Initial Prospectus

Company Website

Financial Calendar

Recent Broker notes

BarChart Indicators

Recent Market news

Tritax Big Box Fundamentals (BBOX)

Financing of M&S and Tesco Distribution Centres

FINANCING OF MARKS & SPENCER EAST MIDLANDS DISTRIBUTION CENTRE &
TESCO DISTRIBUTION CENTRE, SOUTHMEAD INDUSTRIAL ESTATE, DIDCOT

Further to the acquisitions of the Marks & Spencer East Midlands Distribution Centre at Castle Donington, Leicestershire announced on 13 December 2013 and the Tesco Distribution Centre at Southmead Industrial Estate, Didcot announced on 4 April 2014, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has signed agreements with Barclays Bank PLC to provide £49.3 million and £12.2 million respectively of senior debt financing secured individually on the assets. These reflect loan to value ratios of approximately 59% and 45% respectively. The debt financing for Marks & Spencer East Midlands Distribution Centre is for a term of five years, with an option to extend prior to the end of year two and three up to a maximum of seven years, with a margin of 200 bps above three month LIBOR. The debt financing for Tesco Didcot Distribution Centre is for a term of four years, with an option to extend prior to the end of year one up to a maximum of five years, with a margin of 185 bps above three month LIBOR.

As previously noted, the Group intends to operate a flexible gearing strategy with respect to individual assets. Generally, the Group expects to utilise borrowings to a greater extent on individual assets with longer unexpired lease lengths, while assets with shorter lease terms are expected to be geared to a lesser extent.

Following drawdown of the loans, the Group's aggregate borrowings will be 45% of the Group's gross assets. As set out in the Company's investment policy, the Group's initial target level of aggregate borrowings is 45% of the Group's gross assets, once fully invested, with a medium term target of 40% of the Group's gross assets.

ACQUISITION & FINANCING OF DISTRIBUTION WAREHOUSE

The Board of Tritax Big Box REIT plc (LSE: BBOX) is pleased to announce that it has exchanged contracts for the acquisition of Next Group Plc's Regional Distribution Warehouse facility at West Moor Park, Doncaster for a purchase price of £60 million (net of acquisition costs), reflecting a net initial yield of 6.07% on the acquisition. The Board is also pleased to announce that the Company has signed an agreement with Barclays Bank PLC to provide £16.4 million of senior debt financing secured on the asset. This reflects a loan to value ratio of approximately 27%. Completion and drawdown of the loan facility is expected to take place on 17 June 2014. This asset is one of the two additional assets noted as being in advanced negotiations in the Company's announcement dated 30 May 2014.

The distribution warehouse was originally developed in 2003 and let to Next for a 20 year term without breaks. It incorporates modern design features including 17.5 metre eaves, office accommodation, cross docking, extensive and secure loading and car parking facilities and a low site cover of approximately 45%. The building was extended in 2005 to 755,052 sq ft of ground floor area; in addition, a first and second floor mezzanine storage area of 106,552 sq ft was installed, with a sophisticated automated storage system.

Doncaster is one of largest commercial centres in South Yorkshire and is also one of the most important distribution locations in the UK due to its excellent motorway and rail connections, as well as its close proximity to the Humber Ports.

The distribution warehouse is being acquired with an unexpired lease term of approximately 9 years, which is subject to five yearly upward only open market rent reviews with the next review scheduled for March 2018.

The debt financing is for a term of four years, with an option to extend prior to the end of year one up to a maximum of five years. The blended margin payable across the Company's financings to date is approximately 190 bps above three month LIBOR.

Roebuck Asset Management represented the Company. CBRE represented the vendor.

ACQUISITION & FINANCING OF MORRISONS RDC KENT

ACQUISITION AND FINANCING OF MORRISONS DISTRIBUTION CENTRE, SITTINGBOURNE FOR £97.8 MILLION

The Board of Tritax Big Box REIT plc (LSE: BBOX) is pleased to announce that it has exchanged contracts for the acquisition of the Wm Morrison Supermarkets plc South East Regional Distribution Centre at Sittingbourne, Kent for a purchase price of £97.8 million (net of acquisition costs), reflecting a net initial yield of 5.2% on the acquisition. The Board is also pleased to announce that the Company has signed an agreement with Barclays Bank PLC to provide £53.8 million of senior debt financing secured on the asset. This reflects a loan to value ratio of approximately 55%. Completion and drawdown of the loan facility is expected to take place on 24 June 2014. This asset is the second of the two additional assets noted as being in advanced negotiations in the Company's announcement dated 30 May 2014. The Company is now substantially fully invested.

The distribution facility was developed in 2009 and comprises 919,443 sq. ft. of ground floor area with low site cover of approximately 42%. It incorporates modern design features, including two large purpose built units which are used for 'ambient goods' and 'chilled food' respectively. Both buildings also have good energy efficiency standards. The distribution centre is strategically located with excellent transportation connections via road (M2 & M25), deepwater/port facilities (Tilbury and Thames Gateway) and the Channel Tunnel (Folkestone), which lies 31 miles to the south east for mainland Europe.

Sittingbourne has a strong industrial and growing logistics presence within the South East, benefiting from its close proximity to London and infrastructure and transport links.

The distribution centre is being acquired from Wm Morrison Supermarkets plc subject to a new leaseback agreement for 25 years and with annual rent reviews indexed to RPI (subject to a 2% cap).

The debt financing is for a term of five years, with an option to extend up to a maximum of seven years. Following drawdown of the loan, the Company's aggregate borrowings will be 45% of gross assets. The blended margin payable across the Company's financings to date is approximately 175 bps above three month LIBOR.

Proposed Fundraising

The Board of Directors (the "Board") of Tritax Big Box REIT plc (ticker: BBOX) (the "Company") announces that the Company is considering raising additional equity share capital through a placing, open offer and offer for subscription with a target fundraising size of £150 million, expected to close in July. As referred to in the Company's IPO prospectus, the Company also intends, at the same time, to transfer its listing from the Specialist Fund Market to the premium listing segment of the Official List of the UK Financial Conduct Authority.

The Company has successfully invested the proceeds of its initial £200 million fundraise and its subsequent £20.8 million placing in a portfolio of six Big Box assets let to institutional-grade tenants, with appropriate levels of debt drawn down against the assets in line with the Company's investment policy. The Board and the Manager believe that there is a strong pipeline of suitable new investment opportunities and the Company is in detailed discussions in relation to the potential acquisition of a number of additional assets.

A further announcement will be made in due course.

DIVIDEND DECLARATION

The Board of Directors of Tritax Big Box REIT plc (ticker: BBOX) has today declared a dividend in respect of the period from admission of the share capital of the Company to trading on the Specialist Fund Market on 9 December 2013 to 30 June 2014 of 1.85 pence per Ordinary Share, payable on or around 8 August 2014 to Ordinary Shareholders on the register on 18 July 2014. The ex-dividend date will be 16 July 2014.

Take a deep breath!

PUBLICATION OF PROSPECTUS AND CIRCULAR



The Board of Directors (the "Board") of Tritax Big Box REIT plc (ticker: BBOX) announces the publication of a prospectus today (the "Prospectus") in relation to: an issue of up to 145,631,068 new Ordinary Shares through a Placing, Open Offer and Offer for Subscription at a price of £1.03 per Ordinary Share (the "Issue Price") to raise up to £150 million (the "Issue"); the proposed future issue of up to 350 million new Ordinary Shares through the Share Issuance Programme; and the proposed admission of the Company's issued and to be issued ordinary share capital to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together "Admission"). The new Ordinary Shares will also initially be admitted to the Official List of the Channel Islands Securities Exchange Authority Limited ("CISEA").

The Company has successfully invested the proceeds of its initial £200 million fundraise and its subsequent £20.8 million placing in a portfolio of six Big Box assets let to Institutional-Grade Tenants, in line with the Company's investment policy. The Board and the Manager believe that there is a strong pipeline of suitable new investment opportunities and the Company is in detailed discussions in relation to the potential acquisition of a number of additional Big Box assets.

The Board believes that the Issue and the Share Issuance Programme have the following principal benefits for Shareholders:

· the net proceeds of the Issue and Share Issuance Programme 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 Issue and the Share Issuance Programme will allow the Company to tailor future equity issuance to its immediate pipeline, providing flexibility and minimising cash drag;

· the Open Offer provides Qualifying Shareholders with the ability to acquire Ordinary Shares at a discount to the mid-market price per Ordinary Share as at 7 July 2014 and without incurring stamp duty or dealing costs;

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

· an increase in the size of the Company should enhance the marketability of the Company 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 are confident that sufficient suitable assets will be identified, assessed and acquired, to substantially invest or commit the net proceeds from the Issue within a three to four month period following Admission.

Issue Highlights

· Placing, Open Offer and Offer for Subscription at a price of 103 pence per Ordinary Share to raise Gross Proceeds of up to £150 million (up to £147 million net of fees and expenses associated with the Issue being 2 per cent. of Gross Proceeds).

· Up to 97,768,888 Ordinary Shares will be made available to Qualifying Shareholders at the Issue Price pro rata to their holdings of Existing Shares, on the terms and subject to the conditions of the Open Offer, on the basis of 4 new Ordinary Shares for every 9 Existing Shares held and registered in the name of each Qualifying Shareholder on the Record Date.

· Qualifying Shareholders who take up all of their Open Offer Entitlements may also apply under the Excess Application Facility for additional Ordinary Shares in excess of their Open Offer Entitlement. Applications under the Excess Application Facility will be allocated, in the event of over-subscription, pro rata to Qualifying Shareholders' applications under the Excess Application Facility.

· In addition, a minimum of 47,862,180 Ordinary Shares have been reserved for the Offer for Subscription and the Placing. This will grow to the extent that Qualifying Shareholders do not take up their entitlements under the Open Offer (or apply through the Excess Application Facility).

· The Issue Price reflects a 1.8 per cent. discount to the closing mid-market price of 104.88 pence per Ordinary Share on 7 July 2014.


Net Asset Value Update

The Company has today published an audited Net Asset Value per Ordinary Share as at 31 May 2014 of 104.5 pence. The Company has also today published an unaudited Net Asset Value per Ordinary Share as at 30 June 2014 of 101.85 pence, prior to adjusting for the first interim dividend declared today by the Company of 1.85 pence per Ordinary Share. The reduction in Net Asset Value per Ordinary Share between 31 May 2014 and 30 June 2014 relates to the acquisition costs incurred on the acquisition of Next Big Box and Morrisons Big Box in June 2014.

Dividends

The Company's stated intention is to pay dividends on a half-yearly basis. The first interim dividend of 1.85 pence per Ordinary Share was declared today in relation to the period from the IPO to 30 June 2014 with a record date of 18 July 2014. After careful consideration, the Directors have decided not to offer a scrip alternative in connection with the first interim dividend, which will be payable on or around 8 August 2014. For the avoidance of doubt, Ordinary Shares subscribed pursuant to the Issue will not rank for the first interim dividend.

The Board is targeting an initial annual dividend yield (on a fully invested and geared basis) of 6 per cent. by reference to the IPO issue price of 100 pence1. The Company will seek to grow the dividend over the medium term as rent reviews are triggered on the Portfolio. Over a five year period, the Directors expect that the dividend will grow at a rate reflecting CPI/RPI due to the upward only rent reviews typically contained in the leases of existing and target assets.

The Company is currently targeting a dividend of at least 2.3 pence per Ordinary Share for the six months ending 31 December 20141. In arriving at this figure, the Directors have assumed that the Issue is fully subscribed and the net proceeds are invested on a straight line basis over a four month period following Admission, with suitable assets being acquired with similar return and gearing parameters as for the existing Portfolio.

Admission to the Official List

As stated at the time of the Company's IPO, the Directors' objective has been to move the Company to the Official List of the FCA as soon as practicable, inter alia, once it had met the applicable listing criteria. The Company is, therefore, seeking to move the trading of its entire issued and to be issued share capital from the Specialist Fund Market and the Official List of the CISEA to the Main Market of the London Stock Exchange and to list on the Official List of the FCA. The Directors believe that such a move is in the best interests of the Company and Shareholders as a whole.

A key benefit of the move to the Official List is that the Company will become eligible for inclusion in both the FTSE EPRA/NAREIT index series and the FTSE UK index series which is expected to make the Company's shares more attractive to a broader range of institutional investors.

The Company has provided notice to Shareholders of the intended cancellation of its listing on the Official List of the CISEA in accordance with Rule 3.5.9 of the CISEA Listing Rules. The CISEA De-Listing is conditional upon Admission.

Alternative Investment Fund Manager ("AIFM")

The Company's manager, Tritax Management LLP (the "Manager"), became authorised by the FCA as an Alternative Investment Fund Manager on 1 July 2014.

Circular

The Company has also posted the Circular to Shareholders, today (the "Circular"), convening the General Meeting at which the Directors are seeking authority to, inter alia: (i) issue and allot Ordinary Shares in respect of the Issue; and (ii) issue and allot Ordinary Shares in respect of the Share Issuance Programme.

Result of General Meeting

The Board of Directors (the "Board") of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that all of the Resolutions proposed at the General Meeting held earlier today in connection with the Issue, the Share Issuance Programme and Admission were duly passed.


Result of Issue

The Board of Directors (the "Board") 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"). The Issue has raised its maximum targeted gross proceeds of £150 million and was oversubscribed.

A total of 145,631,068 Ordinary Shares will be issued at a price of 103 pence per Ordinary Share, of which 66,868,173 Ordinary Shares will be issued pursuant to the Open Offer, 23,118,854 Ordinary Shares will be issued pursuant to the Offer for Subscription and 55,644,041 Ordinary Shares will be issued under the Placing. All valid applications under the Open Offer (including Excess Applications) have been met in full and 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 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.

Jefferies International Buy 105.25 105.25 114.00 115.00 Reiterates

Tritax Big Box REIT plc (LSE: BBOX), the real estate investment trust, will announce its interim results for the period to 30 June 2014 on Thursday, 28 August 2014.

A presentation to analysts will take place at 8.00am on the day at Newgate Communications, Sky Light City Tower, 50 Basinghall Street, London EC2V 5DE.

Those wishing to attend are kindly asked to contact James Benjamin/ Clotilde Gros/ Georgia Lewis at Newgate Communications on tritax@newgatecomms.com or by telephone on +44 (0) 20 7680 6550.

ACQUISITION OF THE DHL DISTRIBUTION WAREHOUSE

The Board of Tritax Big Box REIT plc (LSE: BBOX) is pleased to announce that it has exchanged contracts on the DHL Supply Chain Ltd ("DHL") warehouse at Skelmersdale, Lancashire for a purchase price of £28.87 million (net of acquisition costs), reflecting a net initial yield of 6.5% on the asset acquisition, assuming 6.6% purchase costs. Completion is expected to take place on 27 August 2014. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.

Skelmersdale is strategically located approximately one mile from Junction 4 of the M58 motorway and five miles from Junction 6 of the M6. The Port of Liverpool is approximately 14 miles away, where construction is underway on a new container port, which will be capable of bringing some of the world's largest container ships into the North West region.

The unit was originally constructed in 2003 and comprises a highly specified and fully fitted distribution facility with ancillary offices and extensive car parking over approximately 29.5 acres, with a rentalised area of 471,968 sq ft, thereby representing a low site cover of 36%. The warehouse has an eaves height of 12.75m.

The Skelmersdale distribution warehouse is being acquired from DHL with a new 10 year leaseback agreement, which is subject to five yearly open market rent reviews, and a current passing rent of approximately £2.0 million per annum (£4.25 per sq ft). The next rent review is due in August 2019. DHL has committed to significant capital expenditure to fit the unit out in order to fulfil a new distribution contract, which will also operate as a multi contracted facility.

INTERIM RESULTS

Financial highlights:
· The Company's IPO in December 2013 (the "IPO") raised gross proceeds of £200.0 million at an issue price of 100 pence per share. The Company's shares were admitted to the Specialist Fund Market of the London Stock Exchange ("SFM") and to the Channel Islands Stock Exchange Authority Limited ("CISEA") on 9 December 2013.
· A follow-on equity fundraising in June 2014 raised an additional £20.8 million at an issue price of 104 pence per share.
· An interim dividend of 1.85 pence per share in respect of the period from 1 November 2013 to 30 June 2014 was declared on 8 July 2014 and paid on 8 August 2014.
· The Group's investment properties were independently valued on 30 June 2014 at £360.7 million, representing an increase of approximately 4.6% above the aggregate acquisition price (excluding acquisition costs).
· The unaudited Net Asset Value ("NAV") per share increased from 98.0 pence at the time of the IPO to 101.85 pence as at 30 June 2014, an increase of 3.9%.
· Loan to value ("LTV") ratio of 43.0% as at 30 June 2014 with long-term debt drawn in the period of £155.23 million.
· Aggregate debt margin across the portfolio of approximately 1.75% over 3 month LIBOR. Interest rate cap instruments utilised to limit cost of debt.

Operational highlights:
· Net IPO proceeds and follow-on equity fundraising proceeds fully invested within approximately six months, in line with the Company's stated target at launch. Over the period, the Group acquired six Big Box assets in prime logistics locations across the UK.
· Diverse covenant spread with all properties leased to institutional-grade tenants, with regular upward-only rent reviews.
· Weighted average unexpired lease term across the portfolio of over 16 years.
· High calibre of tenants, all part of a FTSE 100 group.
· Full occupancy of the portfolio for the 2013/14 period.

Post Balance Sheet highlights:
· Additional £150.0 million of gross proceeds raised in July 2014 pursuant to an oversubscribed Placing, Open Offer and Offer for Subscription of new shares at an issue price of 103 pence per share. Listing moved from the SFM to the premium listing segment of the FCA's Official List and to trading on the Main Market of the London Stock Exchange.
· £46.4 million of proceeds from July 2014 Placing, Open Offer and Offer for Subscription have been invested in a further two Big Box assets.

ACQUISITION OF WOLSELEY DISTRIBUTION CENTRE

The Board of Tritax Big Box REIT plc (LSE: BBOX) is pleased to announce that it has acquired the Wolseley Regional Distribution Centre ("RDC") at Ripon, North Yorkshire for a purchase price of £12.24 million (net of acquisition costs), reflecting a net initial yield of 6.73% on the corporate acquisition, assuming 1.8% costs. The purchase has been funded out of equity proceeds, with senior debt finance expected to be introduced in the near term.

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.

more...

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.

more..

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.