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Tritax Big Box Fundamentals (BBOX)

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.

Full Year Results

Financial highlights
· Dividends declared in respect of 2015 totalled 6.0 pence per share, in line with our target.

· Total return for the year of 19.4%, compared to the FTSE EPRA/NAREIT UK REITs Index of 10.5%.

· We agreed a new £500 million debt facility, reducing our average cost of borrowing by 35bps to 1.42% above 3 month Libor and extending our average unexpired loan term to 4.67 years.

· The EPRA net asset value per share increased by 17.11 pence (or 15.91%) to 124.68 pence (31 December 2014: 107.57 pence).

· We raised £229 million of equity during 2015 under our share issuance programme which expired on 7 July 2015.

· The portfolio is 100% let, or pre-let with developer licence fee income, across 25 properties.

· Our investment properties were independently valued at £1.31 billion1.

· £106.75 million valuation gain on our investment property portfolio during 2015.

· The portfolio's contracted rental income has increased to £68.37 million1 per annum (31 December 2014: £36.16 million1), including forward funded developments.


Operational highlights
· We acquired 11 Big Boxes during the year, five of which were forward funded pre-let developments. The acquisitions further diversified the portfolio by geography, tenant and building size.

· At the year end, the portfolio contained 25 assets, covering approximately 13 million sq ft of logistics space.

· The total expense ratio for the year was 1.09%, down from 1.13% for the prior period, which compares favourably with our real estate peers.

· At the year end, the weighted average unexpired lease term ("WAULT") was 16.5 years (31 December 2014: 13.9 years), against our target of at least 12 years.

· The average net initial yield of the portfolio at acquisition is 5.8% against our year end valuation of 4.9% net initial yield.

· 33% Loan to Value ("LTV"). On a fully invested basis, including the fulfilment of our forward funded development commitments this increases to c.40%.

· Our shares were:

o included in the FTSE EPRA/NAREIT Global Developed Index from 23 March 2015

o included in the FTSE 250 Index from 8 June 2015

o included in the MSCI Global Small Cap Index from 30 November 2015

· This helped to attract new investors and broaden liquidity in the shares with daily average traded value of £2.2 million in 2015


Post balance sheet highlights
· On 16 February 2016, the Company completed a £200 million equity fundraising in order to fund its near term investment pipeline.

· Progressive dividend target of 6.2 pence per share set for 2016.

HL's take - Tritax Big Box REIT - 2015 Full Year Results

New high @134.70p

Jefferies International Buy 134.50 140.00 150.00 Reiterates

Acquisition of Argos' National Distribution Centre

ACQUISITION OF ARGOS' NATIONAL DISTRIBUTION CENTRE AT BURTON-UPON-TRENT, STAFFORDSHIRE FOR £74.65 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired Argos' National Distribution Centre at Barton Business Park, Burton-upon-Trent, Staffordshire for a purchase price of £74.65 million (net of acquisition costs), reflecting a net initial yield of 5.55% on the corporate acquisition. The purchase has been funded from equity proceeds, with senior debt finance expected to be introduced in the near term.

The distribution centre incorporates modern design features including an eaves height of between 12 and 30 metres, ancillary office accommodation, extensive loading and has benefited from significant capital investment by the tenant including substantial internal automation systems. The facility comprises 653,670 sq ft, arranged over c. 26 acres, providing a site cover of approximately 47%.

The National Distribution Centre is well positioned in Staffordshire in the West Midlands, a core central UK location, with excellent motorway connectivity, strategically located adjacent to the A38 dual carriageway providing direct access to the M6 Toll, M42 (Junctions 9 to 11) and via the A50 (Junction 24) and A511 (junction 22) to the M1 motorway, and with close proximity to rail and air connections. The West Midlands is an established logistics location, which has attracted a significant number of major occupiers, including Amazon, B&Q, Boots, Pirelli and Tesco.

The property is let to Argos Limited with an unexpired lease term of approximately 12 years and benefits from fixed annual rental increases of 3%.

JLL represented the Company on the acquisition and David Baroukh Associates LLP represented the vendor.

Acquisition

ACQUISITION OF A DSG RETAIL PLC NATIONAL DISTRIBUTION CENTRE AT NEWARK, NOTTINGHAMSHIRE FOR £77.30 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts to acquire a National Distribution Centre let to DSG Retail Ltd ("DSG"), part of the Dixons Carphone plc group. The purchase price is £77.30 million (excluding purchaser's costs), reflecting a net initial yield of 5.86% on the corporate acquisition. The purchase is being funded from equity proceeds, with senior debt finance expected to be introduced in the near term. Completion is expected to take place later today.

The property is one of two National DSG Distribution Centres located on Newlink Business Park in Newark, Nottinghamshire and forms part of DSG's principal National Distribution hub for direct store replenishment, home deliveries and returns. The National Distribution Centre also accommodates DSG's main service repair centre which has benefited from significant capital investment. This facility was purpose built to a high specification for DSG in 2003 and includes an eaves height of 12.25 metres, extensive parking and a substantial service yard. The facility has a gross internal floor area of 725,798 sq ft and a low site cover of circa 37%. The property has an unexpired lease term of approximately 20 years and benefits from 3% per annum fixed rental increases received every five years.

Newlink Business Park is strategically located two minutes from the A1 and A46 interchange, providing good motorway connectivity north and south via the A1/A1M and onto the M1. The site benefits from good rail services with Newark North Gate Station located less than two miles from the property.

DTRE represented the Company on the acquisition and Savills represented the vendor.

Colin Godfrey, Partner of Tritax, commented:
"This National Distribution Centre at Newark is a strong addition to the foundation income within our overall portfolio of 28 Big Box logistics assets and has been acquired at a level which is accretive to our portfolio's current average net initial yield. It further diversifies our tenant and geographic mix and maintains the weighted average unexpired lease term across the portfolio at approximately 16.5 years. Dixons Carphone plc is one of the largest pure electrical retailers with a growing online presence and we are pleased to have been able to secure this key asset."