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Tritax Big Box Fundamentals (BBOX)

ACQUISITION OF MATALAN RETAIL LTD NORTHERN DISTRIBUTION CENTRE AT KNOWSLEY BUSINESS PARK, LIVERPOOL FOR £42.38 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed the purchase of the Matalan Retail Limited ("Matalan") Northern Distribution Centre at Knowsley Business Park in Liverpool, for a purchase price of £42.38 million (net of acquisition costs), reflecting a net initial yield of 6.27% on the corporate acquisition. The purchase will be funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.

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PRE-CLOSE UPDATE

The Board of Tritax Big Box REIT plc (ticker: BBOX) announces this trading update as it enters the close period for the year ending 31 December 2015. This statement provides an update on investment activity, portfolio performance and market conditions.

PORTFOLIO HIGHLIGHTS

· £1,261 million (net of acquisition costs)1 invested in 25 Big Box assets let to 21 tenants

· 20 standing assets and five pre-let forward funded developments with a combined floor space of 13.0 million sq. ft. (of which 2.8 million sq. ft. is under construction)

· 11 new investments made in 2015

· 81% of assets acquired off-market with average purchase yield of 5.8%

· Current weighted average unexpired lease term across the portfolio of 16.7 years

· Portfolio 100% let with contracted annual rental income of £68.2 million2 as at 16 December 2015

· All leases provide for upward only rent reviews, of which 52% are open market, 23% are fixed uplift and 25% are RPI linked

· High quality institutional grade tenant mix with strong financial covenants - 84% of tenants are listed PLCs (69% in the FTSE 100 or FTSE 250)

· Forward funded development pre-let to Rolls Royce-Motor Cars Limited at Bognor completed on schedule and on budget in September 2015

· Engaged with multiple tenants on asset management initiatives

· Market rental growth expected to remain robust in 2016

· Strong pipeline of attractively priced, off-market investment opportunities identified

1 as at 30 June 2015 valuation plus acquisition price for subsequently acquired properties
2 including forward funded assets

FINANCIAL HIGHLIGHTS

· 3.0p per share dividend paid for the six months ended 30 June 2015; targeting fully covered aggregate dividend of 6.0p per share for the year ending 31 December 2015

· Share price total return of 20.9% over 2015 YTD and 35.7% since IPO in December 20133

· Low cost base with 2015 target total expense ratio of 1.1%

· £569.5 million of committed debt financing in place of which £375.1 million is currently drawn (34% LTV)

· Weighted average term to maturity of debt facilities of 4.7 years, increasing to 6.4 years with extension options

· Current blended margin payable of 1.42% above three month LIBOR

· Borrowing costs on current drawn debt capped at an all-in rate of 2.94% using interest rate caps which run coterminous with each facility

· Market capitalisation of £856 million3; FTSE 250, FTSE EPRA/NAREIT and MSCI index constituent

3 Source: Bloomberg, to 16 December 2015 respectively, based on closing share price of 126.3p

Colin Godfrey, Partner of Tritax, said:

"2015 has been another significant year of development for the Company with 11 new investments creating an increasingly diversified and high quality portfolio, a new five year £500 million debt facility secured on attractive terms and offering substantial operational flexibility and strong share price performance underpinned by the long term, income-focused nature of the Company's real estate assets.

As we look forward to 2016, we believe the imbalance between supply and demand of Big Box assets is a theme which will continue to dominate the logistics sector driving further market rental growth."

DIVIDEND POLICY

Since the IPO, the Board has targeted an initial annual dividend yield (on a fully invested and geared basis) of 6% by reference to the IPO issue price of 100 pence. With effect from 1 January 2016 the Directors intend to adopt a progressive dividend policy and expect to provide guidance to investors in this regard during Q1 2016. Dividends are expected to be fully covered by earnings from the Company's portfolio.

MARKET CONDITIONS AND OUTLOOK

The UK has one of the greatest warehouse space requirements in Europe driven by the strong economic outlook and the growth in internet sales which are expected to represent 19% of total retail sales by 2019, up from 13% in 2014 (source: eMarketer). Meanwhile, logistics availability in the UK has been decreasing since 2009 with the supply of speculatively developed Big Box assets extremely limited. As far as the Company's investment manager is aware, no Big Box assets of 500,000 sq. ft. or above are currently being developed speculatively.

Prime logistics yields have compressed by approximately 75 basis points since the Company's IPO in December 2013 and currently stand at approximately 5.0% with the potential for further compression in 2016 given the imbalance between supply and demand which is unlikely to be rectified in the short to medium term.

As a result of growing occupier demand and constrained occupational supply, strong rental growth has been evidenced during the last 18 months and is expected to continue through 2016 with the Company well placed to capture market rental growth given the profile of rent reviews across the portfolio.

Are you holding this one skinny? Seems pretty steady in an uncertain world and divi seems attractive.

Harry - yes, I've held for 2 years @100.95p

Trading Update

The Board of Tritax Big Box REIT plc (ticker: BBOX) announces an unaudited estimated EPRA Net Asset Value per ordinary share as at 31 December 2015 of approximately 124.5 pence (the Company's unaudited basic Net Asset Value per ordinary share is estimated to be approximately 124.0 pence as at the same date).

This represents an increase of approximately 15.7% as compared to the audited EPRA Net Asset Value as at 31 December 2014 of 107.6 pence and a total return1 of approximately 19.2% over the period, significantly in excess of the Company's medium term target of 9% per annum. The total shareholder return2 over the period was 24.1%.

The Board expects to declare a fully covered 3.0 pence per share dividend for the six months ended 31 December 2015, representing an aggregate dividend of 6.0 pence per share for the year ended 31 December 2015.

The Board has adopted a progressive dividend policy and intends to target a dividend of 6.2 pence3 for the year ending 31 December 2016, representing a rise of 3.3% compared to the total dividend expected to be declared for 2015 and in excess of the rate of RPI inflation over the period from the Company's IPO in December 2013 to 31 December 2015. Dividends are expected to be fully covered by adjusted earnings4 from the Company's portfolio.

The Company will publish its audited annual results for the year ended 31 December 2015 in March 2016.

The Board of Directors (the “Directors”) of Tritax Big Box REIT plc (ticker: BBOX) announces a Placing, Open Offer and Offer for Subscription of new ordinary shares of the Company (the “New Shares”) at a price of 124 pence per New Share (the “Issue Price”) (the “Issue”).
The Company expects to use the net proceeds of the Issue to acquire further investments. In this regard, Tritax Management LLP (the “Manager”) is engaged in detailed discussions with the owners of a number of attractive investment assets that meet the Company’s investment criteria and are available for potential acquisition in the near term. The Directors consider that such investment opportunities are likely to be value accretive to investors over the medium term. Accordingly, the Company is seeking to raise a target amount of £100 million1 (before expenses) via the Issue that will provide the Company with funds to capitalise on these opportunities.
Indicative Timetable
Record Date for entitlements under the Open Offer 5.00 p.m. on 25 January 2016
Open Offer Application Forms despatched to Qualifying NonCREST Shareholders 27 January 2016
Ex-entitlement date for the Open Offer 27 January 2016
Open Offer Entitlements credited to stock accounts in CREST of Qualifying CREST Shareholders 28 January 2016
Recommended latest time for requesting withdrawal of Open Offer Entitlements from CREST 4.30 p.m. on 5 February 2016
Latest time and date for depositing Open Offer Entitlements into CREST 3.00 p.m. on 8 February 2016
Latest time and date for splitting of Open Offer Application Forms (to satisfy bona fide market claims only) 3.00 p.m. on 9 February 2016
Latest time and date for receipt of completed Open Offer
Application Forms and payment in full under the Open Offer or settlement of relevant CREST instructions (as appropriate) 11.00 a.m. on 11 February 2016
The Placing and Offer for Subscription
Placing and Offer for Subscription opens 27 January 2016
Latest time and date for receipt of completed Application Forms and payment in full under the Offer for Subscription 11.00 a.m. on 11 February 2016
Latest time and date for receipt of placing commitments under the Placing 3.00 p.m. on 11 February 2016

I've opted to take my full entitlement plus a few more.

Greedy boy! ;o)

Ex-divi thurs 11th Feb (3p).

MIDAS-SHARE-TIPS-UPDATE-big-box-tip-Tritax-gets-bigger-shares-30-cent

Result of Issue and Tap Issue

TRITAX BIG BOX REIT PLC
(the "Company")
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 £100 million and the maximum size of £150 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 £50 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 and the Company's stated dividend target for 2016. Accordingly, the total size of the Issue when aggregated with the Tap Issue will be £200 million, which is significantly lower than the total overall demand for the Issue.

A total of 161,290,323 Ordinary Shares will be issued at a price of 124 pence per Ordinary Share (the "Issue Price"), of which 53,513,170 Ordinary Shares will be issued pursuant to the Open Offer, 7,435,906 Ordinary Shares will be issued pursuant to the Offer for Subscription, 60,018,666 Ordinary Shares will be issued under the Placing and 40,322,581 Ordinary Shares will be issued under the Tap Issue.

All valid applications under the Open Offer (including Excess Applications) have been met in full. A scaling back exercise has been undertaken with respect to applications received pursuant to the Placing and the Offer for Subscription.

The net proceeds of the Issue will be used by the Company to acquire further investments. In this regard, the Manager is engaged in detailed discussions with the owners of a number of attractive investment assets that meet the Company's investment criteria and are available for potential acquisition in the near term.

Commenting on today's announcement, Richard Jewson, non-executive chairman of the Company, said:

"We are delighted by the success of this fundraising against the backdrop of very difficult equity market conditions. On behalf of the Board and the Manager I would like to thank existing shareholders for their continued strong support and welcome a significant number of new investors."

Colin Godfrey, Partner of Tritax, commented:

"The Company has an attractive pipeline of investment opportunities which are expected to be value accretive to shareholders over the medium term. We look forward to building an increasingly diversified portfolio, generating income growth underpinned by a growing rental stream and a low cost base."

The Issue is conditional, amongst other things, upon the passing of the Resolutions at the General Meeting to be held today, Admission of the Ordinary Shares occurring no later than 8.00a.m. on 16 February 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.

Admission to the Official List

Application has been made for all of the new Ordinary Shares to be admitted to the premium listing segment of the Official List of the FCA and to be admitted to trading on the London Stock Exchange's main market for listed securities ("Admission"). It is expected that Admission will become effective, and that dealings in the new Ordinary Shares will commence, on 16 February 2016.

Total Voting Rights

Immediately following Admission, the Company's issued share capital will consist of 839,130,411 Ordinary Shares with voting rights. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Indicative Timetable

General Meeting
10.00 a.m. on 12 February 2016
Admission of the new Ordinary Shares to the Official List and to trading on the London Stock Exchange's main market for listed securities
8.00 a.m. on 16 February 2016
Crediting of CREST stock accounts
16 February 2016

Share certificates despatched (where appropriate)
week commencing 29 February 2016 (or as soon as possible thereafter)

Interesting that the sp has fallen to the RI price, which, apart from saving the dealing costs, means that non holders can buy at the same price as holders, possibly lower if the market continues it's slide.

Don't forget they went XD yesterday @3p

Any thoughts here skinny? Quite a few sells going through at 123.90, which isn't important in itself, but am wondering whether investors upset with the extra dilution.

I'll continue to hold Harry - "Investor demand for the Issue has significantly exceeded the targeted size of £100 million and the maximum size of £150 million."

RESULT OF GENERAL MEETING

Jefferies International Buy 125.80 140.00 140.00 Reiterates

Norges Bank < 3%

NOTICE OF FULL YEAR RESULTS

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 full year results for the twelve months ended 31 December 2015 on Wednesday, 16 March 2016.

A Company presentation to analysts will take place at 10.30am on the day at the offices of Newgate, Sky Light City Tower, 50 Basinghall Street, EC2V 5DE.

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

A new high @133p.