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Tritax Big Box Fundamentals (BBOX)

ACQUISITION OF THE RANGE, NIMBUS PARK, THORNE, DONCASTER FOR £48.5 MILLION

Trading Update

The Board of Tritax Big Box REIT plc (ticker: BBOX), the UK incorporated Real Estate Investment Trust focused on investing in Big Box logistics assets in the UK, is issuing this trading update statement for the period from 1 July 2014 to 12 November 2014.

HIGHLIGHTS

· Raised £150 million of gross proceeds in July 2014 pursuant to an oversubscribed Placing, Open Offer and Offer for Subscription of new ordinary shares at an issue price of 103 pence per share

· Trading moved from the Specialist Fund Market to the Main Market of the London Stock Exchange and the Company was listed on the premium listing segment of the FCA's Official List

· Market capitalisation now approximately £400 million; included in the FTSE UK All Share Index from September 2014

· Unaudited Net Asset Value per share increased from 101.85 pence as at 30 June 2014 to 102.60 pence as at 31 October 2014, an increase of 0.74%

· Interim dividend of 1.85 pence per share in respect of the period from IPO to 30 June 2014 declared on 8 July 2014 and paid on 8 August 2014

· Target dividend of 2.3 pence per share for the six months ending 31 December 20141Four Big Box assets acquired during the period in prime logistics locations across the UK let to institutional-grade tenants for a total investment of approximately £107.1 million

· Additional forward funding development completed on a new logistics facility pre-let in its entirety to Rolls-Royce Motor Cars Limited for an investment price of £37 million

· Property portfolio independently valued as at 31 October 2014 at £516.1 million2

· Weighted average unaudited net initial yield (at acquisition and net of costs) of the Group's eleven properties of 6.00%

· Weighted average unexpired lease term across the portfolio of 14.9 years

· Aggregate borrowings of 34.8% of gross assets with current long term debt of £179.48 million3

· Weighted average term to maturity of Group debt facilities of 4.3 years with options to extend in each case

· Several new loan facilities at advanced stages of negotiation in line with a medium term loan to value target of 40%

· Blended margin payable across the Company's financings to date of approximately 1.77% above three month LIBOR3

· Portfolio performing in line with management expectations with 100% occupancy during the period

· Strong pipeline of attractive new investment opportunities under active negotiation

1. This is a target only and not a profit 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 future results.
2. Including The Range, Doncaster at purchase cost.
3. Based on valuations as at 31 October 2014 and including the acquisition of The Range, Doncaster with associated completion and drawdown of its loan facility.

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 July 2014 to 31 October 2014 of 1.5 pence per Ordinary Share, payable on or around 17 December 2014 to Shareholders on the register on 28 November 2014. The ex-dividend date will be 27 November 2014. This interim dividend will be a Property Income Distribution ("PID"). The Directors have decided not to offer a scrip alternative in connection with this interim dividend.

PROPOSED PLACING

Further to the statement made by Tritax Big Box REIT plc (the "Company") on 13 November 2014 as part of the Company's Trading Update, the Board of Directors is pleased to announce that it intends to proceed with an institutional placing (the "Placing") of new ordinary shares (the "Placing Shares") at a price of 105 pence per share (the "Placing Price"). The Placing will comprise the initial tranche of the Company's Share Issuance Programme announced on 8 July 2014.

As noted in the Trading Update, the Company is currently in advanced negotiations in relation to the acquisition of three additional assets, each of which is under offer and in exclusivity and will be funded by the balance of the equity proceeds raised in July 2014.

In addition, the Manager is engaged in detailed discussions with the current owners of a number of other suitable assets available for potential acquisition in the near term. Such assets are generally greater than 500,000 sq. ft. in size, on long-term leases and with inflation linked rental uplifts. Accordingly the Company is seeking to raise additional equity via the Placing with a target fundraising size of up to £110 million.

The Board believes that the Placing will have the following principal benefits for Shareholders:

· the net proceeds of the Placing will be used to invest further in UK Big Box assets, diversifying the Company's portfolio, providing strategic flexibility and capitalising on the Company's leading position in the UK Big Box market;

· the Placing and the Share Issuance Programme allows the Company to tailor future equity issuance to its immediate pipeline, providing flexibility and minimising cash drag;

· the Placing is expected to be Net Asset Value accretive for existing Shareholders (net of fees and expenses associated with the Placing);

· an increase in the size of the Company should enhance the marketability of the Company's ordinary shares and result 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 issued share capital.

The Directors and the Manager are confident that the net proceeds of the Placing will be substantially invested or committed by February 2015.

The Placing Price reflects a 3.4 per cent. discount to the closing price of 108.75 pence per ordinary share on 19 November 2014.

The Placing Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares in the capital of the Company, including the right to receive all future dividends and distributions declared, made or paid (but not the second interim dividend of 1.5 pence per ordinary share declared today in respect of the period from 1 July 2014 to 31 October 2014).

The Company is currently targeting a third interim dividend of 0.8 pence per ordinary share for the two month period ending 31 December 20141. In addition, the Company confirms that it is targeting a dividend of not less than 6.0 pence per ordinary share for the year ending 31 December 20151.

ACQUISITION OF DISTRIBUTION WAREHOUSE MANCHESTER

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on the Tesco distribution warehouse in Touchet Hall Road, Middleton, Manchester for £22.45 million (net of acquisition costs), reflecting a net initial yield of 8.25%, assuming 5.8% standard costs of purchase. Completion is expected to take place on 2 December 2014. The purchase, which was off-market, has been funded out of equity proceeds.

The distribution warehouse is situated on Stakehill, an established 200 acre industrial estate providing 2.5 million sq ft of logistics space and employing 2,500 people, just to the east of Junction 20 of the M62. Manchester is approximately 8 miles to the east, and Liverpool 42 miles to the west. The industrial estate is home to a critical mass of occupiers including Sainsbury, Aldi, Booker and several third party logistics operators such as Bibby, Yodel and NFT Distribution.

The facility provides a rentalised area totalling 301,479 sq ft with a very low site cover of 31%. The unit was constructed in 1988 and has an eaves height of approximately 12 metres. The property, which is currently unoccupied, is leased to Tesco Stores Limited, for an unexpired term of approximately 9.2 years, with two further rent reviews in December 2017 and 2022.


RESULT OF PLACING

The Board of Directors of Tritax Big Box REIT plc (the "Company") is pleased to announce that the placing of new ordinary shares announced on 20 November 2014 (the "Placing") has raised its maximum targeted gross proceeds of £110 million and was oversubscribed.

A total of 104,761,904 new ordinary shares will be issued at a price of 105 pence per share (the "Placing Shares"). The Placing forms part of the Company's Share Issuance Programme.

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ACQUISITION OF TWO DISTRIBUTION CENTRES

ACQUISITION OF TWO DISTRIBUTION CENTRES FOR A COMBINED TOTAL OF £55.1 MILLION,
LOCATED IN DOVE VALLEY PARK, DERBY AND TRAFFORD PARK, MANCHESTER

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts to acquire two distribution centres located in Dove Valley Park, Derby and Trafford Park, Manchester for a combined purchase price of £55.1 million (net of acquisition costs). The two purchases represent a blended net initial yield of 6.53%, assuming 5.8% purchase costs. Completion of both purchases is expected to take place by 12 December 2014.

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FINANCING OF DISTRIBUTION WAREHOUSE IN MELMERBY

Further to the acquisition of the distribution warehouse in Melmerby, near Ripon, North Yorkshire let to Wolseley UK announced on 1 September 2014, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has signed an agreement with Santander UK plc to provide £5.5 million of senior debt financing secured on the asset. This reflects a loan to value ratio of approximately 43.4%.

The debt financing for the distribution warehouse is for a term of five years. The blended margin payable across the Company's financings to date is approximately 1.76% above three month LIBOR. Following drawdown of the loan, the Group's aggregate borrowings will be 34.0% of the Group's gross assets.

New high @111.50p earlier.

Pre-let development of Ocado facility

A NEW BIG BOX LOGISTICS FACILITY DEVELOPMENT WITHIN THE M25
FOR OCADO
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts (conditional on detailed planning consent) to provide forward funding for a new distribution warehouse facility located inside the M25 at Crossdox, Bronze Age Way, Erith, pre-let in its entirety to a subsidiary of Ocado Group Plc ("Ocado"). The investment price is £98.8 million, reflecting a yield of 5.25% (net of standard acquisition costs).

The site is located in a core south east location inside the M25 (J 1A) on the south side of the River Thames and A2016, with Central London approximately 12 miles to the West and Tilbury Docks and DP World container port to the East. It will also benefit from excellent access to the wider motorway network including Greater London and the Home Counties.

Ocado has signed an agreement to lease, conditional upon detailed planning, for a new 30 year lease, without break, subject to five yearly rent reviews indexed to RPI (capped and collared). During the construction phase, the Company will receive an income return from the developer.

The 35 acre site will be the location of an important South East logistics hub for Ocado to help fulfil its growing capacity needs in London and the South East. The investment will comprise a new distribution warehouse, with a gross internal area of approximately 560,000 sq ft, reflecting a site cover of c. 45%. The development is being undertaken by Bericote Properties.

Completion of the investment purchase is expected to take place in the spring of 2015 when construction of the main works will commence, with practical completion of the developer's base build targeted for the summer of 2016. The purchase will be funded by the Company out of equity with senior debt finance expected to be introduced in the near term.

Ocado has an option to introduce a third party joint guarantor to the lease on the later of 30 April 2015 and the date of grant of detailed planning consent, which, if exercised, would result in a reduction in the lease length from 30 to 25 years, a lower rent receivable and an increase to the investment price to £99.9 million.

FINANCING OF DOVE VALLEY PARK DISTRIBUTION CENTRE

FINANCING OF DISTRIBUTION CENTRE LOCATED IN DOVE VALLEY PARK, DERBY LEASED TO KUEHNE & NAGEL LIMITED

Further to the acquisition of the distribution centre in Dove Valley Park, Derby announced on 8 December 2014, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has drawn on senior debt financing secured on the asset. This facility had previously been agreed with Barclays Bank PLC to the value of £13.2 million, reflecting a loan to value ratio of approximately 43.2%.

The debt financing for the distribution centre is for a term of four years, with an option to extend the term of the loan by up to one further year, exercisable prior to the end of year one, resulting in a maximum term of five years.

The blended margin payable across the Company's financings to date is approximately 1.76% above three month LIBOR. Following drawdown of the loan, the Group's aggregate borrowings will be 35.1% of the Group's gross assets.

Final Results

Financial highlights:
· The IPO in December 2013 raised gross proceeds of £200 million at an issue price of 100 pence per share. In July 2014, the Company's shares moved to a premium listing and trading on the London Stock Exchange Main Market.

· Further equity fundraisings in May, July and November 2014 raised a total of more than £280 million, at issue prices of between 103 and 105 pence per share.

· We paid the first interim dividend of 1.85 pence per share in August 2014, for the period to 30 June 2014, and the second interim dividend of 1.50 pence per share in December 2014, for the period from 1 July to 31 October 2014. A third interim dividend of 0.80 pence per share will be payable in March 2015, for the period from 1 November to 31 December 2014. In 2015, we are on track to achieve our initial target dividend on the IPO issue price of 6 pence per share.

· The properties were independently valued as at 31 December 2014 at £619.28 million (including forward funded commitments), an uplift of 9.3% over the aggregate acquisition price (excluding acquisition costs).

· The net asset value ("NAV") per share increased from 98.00 pence at the time of the IPO to 107.02 pence as at 31 December 2014, a rise of 9.2%.

· Annualised rent roll as at 31 December 2014 of £36.16 million including forward funded commitments.

· Our loan to value ("LTV") ratio was 32.9% as at 31 December 2014, with long-term debt drawn at the period end of £203.64 million.

· The average debt margin payable across the portfolio is 1.76% over 3-month LIBOR; we have used interest rate caps to limit our exposure to interest rate increases.


Operational highlights:
· The net proceeds from the IPO and the equity fundraisings in May and July 2014 were fully invested, on time and in line with our stated objectives. During the period, we acquired 14 Big Box assets let to some of the UK's largest retailers, global logistics companies and renowned manufacturers.

· The properties in our portfolio are in strong distribution locations and provide UK geographic diversification.

· We benefit from a diverse covenant spread, with all properties leased to institutional-grade tenants.

· Our weighted average unexpired lease term across the portfolio was 13.9 years as at 31 December 2014.

· Our portfolio was fully let or contracted and income producing during the period.


Post Balance Sheet highlights:
· In January 2015 we exchanged contracts, subject to detailed planning consent, to provide £98.8 million of forward funding for a new distribution warehouse pre-let to Ocado, Erith.

· In February 2015, we drew a further £13.17 million of senior debt with a term to maturity of four years, hedged via a coterminous swap.

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 November 2014 to 31 December 2014 of 0.8 pence per Ordinary Share, payable on or around 18 March 2015 to Shareholders on the register on 6 March 2015. The ex-dividend date will be 5 March 2015. This interim dividend will be a Property Income Distribution ("PID"). The Directors have decided not to offer a scrip alternative in connection with this interim dividend.

Watch: Tritax Presentation - Results for the fourteen month period ended 31 December

click here

Jefferies International Buy 111.75 111.75 115.00 123.00 Reiterates

New high @114p - ex dividend this Thursday @0.8p.

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 2015 to 28 February 2015 of 1.0 pence per ordinary share, payable on or around 22 April 2015 to shareholders on the register on 20 March 2015. The ex-dividend date will be 19 March 2015. This interim dividend will be a Property Income Distribution ("PID"). The Directors have decided not to offer a scrip alternative in connection with this interim dividend.


Proposed Issue of Equity

Further to the statement made by Tritax Big Box REIT plc (the "Company") on 23 February 2015 as part of the Company's Full Year Results, the Board of Directors is pleased to announce that it intends to proceed with an institutional placing (the "Placing") and offer for subscription (the "Offer for Subscription") of new ordinary shares (the "New Shares") at a price of 110 pence per share (the "Issue Price") (the "Issue"). The Issue will comprise the second tranche of the Company's share issuance programme of up to 350 million new Ordinary Shares valid until 7 July 2015 (the "Share Issuance Programme") announced on 8 July 2014.

An updated securities note (the "Securities Note") and summary (the "Summary") containing full details of the Issue are expected to be published later today. The Securities Note and Summary, together with the registration document published on 8 July 2014 (as supplemented by the supplementary prospectus dated 23 February 2015), will form the prospectus (the "Prospectus") in relation to the Issue. The Issue will comprise a further tranche under the Share Issuance Programme, under which the Company has already issued 104,761,904 ordinary shares (the "Ordinary Shares") through a placing which closed in November 2014.


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RESULT OF PLACING AND OFFER FOR SUBSCRIPTION

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

Investor demand for the Issue has significantly exceeded the targeted size of £150 million. The Board, after careful consideration with the Manager and in consultation with Jefferies International Limited ("Jefferies"), has exercised its right to increase the size of the Issue to £175 million. As a result, a total of 159,090,909 Ordinary Shares will be issued at a price of 110 pence per Ordinary Share, of which 141,646,051 Ordinary Shares will be issued under the Placing and 17,444,858 Ordinary Shares will be issued pursuant to the Offer for Subscription.

The net proceeds of the Issue will be used to invest further in UK Big Box assets, with the Manager currently in advanced negotiations for the acquisition of three additional assets, each of which is under offer, in solicitors' hands and subject to exclusivity arrangements. In addition, the Manager is engaged in detailed discussions with the owners of a number of other suitable assets that meet the Company's Investment Policy.

Notice of EGM

Blackrock < 5%

A new high today @117.25.

Disposal

LONDONMETRIC SELLS HARLOW
DISTRIBUTION FACILITY FOR £37.2 MILLION

LondonMetric Property Plc ("LondonMetric" or "Company" or "Group") announces that it has exchanged on the sale of the 268,000 sq ft Brake Bros Ltd. distribution facility in Harlow to Tritax Big Box REIT plc for £37.2 million (LondonMetric's share: £18.6 million).

The property, which was built in 1989, is owned in a 50:50 joint venture between LondonMetric and Green Park and was acquired in August 2011 for £22.9 million. Last year, LondonMetric accepted a surrender of the 16.8 acre site from Tesco and completed the re-letting to Brake Bros Ltd. on a new 25 year lease subject to RPI uplifts of between 0 - 5.0% pa every 5 years.

The current passing rent is £1.8 million pa which will be 'topped' up to the next rent review, reflecting a 5.0% NIY to the purchaser.

Following this disposal, LondonMetric's distribution portfolio (including developments) totals £598.1 million in 22 distribution centres with a WAULT of 14.4 years and with 51.0% of income subject to fixed uplift or RPI increases. The distribution portfolio is now the Group's largest sector representing over 45% of the total portfolio.

Acquisition of Brake Bros Distribution Centre

ACQUISITION OF BRAKE BROS LTD DISTRIBUTION CENTRE, FLEX MEADOW, HARLOW FOR £37.2 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on a regional distribution centre at Flex Meadow, Harlow, let to Brake Bros Ltd ("Brake Bros"), for a purchase price of £37.2 million (net of acquisition costs), which reflects a net initial yield of 5.0%. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place in June 2015.

The asset is strategically positioned in a core South East location, close to the M11, the M25 and Central London, providing distribution reach across the South East. It is currently undergoing a comprehensive refurbishment programme (fully financed by the tenant) and comprises a rentalised area of approximately 268,000 sq. ft., a low site cover of 37%, and features cross dock loading and a temperature controlled environment.

It is being acquired from LondonMetric Property Plc with an unexpired lease term of approximately 24.5 years, subject to five yearly upward only rent reviews indexed to RPI, and capped at 5% p.a. compound.

ACQUISITION OF ARGOS REGIONAL DISTRIBUTION CENTRE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on the Argos Regional Distribution Centre at Heywood Distribution Park, Heywood, Manchester for a purchase price of £34.1 million (net of acquisition costs), reflecting a net initial yield of 5.3% on the asset purchase. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place on 29 April 2015.

Developed in 1998 for Argos, this high specification facility incorporates design features such as cross docking, has an eaves height of 15.2 metres and comprises a rentalised area of approximately 381,106 sq ft., with a low site cover of 46%.

The Heywood Distribution Park is strategically located on the A58 trunk road linking Leeds and Manchester. It is approximately seven miles north of Manchester city centre and junction 18 of the M62 motorway is two miles to the south, providing good access to the North-West of England and the wider trans-Pennine motorway network.

The Argos Distribution Centre is being acquired with an unexpired lease term of approximately 13 years, subject to five yearly open market rent reviews. The next review is due in 2018.