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Tritax Big Box Fundamentals (BBOX)

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.

ACQUISITION OF THE B&Q DISTRIBUTION CENTRE

CQUISITION OF THE B&Q CORE PRODUCTS REGIONAL DISTRIBUTION CENTRE, WORKSOP, NOTTINGHAMSHIRE FOR £89.75 MILLION
The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired the B&Q Core Products Regional Distribution Centre at Worksop, Nottinghamshire for a purchase price of £89.75 million (net of acquisition costs), reflecting a net initial yield of 5.13% on the corporate acquisition. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.

Constructed in 2005 for B&Q, the property is of a high specification and incorporates modern design features including cross docking, eaves height of between 14 and 24 metres, a fully automated racking system and the potential for rail freight connectivity. The current total floor area extends to 875,350 sq ft, reflecting an exceptionally low site cover of 24%. Planning consent is in place to increase the facility to a total of 1.1 million sq ft, facilitating future expansion for the tenant.

The Regional Distribution Centre is being acquired with an unexpired lease term of approximately 16.5 years, which is subject to five yearly rent reviews to the higher of the Open Market Rent or the Retail Price Index (capped at 5%). The next review is due to be in November 2016.

Worksop, Nottinghamshire is well located in the East Midlands with the facility positioned adjacent to the A57 which links directly to both the A1 to the East and M1 (J30) to the West.

FINANCING OF ASSET PRE-LET TO ROLLS-ROYCE

Further to the announcement on 29 September 2014 that the Company had exchanged contracts to forward fund the development of a new logistics asset located near Bognor Regis, West Sussex, pre-let in its entirety to Rolls-Royce Motor Cars Limited, 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 has been agreed with Barclays Bank PLC to the value of £14.8 million, reflecting a loan to value ratio of approximately 39.5%.

The debt financing is for a term of five years. The facility will commence as a development term facility which converts into an investment term facility at the point of practical completion of the building, which is targeted for the spring of 2016.

The blended margin payable across the Company's financings post practical completion will be approximately 1.76% above three month LIBOR.

ACQUISITION OF NEW LOOK DISTRIBUTION CENTRE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts on one of the two adjoining New Look Retailers Ltd ("New Look") National and European Distribution Centres at Lymedale Business Park, Newcastle-under-Lyme for a purchase price of £30.05 million (net of acquisition costs), reflecting a net initial yield of 5.9% on the corporate acquisition. The purchase will be funded from equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place by 6 May 2015.

Pre-let development of Nice-Pak facility

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged and completed contracts to provide forward funding for the development of a new distribution and production facility, pre-let in its entirety to Nice-Pak International Limited ("Nice-Pak"), a leading manufacturer and supplier of wet wipes globally. The investment price is £28.66 million, reflecting a yield of 6.42% (net of land acquisition costs).


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Financing of B&Q Regional Distribution Centre

Further to the announcement on 29 April 2015 that the Company had acquired the B&Q Regional Distribution Centre at Worksop, Nottinghamshire, 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 has been agreed with Barclays Bank PLC to the value of £40.38 million, reflecting a loan to value ratio of 45% at the asset level.

The debt financing for the distribution centre is for a term of five 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 six years.

Post drawdown the blended margin payable across the Company's financings is approximately 1.77% above three month LIBOR and the loan to value ratio across all assets stands at approximately 33%.

ACQUISITION OF TESCO REGIONAL DISTRIBUTION CENTRE, CAPITOL PARK, GOOLE FOR £47.1 MILLION

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 March 2015 to 31 May 2015 of 1.5 pence per ordinary share, payable on or around 15 July 2015 to shareholders on the register on 19 June 2015. The ex-dividend date will be 18 June 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.

The Company is targeting an aggregate dividend of 6.0 pence per ordinary share for the year ending 31 December 2015.

Pre-let development of Dunelm facility

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed the land purchase and entered into contracts to provide forward funding for the development of a new distribution warehouse facility, pre-let in its entirety to Dunelm (Soft Furnishings) Ltd, the UK's number one homewares retailer.The investment price is £43.43 million, reflecting a yield of 5.47% (net of land acquisition costs).

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More for the big boys :-(

Proposed Placing

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 113 pence per share (the "Placing Price"). The Placing will comprise the final tranche of the Company's share issuance programme valid until 7 July 2015 (the "Share Issuance Programme") under which 86,147,187 ordinary shares remain available for issue. The Board intends to combine the available balance of the Share Issuance Programme with the Company's general authority to issue shares for cash on a non-pre-emptive basis (the "General Authority") with a target fundraising size of up to £125 million1. The Placing Shares to be issued under the General Authority will be issued on the same terms as the Placing Shares to be issued under the Share Issuance Programme.

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FINANCING OF ASSET PRE-LET TO OCADO

Further to the announcement on 29 January 2015 that the Company had exchanged contracts to forward fund the investment of 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, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed senior debt financing secured on the asset. This facility has been agreed with Landesbank Hessen-Thüringen Girozentrale ("Helaba") to the value of £50.866 million, reflecting a loan to value ratio of approximately 50%.

The facility has a five year term with an option to extend this to a maximum of six years exercisable before the second anniversary of the facility, subject to lender consent. To efficiently match the terms of the forward funding contract, the facility has been structured to provide a twelve month loan to facilitate the construction period which will automatically convert into an investment loan for the remainder of the term at the point of practical completion of the building, targeted for the summer of 2016.

Including this loan, the blended margin payable across the Company's financings post practical completion will be approximately 1.70% above three month LIBOR.

Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust giving pure exposure to very large logistics warehouse assets in the UK, will announce its interim results for the six months ended 30 June 2015 on Friday, 21 August 2015.

A new high @119p.

Toying with the highs again.

And again @119.50p

Interim Results

Financial highlights
· Our investment properties were independently valued at £1.09 billion as at 30 June 2015 (including forward funded commitments), representing an increase of £114.80 million or 11.7% over the aggregate acquisition price (excluding acquisition costs).

· The portfolio's contracted rental income has increased to £58.87 million per annum (30 June 2014: £20.84 million), including forward funded assets.

· Dividends declared in relation to the six months ending 30 June 2015 (the "period") totalled 3.0 pence per share, putting us on track to meet our stated 6.0 pence per share target for 2015.

· Total return for the six month period of 10.71% compared to our target of 9% per annum for the medium term.

· We raised an additional £229 million of equity during the period, issuing 159.09 million new shares at an issue price of 110 pence per share in March 2015, and a further 47.79 million new shares at an issue price of 113 pence per share in June 2015, pursuant to the Company's share issuance programme which expired on 7 July 2015.

Operational highlights
· We acquired eight Big Boxes during the period, three of which were forward funded pre-let investments, expanding the portfolio to 22 assets. The acquisitions further diversified the portfolio both by geography and by tenant.

· The weighted average unexpired lease term across the portfolio is 15.77 years, which compares well to our target of at least 12 years.

· The average net initial yield of the portfolio at acquisition is 5.8% against our period end valuation of 5.1% net initial yield.

· The total expense ratio for the period was 0.50%, down from 0.71% for the period from 1 January 2014 to 30 June 2014, which compares favourably with our real estate peers.

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

· The Company's shares were included in the FTSE EPRA/ NAREIT Global Developed Index from 23 March 2015 and the FTSE 250 Index from 8 June 2015, helping to attract new investors and support liquidity in the shares.

· Growth of the portfolio to provide a total of over 11 million sq ft of logistics space forming the portfolio.

Post Balance Sheet highlights
· In July 2015 a new five year loan facility totalling £50.87 million was agreed with Landesbank Hessen- Thüringen Girozentrale ("Helaba") to finance the forward funded investment pre-let to Ocado in Erith.

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Stockwatch: A safe haven with a 5% yield

Pre-let development of Howden Joinery facility

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged conditional contracts to acquire the land and provide forward funding for the development of a new distribution warehouse facility, pre-let in its entirety to Howden Joinery Group Plc ("Howdens"), the parent group of the UK's leading supplier of kitchens and joinery. The investment price is £67.0 million, reflecting a net initial yield of 5.03% (net of land acquisition costs).

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A new high @124.50p.