28 February 2017 to fully utilise the Additional Term Loan.

The Group has a current weighted average all-in cost of borrowing of 1.89% and a weighted average capped cost of borrowing of 2.82%. 99.7% of drawn debt is subject to hedging arrangements. The Group's current loan to value ratio is approximately 31% with a medium term target of 40%.

FORWARD FUNDED INVESTMENT

FORWARD FUNDED INVESTMENT IN TWO NEW DISTRIBUTION FACILITIES AT WARTH PARK, RAUNDS, NORTHAMPTONSHIRE
PRE-LET TO HOWDEN JOINERY GROUP PLC

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts (conditional on receiving planning consent) to provide forward funding for the development of two new distribution warehouse facilities at Warth Park, Raunds, pre-let in their entirety under two separate leases to Howdens Joinery Group Plc ("Howdens"), the parent group of the leading supplier of kitchens in the UK. The investment price is £101.8 million, reflecting a net initial yield of 5.1% (net of land acquisition costs). Upon practical completion of the construction, targeted for August 2018, both properties will be leased to Howdens on two new 30 year leases, subject to five yearly upward only open market rent reviews.

Warth Park, at Raunds, Northamptonshire is strategically located on the A45 corridor close to J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway. The site is currently host to two logistics facilities recently acquired by the Company let to Whirlpool and Howdens; other notable nearby distribution facility occupiers include Homebase, Morrisons and Primark at Wellingborough, Northampton and Thrapston respectively.

The two distribution facilities, which will stand adjacent to one another and to the Company's existing Howdens facility, are under separate freehold titles and will be completed to a high specification with gross internal floor areas of 657,000 sq ft and 300,000 sq ft., respectively. Both buildings will have an eaves height of 15 metres, extensive offices and a combined site cover of approximately 53%.

The development will be undertaken by Roxhill which successfully delivered the previous Howdens facility on time and on budget. The land purchase will be funded by the Company from equity proceeds, with senior debt finance to be introduced in the near term.

Colin Godfrey, Partner of Tritax, commented:
"We are pleased to be working with Roxhill again and investing in the second phase of Howdens' new distribution centre, following the successful completion of the first phase which the Company also forward funded in September 2015. Once completed, these three facilities will provide Howdens with a 'centre of excellence' for its supply chain operations which is expected to deliver very significant operational and efficiency benefits.

"This investment is in an established logistics location with a strong covenant and extends the weighted average unexpired lease term of the Company's portfolio to c.16 years. This represents our ninth and tenth pre-let forward funded development and brings our total portfolio to 37 assets."

TRADING UPDATE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the following update ahead of the publication of the Company's results for the year ended 31 December 2016 (currently expected to be released on or around 8 March 2017).

PORTFOLIO HIGHLIGHTS

· A portfolio of £1,877 million (including forward funded commitments)1 invested in 35 Big Box assets let to 29 tenants

· 33 standing assets and two pre-let forward funded developments, with a combined floor space of 18.2 million sq. ft. (of which 1.1 million sq. ft. is under construction)

· Ten new investments made in 2016, with an aggregate purchase price of £524 million

· Contracts exchanged on 23 December 2016 for two forward funded developments totalling £102 million, both pre-let to Howdens Joinery Group Plc, conditional on receiving planning consent. Planning consent is expected to be obtained in March 2017, which will further enhance the portfolio value

· 80% of assets acquired off-market since inception with average purchase yield of 5.7%

· Current weighted average unexpired lease term across the portfolio of 15.3 years2

· Portfolio 100% let with contracted annual rental income of £99.7 million as at 31 December 2016

· All leases provide for upward only rent reviews, of which 44% are open market, 35% are fixed uplift, 14% are RPI/CPI-linked and 7% are hybrid

· High quality institutional grade tenant mix with strong financial covenants - 81% of tenants are listed PLCs (61% in the FTSE 100 or FTSE 250)3

· Strong price resilience observed in the industrial logistics sector with modest capital value improvement during H2 2016

· Strong pipeline of attractively priced, off-market investment opportunities identified with several properties currently under offer


FINANCIAL HIGHLIGHTS

· Progressive dividend policy with target dividend of 6.2p per share for the year ended 31 December 2016, of which 4.65p per share has been paid for the nine months ended 30 September 2016

· Share price total return of 15.1% over 2016 compared to 10.2% for the FTSE EPRA/NAREIT UK Index over the same period4

· Extension of the Investment Management Agreement ("IMA") (earliest termination date of 31 December 2021), between the Company and the Manager, Tritax Management LLP, has resulted in a reduction of the management fee at new upper bands and lowers the Company's total expense ratio.

· Successful oversubscribed £350 million equity issue in October 2016

· £691.5 million of committed debt financing in place of which £541.5 million is currently drawn (30% LTV)

· Weighted average term to maturity of debt facilities of 4.8 years as at 31 December 2016, increasing to 5.6 years with extension options

· Current blended margin payable of 1.43% above three month LIBOR or the referenced GILT rate and a weighted average capped cost of borrowing of 2.82%

· Market capitalisation of £1,542 million4; FTSE 250, FTSE EPRA/NAREIT and MSCI index constituent

· £3.5 million average daily traded value in 2016; £5.2 million average daily traded value post the October 2016 equity raise5

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Updated Financial Calendar

Full year results on Tuesday 7 March 2017.