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Tritax Big Box Fundamentals (BBOX)

PROPOSED PLACING TO FUND ACQUISITION PIPELINE AND ASSET MANAGEMENT INITIATIVES

The Board of Directors (the "Board") of Tritax Big Box REIT plc (ticker: BBOX) today announces a proposed non pre-emptive placing to institutional investors of up to 109,364,308 new ordinary shares in the capital of the Company (the "Placing Shares"), representing up to approximately 8.0 per cent. of the Company's existing issued share capital (the "Placing") at a price of 142.25 pence per Placing Share (the "Placing Price").

The Placing Price represents a discount of approximately 2.9 per cent. to the closing price of 146.5 pence per ordinary share at the close of business on 17 April 2018.

The Placing is being conducted through an accelerated bookbuilding process (the "Bookbuild") which will be launched immediately following this announcement. Jefferies International Limited ("Jefferies") is acting as sole bookrunner in connection with the Placing and as Joint Financial Adviser together with Akur Limited ("Akur").

Highlights of the Placing

· Intention to raise gross proceeds of up to approximately £155.6 million.

· The Manager has access to a pipeline of potential investments which significantly exceeds the targeted geared proceeds from the Placing.

· In particular, the Company is currently in advanced negotiations in relation to two specific target assets which the proceeds of the Placing (together with gearing) are expected to be used to fund. These assets:

o meet the Company's investment criteria and are available for potential acquisition in the near term; and

o are intended to further diversify the Company's existing portfolio by tenant and/or geography.

· The Manager has also identified several specific asset management initiatives within the Company's existing portfolio that require capital investment, including refurbishment work and building extensions.

· The Manager will continue to exercise robust capital discipline to deliver value at the point of acquisition or investment.

· The Placing Shares, when issued, will rank pari passu with the existing ordinary shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue, including the Q1 2018 dividend of 1.675 pence per ordinary share, anticipated to be paid in May 2018.

Background to the Placing

During the financial year ended 31 December 2017, the Company acquired 11 new Big Box investments (including one pre-let forward funded development), with an aggregate purchase price of approximately £435 million, along with 114 acres of prime London distribution development land for a total consideration of £62.5 million (in each case excluding purchaser's costs).

The audited diluted EPRA Net Asset Value per ordinary share as at 31 December 2017 was 142.24 pence (diluted Basic Net Asset Value per ordinary share: 141.44 pence). This represents an increase of 10.3 per cent. as compared to the audited EPRA Net Asset Value per ordinary share as at 31 December 2016 of 129.00 pence and a total return of 15.2 per cent. over the 12-month period.

Since 31 December 2017, the Company has completed the acquisition of a further three Big Box assets, including the two forward funded development assets pre-let to Howdens, in Raunds, which were delayed as a result of a challenge to the planning consent, with an aggregate purchase price of approximately £140 million. The Company also exchanged conditional contracts on one pre-let forward funded development for approximately £82 million. When including these assets, the Company's portfolio (the "Portfolio") increases to a total of 50 assets and the weighted average unexpired lease term across the Portfolio extends to approximately 14.5 years1.

Taking account of one additional investment currently under offer and in exclusivity, the Company is substantially fully invested and geared (including the Group's existing commitments to forward funded development assets and development land). In light of the current acquisition pipeline and identified asset management initiatives, the Company intends to raise equity by way of the Placing to capitalise on these investment opportunities.

Dividend policy

Consistent with its progressive dividend policy, the Company is targeting an aggregate dividend of 6.7 pence per ordinary share for the year ending 31 December 20182, representing an increase of 4.7 per cent. over the dividend of 6.4 pence per ordinary share in 2017, which is in excess of the rate of RPI inflation over the 12-month period to 31 December 2017. Dividends are expected to be fully covered by adjusted earnings from the Group.

Details of the Placing

Under the terms of the Placing, the Company intends to issue up to 109,364,308 Placing Shares pursuant to the authorities granted at the Company's Annual General Meeting held on 17 May 2017 and conditional inter alia, on the Placing Shares being admitted to listing on the premium listing segment of the Official List of the UK Financial Conduct Authority (the "FCA"), and to trading on the main market for listed securities of the London Stock Exchange plc (the "London Stock Exchange") (together, "Admission"). The Placing is also conditional upon the placing agreement between the Company, Jefferies and Akur (the "Placing Agreement") becoming unconditional and not being terminated. Further details of the Placing Agreement can be found in the terms and conditions of the Placing contained in the Appendix to this announcement.

The Placing is subject to the terms and conditions set out in the Appendix (which forms part of this announcement, such announcement and the Appendix together being the "Announcement"). Members of the public are not entitled to participate in the Placing.

Jefferies will today commence a bookbuild process in respect of the Placing at the Placing Price. The Placing will be non pre-emptive and the book will open with immediate effect following this Announcement and is expected to close no later than 3:00 p.m. (London time) on 19 April 2018 but may be closed earlier or later at the absolute discretion of Jefferies and the Company. Details of the number of Placing Shares to be issued pursuant to the Placing will be determined by the Company (following consultation with Jefferies) and will be announced as soon as practicable after the close of the Bookbuild.

If the number of applications for Placing Shares exceeds the maximum number of Placing Shares available under the Placing it may be necessary to scale back applications. In such event, Placing Shares will be allocated at the discretion of Jefferies in consultation with the Company.

Application will be made for the Admission of the Placing Shares. Subject to Admission becoming effective, it is expected that settlement of subscriptions by placees in respect of the Placing Shares and trading in the Placing Shares will commence at 8.00 a.m. on 24 April 2018, or such later time and/or date as may be announced by the Company after the close of the Bookbuild.

By choosing to participate in the Placing and by making an oral and legally binding offer to acquire Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety and to be making such offer on the terms and subject to the conditions in such Announcement, and to be providing the representations, warranties and acknowledgements contained in the Appendix.

Your attention is drawn to the detailed terms and conditions of the Placing set out in the Appendix.

The Directors consider that the proposed use of the proceeds of the Placing is in compliance with the Statement of Principles on Disapplying Pre-Emption Rights published by the Pre-Emption Group in 2015.

Notes

1 Excludes development site at Littlebrook, Dartford.

2 This is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's expected or actual future results. Investors should not place any reliance on these targets.

Numis Hold 148.25 150.00 150.00 Retains

All looking quite positive.

A new high @155.50p

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 2018 on Thursday, 9 August 2018.

A Company presentation for analysts and investors will be held at 9.30am on the day at the offices of Newgate, Sky Light City Tower, 50 Basinghall Street, EC2V 5DE. The presentation will also be accessible via a live conference call and on-demand via the Company website: http://tritaxbigbox.co.uk/investors/#results-centre.

Those wishing to attend the presentation or access the live conference call are kindly asked to contact Newgate on tritax@newgatecomms.com or by telephone on +44 (0) 20 7680 6550.

Interim Results for six months ended 30 June 2018

· Fully covered dividends declared for the six-month period of 3.35 pence per share, putting the Company on track to hit its full-year target of 6.70 pence1.

· Adjusted earnings per share for the six-month period of 3.38 pence per share2, an increase of 5.3% over H1 2017.

· EPRA net asset value ("NAV") per share increased by 3.98 pence or 2.8% to 146.22 pence as at 30 June 2018 (31 December 2017: 142.24 pence).

· Total return for the period was 5.10%, comparing well against the Company's medium-term target of at least 9% per annum.

· Portfolio independently valued at £2.90 billion3 as at 30 June 2018 (31 December 2017: £2.61 billion), including all forward funded development commitments. This reflected a like-for-like valuation uplift during the six-month period of 1.9%.

· Operating profit before changes in fair value of investment properties has increased by 34.7% to £57.42 million (30 June 2017: £42.64 million).

· Contracted annual rent roll increased to £139.36 million (31 December 2017: £125.95 million), including all forward funded development commitments.

· At the period end, the Group's independent valuer, CBRE, assessed the portfolio's headline Estimated Rental Value (ERV) 5.6% above contracted annual rent, at £147.19 million pa.

· EPRA cost ratio maintained at 13.7%, when compared to the first half of last year (30 June 2017: 13.7%).

· At 30 June 2018, the Group had a loan to value (LTV) ratio of 25% (31 December 2017: 27%). This compares with our medium-term target of up to 40% when fully invested and geared. The Group has a largely unsecured debt platform which provides the flexibility to raise further liquidity across multiple debt markets.

· As a consequence of its fixed-rate debt and hedging policy, the Group has a capped cost of debt of 2.66% and an all-in running cost of borrowing of 2.44% at the period end.



Operational highlights

· At 30 June 2018, the weighted average unexpired lease term ("WAULT")5 6 was 14.1 years.

· Average net initial yield of the property portfolio at acquisition is 5.6%5, against our period end valuation of 4.6% net initial yield5.

· Acquired four Big Boxes off market with an aggregate purchase price of £221.60 million, a WAULT of 23 years and adding two new Customers to the portfolio.

o Three of the assets acquired in the period were forward funded pre-let developments with an average unexpired lease term of 26 years. These three assets will add a total of approximately 1.8 million sq ft of new Big Box logistics space to the portfolio and increase the rent roll by £9.44 million pa.

o +7.6%7 valuation increase over aggregate purchase price of the four assets acquired in the period.

· At the period end, the portfolio comprised 50 assets, which are well diversified by building size, geography and Customer and covering more than 24.9 million sq ft of logistics space5.

· The portfolio was fully let, or pre-let and income producing, during the period5.

· Raised £155.57 million of equity in April 2018, through a substantially oversubscribed placing.

· Good progress with our strategic land at Littlebrook, Dartford, within the M25, where demolition and site preparation continue to plan.



Post Balance Sheet Highlights

· On 3 July 2018, the Company completed on a new forward funded development of a new logistics facility pre-let to Amazon UK Services Limited for an investment price of £120.70 million.

· Assets under offer, in exclusivity and in solicitors' hands totalling approximately £160 million. We expect to exchange contracts on these opportunities over the coming months.



1 This is a target only not a profit 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. The portfolio value includes capital commitments of £135.1 million on forward funded developments

4 Operating profit before changes in fair value of investment properties

5 Excluding the land at Littlebrook, Dartford, which is currently non-income producing

6 Weighted Average Unexpired Lease Term ('WAULT')

7 Excluding associated purchase costs the valuation increase is 7.6%. Including associated purchase costs the valuation increase is 6.1%

Liberum Capital Hold 152.45 165.00 - Reiterates

NEW £250 MILLION SENIOR UNSECURED BANKING FACILITY

Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce it has entered into a new £250 million senior, short-term, unsecured banking facility (the "New Facility") with a syndicate of its relationship lenders comprising Barclays Bank PLC, The Royal Bank of Scotland International Limited and Banco Santander, S.A., London Branch.

The New Facility will provide the Company with committed capital, at an attractive margin, to assist in the acquisition of investment opportunities in its strong investment pipeline. The New Facility is for a term of 12 months, with an option to extend by a further six months, at the sole option of the Company.

The Company was advised on the financing by Lazard & Co., Limited.

Frankie Whitehead, Head of Finance for Tritax Big Box REIT plc, commented:

"This well supported new revolving credit facility gives the Company additional financing to commit to our near-term pipeline and support our growth. It provides access to further flexible liquidity, at a low cost of borrowing.

The continued backing from our relationship banks demonstrates the strength of support for our strategy and the strong fundamentals of our sector."

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

Acquisition

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.


more.....

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.

UPDATE ON PRIME LONDON DEVELOPMENT LAND AT LITTLEBROOK, DARTFORD

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."

Liberum Capital Hold 140.40 155.00 Reiterates

Completion of New 15 Year Lease

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.

more.....

Hoarding for Brexit sparks race for warehouse space in Britain

EXTENSION OF DEBT FACILITY

On 1 December 2017, the Board of Tritax Big Box REIT plc (ticker: BBOX) (the "Board") announced that it had agreed a £350 million unsecured revolving credit facility (the "Facility") with a syndicate of lenders, with the ability to request two extensions of one year each beyond the original termination date of 10 December 2022.

The Board is pleased to announce that the Company has reached an agreement to extend the termination date of the Facility from 10 December 2022 to 10 December 2023. The margin payable under the Facility of 1.10 per cent per annum over 3 month LIBOR remains unchanged and the Facility retains its uncommitted £200 million accordion option. There remains one further extension option available under the Facility.

The agreement in respect of the Facility further extends the Company's weighted average debt maturity (excluding the existing £250 million short-term debt facility) to 8.7 years.

TRADING UPDATE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to provide the following trading update ahead of the publication of the Company's results for the year ended 31 December 2018, which are expected to be published on or around 6 March 2019.

HIGH QUALITY PORTFOLIO

· 54 Big Box assets and 114 acres of prime London distribution development land owned (the "Portfolio") independently valued at £3.42 billion as at 31 December 2018 (30 June 2018: £2.90 billion) including all forward funded development commitments

o Like-for-like valuation uplift of 4.7% during the 12 month period to 31 December 2018 (2.6% during the six month period to 31 December 2018)

o Weighted average purchase yield since inception of 5.5%1, against a valuation yield of 4.4% as at 31 December 2018

o 86% of Portfolio assets acquired off-market since inception

o Weighted average unexpired lease term across the Portfolio as at 31 December 2018 of 14.4 years1,2

· Portfolio 100% let or pre-let to 39 institutional quality tenants with contracted annual rental income of £161.1 million as at 31 December 20181

o All leases provide for upward only rent reviews, of which 45% are RPI/CPI-linked, 37% are open market, 11% are fixed and 7% are hybrid3

o As at 31 December 2018, the Company's largest tenant exposure was to Amazon, representing 13.6% of the Company's total contracted rental income (30 June 2018: 4.1%)

INVESTMENT ACTIVITY

· Eight new Big Box investments acquired in 2018 (including seven pre-let forward funded developments), with an aggregate purchase price commitment of £641.5 million4

o Weighted average purchase yield of the eight investments of 5.1%

o Valuation uplift of 7.5% across the eight investments as at 31 December 2018 compared to the aggregate purchase price commitment5

o Weighted average unexpired lease term across the eight investments as at 31 December 2018 of 18.9 years2

· Planning permission secured for Phase 1 of the Company's prime London distribution development site at Littlebrook, Dartford, comprising the proposed development of a 450,000 sq. ft. logistics facility

o The Company is targeting a yield on cost on Phase 1 of in excess of 6.5%

o The 114 acre 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

· Seven pre-let forward funded developments, totalling 6.6 million sq. ft., under construction as at 31 December 2018

ASSET MANAGEMENT ACTIVITY

· Completion of a new 15 year lease at the Company's distribution centre at Barlborough Links, Chesterfield, following the successful negotiation of a lease surrender with the previous tenant, reflecting an increase in annual rent of 25.4% from the previous passing level

· Completion of a 10 year lease extension with Kellogg's at the Company's distribution centre at Trafford Park, Manchester, reflecting an increase in annual rent of 20.0% from the previous passing level

· 2.0% average annual like-for-like growth in passing rent following the settlement of 10 rent reviews in 2018, representing 19.2% of the Company's total contracted annual rental income at 31 December 2018

FINANCING ACTIVITY

· US private placement of £400 million senior unsecured fixed rate loan notes agreed in December 2018, with a weighted average coupon of 2.91% and a weighted average maturity of 9.8 years. The funds will be drawn on 28 February 2019

· Maturity date of £350 million unsecured revolving credit facility (with an uncommitted £200 million accordion option) extended by one year to December 2023

· £1.46 billion6 of committed debt financing in place, of which £834 million was drawn as at 31 December 2018 (27% LTV) and £386 million is allocated against existing forward funded commitments

· Weighted average term to maturity of debt facilities of 8.7 years as at 31 December 20186 (8.9 years as at 31 December 2017)

· Weighted average running cost of debt of 2.63%7, primarily comprising fixed rate debt (2.38% as at 31 December 2017)

· Successful significantly oversubscribed £155.6 million equity issue in April 2018

PROGRESSIVE DIVIDEND POLICY

· The Company is targeting an aggregate dividend of 6.7 pence per share for the year ended 31 December 2018, payable quarterly, of which 5.025 pence per share has been paid for the nine months ended 30 September 20188

· The Company intends to maintain its progressive dividend policy during 2019 and thereafter

Colin Godfrey, Partner of Tritax, said:

"We have maintained a patient and disciplined approach to capital deployment throughout the year, investing £641.5 million in eight off-market and attractively priced assets, including seven forward funded pre-let developments which are due for completion over the course of the next 18 months, each delivering effective income during the construction phase. These new assets will help maintain the modernity of our portfolio and have enhanced our WAULT which now stands at 14.4 years. The addition of these assets has further diversified our customer tenant base and increased our weighting to high calibre companies in the e-retail, manufacturing and electricals sectors. Three of these important new assets are pre-let to Amazon, now our largest tenant by rental income.

Planning consent for a 450,000 sq. ft. logistics facility was secured at our 114 acre development site at Dartford and we successfully repositioned two Value Add assets into Foundation assets through the negotiation and delivery of new long-term leases.

Despite the ongoing uncertainty around Brexit, logistics lettings in 2018 reached near record high levels and market rents continued to grow even though speculative supply has increased. This occupier demand has been underpinned by the continued growth in e-commerce and occupiers seeking improved supply chain efficiency through the application of larger, flexible and automated logistics property solutions. Investment demand has also remained high, as evidenced by further yield compression during 2018. The outlook for our Company remains positive and we expect UK logistics to remain a robust property investment sector during 2019."

Notes

1) Excludes development site at Littlebrook, Dartford

2) To the earlier of lease expiry or break option

3) Based on contracted annual rental income as at 31 December 2018

4) Based on target commitments of £141.5 million in relation to the Company's forward funded development at Integra 61, near Durham and £120.3 million in relation to the Company's forward funded development at Link 66, Darlington

5) Excludes property purchase costs

6) Excludes £250 million short-term facility entered into in October 2018

7) Based on gross debt, excluding commitment fees

8) The target dividend is a target only and not a forecast. There can be no assurance that the target will be met and it should not be taken as an indication of the Company's actual or expected future results

Results of the Issue

RBC Capital Markets Outperform 136.00 190.00 Initiates/Starts