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Tritax Big Box Fundamentals (BBOX)

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.

Forward funded investment

FORWARD FUNDED INVESTMENT IN A NEW PRE-LET DISTRIBUTION CENTRE AT
SIGNIA PARK, DIDCOT, OXFORDSHIRE

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 centre at Signia Park, Didcot, Oxfordshire, pre-let to Hachette UK Ltd ("Hachette UK"), whose ultimate parent is Lagardere SCA, a multinational media conglomerate listed on Euronext, Paris. Hachette UK is a leading UK publishing company. The development represents an investment of £29.24 million, reflecting a net initial yield of 5.82% (net of acquisition costs to the Company).

The site is situated in a core South East logistics location, which benefits from excellent road and rail connectivity via the A34, M4 and M40 motorways and Didcot Parkway Rail Station respectively. Didcot has attracted a number of occupiers including Screwfix, XPO Logistics, and BetterBathrooms, as well as the Tesco Distribution facility in Southmead Industrial Estate, which was acquired by the Company in 2014.

The new development will become Hachette UK's main national and a global distribution centre. The property will benefit from significant capital investment from the tenant, including high levels of automation. The facility will be purpose-built to a high specification, with a gross internal floor area of approximately 242,067 sq ft. and an eaves height of 20 metres, together with extensive parking. The property has a low site cover of approximately 40%.

Upon practical completion of the construction, targeted for July 2017, the property will be leased to Hachette UK on a new 15-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 constructed by Winvic Construction Ltd and being developed by Clowes Developments (UK) Ltd, the ultimate parent company for the developer. The land purchase has been funded by the Company from equity proceeds, with senior debt finance expected to be introduced in the near term.

GVA represented the Company and JLL represented Clowes Developments (UK) Ltd, the vendor, and Graftongate, the Development Manager.

Colin Godfrey, Partner of Tritax, commented:
"We are very pleased to be investing in this new national and global distribution centre for Hachette UK, which will benefit from operational efficiencies delivered through significant automation.

This key South East logistics acquisition provides the Company with further tenant and business sector diversification whilst maintaining the weighted average unexpired lease term of the Company's portfolio at over 15 years, and is earnings accretive. This takes our total portfolio to 38 assets."

FULL YEAR RESULTS

Financial highlights

· Dividends declared in relation to 2016 totalled 6.20 pence per share, in line with our target. Dividends fully covered by Adjusted earnings per share of 6.51 pence.

· Total Shareholder return for the period was 15.1% (based on the increase in share price assuming dividends reinvested), as compared to the FTSE 250 Index, the FTSE All-Share REIT Index and the EPRA NAREIT UK index which delivered total returns of 6.7%, (7.0%) and (8.5%) respectively.

· EPRA net asset value per share increased by 3.46% or 4.71%1 on a like-for-like basis to 129.00 pence at 31 December (31 December 2015: 124.68 pence).

· Total return (being the increase in EPRA NAV plus dividends paid) for the year was 9.6%, compared to our medium-term target of 9% per annum.

· Market capitalisation of £1.54 billion as at 31 December 2016.

· Portfolio independently valued at £1.89 billion2 as at 31 December 2016 which includes all forward funded commitments.

· The portfolio's contracted annual rent roll has increased to £99.66 million (31 December 2015: £68.37million), which includes all forward funded commitments.

· Further diversified our sources of borrowing, with a new £72 million, long-term, fixed-rate facility with Canada Life. The Loan to Value (LTV) as at 31 December 2016 was 30.0%.

· A reducing EPRA cost and total expense ratio of 15.8% and 1.06% respectively, reflecting the benefits of increased scale.

· Raised £550 million of equity during 2016, through two substantially oversubscribed share issues.

Operational highlights

· Acquired 10 Big Boxes during the year with an aggregate purchase price of £524.4 million, further diversifying the portfolio by geography and tenant.

· As at the year-end our portfolio comprised 35 assets, covering more than 18.2 million sq ft of logistics space.

· Four forward funded pre-let developments reached practical completion in the year, with a total valuation of £272.8 million at 31 December 2016.

· Average net initial yield of the portfolio at acquisition is 5.70%, against our year-end valuation of 4.93%.

· Our portfolio was fully let, or pre-let and income producing during the year.

· At the year-end, the weighted average unexpired lease term ("WAULT") was 15.3 years, against our target of at least 12 years.

Post Balance Sheet Activity

· Progressive dividend target of 6.40 pence per share announced for 2017.

· Invested in the forward funded development pre-let to Hachette UK.

· Agreed a new 10 year fixed term loan facility with a fixed rate payable of 2.54%pa.

1 Having stripped out the effect of the different timings of dividend payments between December 2015 and December 2016.
2 Excludes Howdens units II and III at Warth Park, Raunds.
* Each year makes reference to 31 December.

DIVIDEND DECLARATION


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 to 31 March 2017 of 1.60 pence per ordinary share, payable on or around 22 May 2017 to shareholders on the register on 5 May 2017. The ex-dividend date will be 4 May 2017.

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

The Company is targeting an aggregate dividend of 6.40 pence per ordinary share for the year ending 31 December 20171, payable quarterly, representing a 3.2 per cent. increase in the total dividend of 6.20 pence per Ordinary Share declared for 2016, in excess of the rate of RPI inflation for the period from 1 January 2016 to 31 December 2016. Dividends are expected to be fully covered by Adjusted Earnings from the Company's portfolio of properties.

Placing, Open Offer and Offer for Subscription

Issue highlights

· The Issue, which is not underwritten, comprises the Placing, Open Offer and Offer for Subscription, of, in aggregate, up to 147,058,823 New Shares at the Issue Price of 136 pence per New Share (based on the target size of £200 million).

· The Issue Price represents a discount of 6.6 per cent. to the closing price of 147.2 pence per Existing Ordinary Share as at the close of business on 21 April 2017, net of the Q1 2017 interim dividend of 1.60 pence per Ordinary Share described below and a premium of 6.7 per cent. to the audited EPRA Net Asset Value per Existing Ordinary Share (129.00 pence as at 31 December 2016), net of the interim dividend of 1.55 pence per Ordinary Share paid on 3 April 2017.

· The New Shares will rank pari passu in all respects with the Existing Ordinary Shares, save in respect of the Q1 2017 dividend of 1.60 pence per Ordinary Share declared today for the three month period to 31 March 2017.

· Under the Open Offer, up to an aggregate amount of 100,517,096 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 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 15 May 2017 (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 additional investments in accordance with the Company's investment criteria, further 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;

· 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.

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Numis Hold 140.20 136.00 136.00 Retains

Result of Issue

RESULT OF PLACING, OPEN OFFER AND OFFER FOR SUBSCRIPTION

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 £200 million. The Board, after careful consideration with the Manager and in consultation with its Joint Financial Advisers, has exercised its right to increase the size of the Issue to the maximum of £350 million.

A total of 257,352,941 Ordinary Shares will be issued at a price of 136 pence per Ordinary Share (the "Issue Price"), of which 100,517,096 Ordinary Shares will be issued pursuant to the Open Offer, 12,075,902 Ordinary Shares will be issued pursuant to the Offer for Subscription and 144,759,943 Ordinary Shares will be issued under the Placing.

The Issue was significantly oversubscribed beyond the maximum size of £350 million; consequentially a scaling back exercise has been undertaken with respect to applications received pursuant to the Placing and the Offer for Subscription and excess applications received pursuant to the Open Offer.

The net proceeds of the Issue will be used by the Company to acquire further assets. The Company currently expects to deploy the net proceeds of the Issue within six months of Admission.

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RESULT OF GENERAL MEETING

ACQUISITION OF A DISTRIBUTION FACILITY AT TRAX PARK, DONCASTER FOR £20.9 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired a National Distribution Centre at Trax Park, Doncaster, which is currently and will continue to be operated by Unilever UK Ltd ("Unilever") and is now let to Unilever, one of the world's leading suppliers of Food, Home and Personal Care products. The total consideration is £20.9 million (excluding purchaser's costs), reflecting a net initial yield of 5.61% on the asset acquisition. The purchase is being funded from equity proceeds.

Located in Trax Park, the property is strategically situated in a core UK distribution location with excellent motorway, rail and port connections. It is close to the M18, A1(M) and M1 and benefits from good access to the ports of Hull and Grimsby. The property is adjacent to Doncaster Rail Freight Terminal. The site is a well-established Regional and National Distribution Centre location with a number of major occupiers located close by including Amazon, Wincanton, XPO Logistics, B&Q, and Tesco in addition to the Company's facilities let to Next and The Range.

Purpose-built in 2002 for Unilever, this is a high specification facility with a gross internal area of 262,885 sq ft and a site density of c.53%. It has an eaves height of between c.11 and 26 metres, extensive parking, is highly automated and has benefited from significant capital investment.

The property has been acquired with a new 15-year lease in place, subject to five yearly upward only rent reviews indexed to the Retail Price Index with a collar and cap in place.

Cushman & Wakefield represented Unilever.

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150.90p - a new trading high.

CLARIFICATION OF INVESTMENT PROCESS

Tritax Management LLP (the 'Investment Manager') is the appointed Authorised Investment Fund Manager ('AIFM') of the Company for the purposes of the Alternative Investment Fund Managers Directive ('AIFMD') and as such has been delegated authority by the Company, inter alia, to conduct portfolio management and risk management services on its behalf.

The Company wishes to clarify that going forward, whilst the Board will continue to review and offer advice on prospective investments and divestments of portfolio assets and will continue to monitor compliance with the Company's investment policy, the final investment or divestment decision in each case will be made by the Investment Manager in accordance with its delegated responsibility as the Company's AIFM.

This arrangement accords with the latest European Securities and Markets Authority ('ESMA') guidance regarding the performance of delegated investment management functions under the AIFMD.

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 April to 30 June 2017 of 1.60 pence per ordinary share, payable on or around 10 August 2017 to shareholders on the register on 21 July 2017. The ex-dividend date will be 20 July 2017.

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

The Company is targeting an aggregate dividend of 6.40 pence per ordinary share for the year ending 31 December 20171, payable quarterly, representing a 3.2 per cent. increase in the total dividend of 6.20 pence per Ordinary Share declared for 2016, in excess of the rate of RPI inflation for the period from 1 January 2016 to 31 December 2016. Dividends are expected to be fully covered by Adjusted Earnings from the Company's portfolio of properties.

Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust dedicated to investing in very large logistics warehouse assets in the UK, will announce its half year results for the six months ended 30 June 2017 on Thursday, 10 August 2017.

Acquisition

ACQUISITION OF 124 ACRES OF PRIME LONDON DISTRIBUTION DEVELOPMENT LAND AT LITTLEBROOK, DARTFORD FOR £65 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged conditional contracts to purchase a development site at Littlebrook, Dartford. The freehold of the former Littlebrook Power Station site has been acquired, for a total consideration of £65million (excluding purchaser's costs), which is being funded by the Company from equity.

The site occupies a prime location within the M25 motorway and adjacent to the Dartford Thames River Crossing, providing the opportunity for the efficient distribution of goods across London and the home counties. With the Queen Elizabeth II Bridge and Dartford Tunnel to the east, the site has easy access via J1A to the M25 Motorway and the wider national motorway network. The site also has excellent rail and port connectivity.

The site, the location of a former power station which was decommissioned in 2015, extends to approximately 124 acres. The entire site is capable of supporting the potential development of approximately 1.7 million sq ft of logistics distribution buildings, including several Big Box logistics facilities of over 400,000 sq ft, together with some smaller urban logistics facilities. Part of the site benefits from existing B8 use class (storage and distribution) planning consent for c.517,000 sq ft of the expected c.1.7m sq ft total.

The Company, working in partnership with one of the leading specialist logistics developers in the UK, Bericote Properties, intends to apply for planning consent for the remaining land. The site will be developed in phases, with site preparation costs estimated at c. £25 million. The construction of new buildings will commence on a pre-let basis and the Company will retain the developed investment properties to further enhance its existing investment portfolio.

The Company aims to be able to commence building construction by Autumn 2018 and, working alongside Bericote Properties aims to deliver on a pre-let basis one of London's largest Big Box logistics parks inside the M25 motorway.

Colin Godfrey, Partner of Tritax, commented:

"We are delighted to be acquiring this prime distribution development site in Dartford. Large strategic sites for Big Box distribution buildings within the M25 are scarce and are in strong demand from occupiers. The site is capable of supporting several Big Box distribution facilities as well as smaller urban logistics facilities for serving the London and South East markets in particular. The development of the buildings, in partnership with Bericote, will only commence on a pre-let basis and provide an opportunity for the Company to enhance our existing portfolio with further prime logistics investments at an attractive yield on cost."