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Tritax Big Box Fundamentals (BBOX)

ACQUISITION OF TWO MODERN LOGISTICS FACILITIES AT PROLOGIS PARK, STOKE-ON-TRENT, STAFFORDSHIRE

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has completed contracts with ProLogis European Finance XI Sarl to acquire two modern Big Box logistics facilities at Prologis Park, Stoke-on-Trent, Staffordshire, let to Marks and Spencer plc ("M&S"), one of the UK's leading multichannel retailers, and Dunelm (Soft Furnishings) Ltd ("Dunelm"), the UK's number one homewares retailer. The combined net purchase price is £78.5 million and will be funded from equity.

Stoke-on-Trent has attracted major distribution occupiers including Asda, JCB, Michelin, New Look, Sainsbury's and TK Maxx. This core logistics location has excellent connectivity to the M6 motorway for access to Birmingham and Manchester city airports and the Port of Liverpool.

Marks and Spencer plc National Distribution Centre
Built to a high specification in 2008, this National Distribution Centre is let to Marks and Spencer plc, the main subsidiary of FTSE100 constituent Marks and Spencer Group plc, one of the UK's leading multichannel retailers. The net purchase price reflected a net initial yield of 5.43% on the corporate acquisition.

The facility is one of M&S's five National Distribution Centres for general merchandise and onward fulfilment to Regional Distribution Centres. The property, which has benefited from significant capital investment from the occupier, has an eaves height of c.12 metres, a gross internal floor area of 382,594 sq ft with a site cover of approximately 57%.

The property has been acquired with an unexpired lease term of approximately 8.5 years and has a lease break or rent review in c.3.5 years. The lease is subject to five yearly upward only open market rent reviews. The passing rent reflects £5.24 per sq ft.

Dunelm (Soft Furnishings) Ltd National Distribution Facility
The modern and versatile facility comprises two interconnected buildings with a gross internal floor area totalling approximately 503,389 sq ft, which are let to Dunelm (Soft Furnishings) Ltd, the UK's number one homewares retailer. The net purchase price reflected a net initial yield of 5.38% on the corporate acquisition.

These two sortation and distribution facilities, built to a high specification in 2004 and 2010 respectively, are interlinked and work in conjunction with the Company's new Dunelm National Distribution Centre located in nearby Sideway, Stoke-on-Trent, which was forward funded by the Company in June 2015, and together form Dunelm's dedicated national distribution hub. The properties have all benefited from significant capital investment by the occupier. Each building has an eaves height of c.12 metres, good parking and a site cover of approximately 56%.

The properties are being acquired with two coterminous leases, each with an unexpired lease term of approximately three years. There are no further rent reviews. The passing rent reflects c. £4.56 per sq ft which is highly reversionary against current market rents in this location.

Colin Godfrey, Partner of Tritax, commented:

"We are very pleased to have acquired these modern and adjacent Big Box distribution facilities, situated in an established core logistics location with two high quality tenant covenants in M&S and Dunelm. They build on our strong working relationship with both retailers.

These Value Add investments provide opportunity for rental growth and the short unexpired lease terms offer potential for capital value enhancement from either lease renewal or reletting. Value Add assets now constitute 17% of our portfolio by value."

How to cash in on the UK warehouse boom: Funds that made a shed load by taking advantage of the rise of online shopping

Refinancing

£500 MILLION DEBUT SENIOR UNSECURED NOTES AND NEW £350 MILLION UNSECURED REVOLVING CREDIT FACILITY

Further to the announcement on 23 November 2017, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce the pricing of senior unsecured notes in an aggregate principal amount of £500 million and for an average term of 11.5 years (together, the "Notes") which are to be issued under the Company's £1.5 billion Euro Medium Term Note Programme (the "EMTN Programme"). The Company is also pleased to announce a proposed new £350 million unsecured revolving credit facility (the "New Facility") to be entered into with its core relationship lender group and selected new lenders. Subject to the issuance of the Notes and entering into the New Facility, it is proposed that the majority of the Company's secured debt, including the existing £550 million secured syndicated facility, will be repaid in full.

Following the issue of the Notes, entering into the New Facility and the repayment of the majority of the existing secured debt, the Company's weighted average debt maturity will increase from 4.5 years to 8.4 years. The Company's weighted average running cost of debt will become 2.38 per cent. and will primarily comprise fixed rate debt.

Debut Issue of Notes:

The Company has priced two tranches of Notes, comprising (i) £250 million senior unsecured notes maturing on 14 December 2026 (the "2026 Notes") and (ii) £250 million senior unsecured notes maturing on 14 December 2031 (the "2031 Notes") which are to be issued under its EMTN Programme. The Notes are expected to be rated Baa1 by Moody's Investors Service Limited.

The Notes are expected to be (i) issued on 14 December 2017 upon the satisfaction or waiver of customary conditions precedent; and (ii) admitted to the Irish Stock Exchange's Official List and to trading on the Global Exchange Market of the Irish Stock Exchange upon issue.

The 2026 Notes and the 2031 Notes will bear interest at a rate of 2.625 per cent. per annum and 3.125 per cent. per annum, respectively.

New Facility:

The New Facility has an initial maturity of five years and can be extended (subject to obtaining the prior consent of the lenders) by two further years to a maximum maturity of seven years. The New Facility also contains an uncommitted £200 million accordion option. The New Facility is expected to be entered into shortly before the issue of the Notes on 14 December 2017 and is subject to satisfaction or waiver of customary conditions precedent.

The New Facility has an opening margin of 1.10 per cent. per annum over LIBOR.


more.....

Non-exec buying 100k at 143.9.

I'm watching carefully

EXTENSION OF DEBT FACILITY

Further to the Company's refinancing announcement on 1 December 2017, the Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has agreed terms to extend the maturity on its existing loan facility (the "Facility") with Landesbank Hessen-Thüringen Girozentrale ("Helaba").



The £50.87 million Facility is secured on the Ocado distribution warehouse at Erith and has been extended from July 2023 to July 2025, which further extends the Company's weighted average debt maturity. The margin payable on the facility will remain unchanged.

Looking to try 150 again (high was/is 151.40p)

Completes Contracts on Forward Fund Investments

COMPLETES CONTRACTS ON THE FORWARD FUNDED INVESTMENT IN TWO NEW DISTRIBUTION FACILITIES AT WARTH PARK, RAUNDS, NORTHAMPTONSHIRE

PRE-LET TO HOWDEN JOINERY GROUP PLC

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that the Company has completed contracts for the site acquisition and forward funding for the development of two new distribution warehouse facilities at Warth Park, Raunds. The properties are pre-let in their entirety under two separate 30 year leases to Howdens Joinery Group Plc ("Howdens"), the parent group of the leading supplier of kitchens in the UK.

Contracts were originally exchanged, conditional on planning consent, in December 2016. Completion was delayed due to a prolonged challenge to the planning consent which has now been cleared. The agreed investment price has been amended to £103.7 million, to reflect a longer construction period due to the delayed planning consent and revised construction programme. The purchase price represents a net initial yield of 5.0% (net of land acquisition costs) upon completion of the leases.

Warth Park, at Raunds, Northamptonshire is strategically located on the A45 corridor close to J13 of the A14, which provides access to the ports of Felixstowe and Harwich and also directly links to the A1(M) dual carriageway and the M1 motorway. The two distribution facilities, which will stand adjacent to one another and to the Company's existing Howdens facility, are under separate freehold titles and will be completed to a high specification with target gross internal floor areas of 657,000 sq ft and 300,000 sq ft., respectively.

Both buildings will have an eaves height of 15 metres and a combined site cover of approximately 53%. Completion of the construction of the two facilities is due to take approximately 21 months with completion of the two new leases expected by winter 2019.

Colin Godfrey, Partner of Tritax, commented:

"Following the successful completion of the first Howdens building, which the Company agreed to forward fund in September 2015, we are delighted to be investing on the second phase of Howdens' two new distribution centres. Once completed, these three high specification facilities totalling 1.6 million sq ft will provide Howdens with a 'centre of excellence' for its national supply chain operations.

This investment is in an established logistics location with a strong covenant, adds to our portfolio's core foundation income and brings our total portfolio to 48 assets."

Acquisition

ACQUISITION OF THE AO WORLD PLC NATIONAL DISTRIBUTION CENTRE

AT WESTON ROAD, CREWE, CHESHIRE FOR £36.10 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has acquired a National Distribution Centre at Weston Road, Crewe, Cheshire. The property is let to Expert Logistics Ltd ("Expert Logistics"), a wholly owned subsidiary of AO World Plc ("ao.com"), a leading European online electrical retailer listed on the London Stock Exchange, which will act as guarantor. The total consideration is £36.10 million.

Built in 2006, this modern, high specification cross docked facility is located diagonally opposite the tenant's other distribution facility and together form ao.com's UK National Distribution hub. The versatile property, which has benefited from significant capital investment by the tenant, has a total gross internal area of 387,541 sq ft., an eaves height of 12.5 metres, an extensive yard area and parking, with a site cover of 49%.



The facility is strategically positioned in a core national distribution location, with excellent access to the M6 and M1 via the A50 dual carriageway, with good connectivity to Manchester and Liverpool airports and the Port of Liverpool. The immediate location has attracted major logistics occupiers including Bargain Booze, Bentley Motors Limited and Rymans.

The property is being acquired with an unexpired lease term of approximately nine years, which is subject to five yearly upward only open market rent reviews. The next rent review is due in April 2021.

DTRE represented the Company on the acquisition.


Colin Godfrey, Partner of Tritax, commented:

"This dedicated e-commerce facility, which plays an integral role in ao.com's national distribution network, further diversifies our portfolio by tenant and geography. Against the backdrop of strong tenant demand and the limited supply of modern Big Box National Distribution assets, this investment offers the potential for attractive rental growth in 2021."

Trading Statement

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to provide the following trading update ahead of the publication of the Company's results for the year ended 31 December 2017, which are to be published on Wednesday 7 March 2018.



HIGH QUALITY PORTFOLIO FOCUSED ON BIG BOX LOGISTICS ASSETS

· Acquired 11 new Big Box investments in 2017 (including one pre-let forward funded development), with an aggregate purchase price of £435 million, along with 124 acres of prime London distribution development land for a total consideration of £62.5 million (excluding purchaser's costs)

· Four pre-let forward funded developments, totalling 2.0 million sq ft., reached practical completion in 2017

· As at 31 December 2017, £2.46 billion1 (including forward funded commitments) invested in a portfolio of 46 Big Box assets (the "Portfolio") as well as the 124 acres of development land at Littlebrook, Dartford

o Portfolio 100% let or pre-let to 36 institutional quality tenants with contracted annual rental income of £124.6 million and all leases provide for upward only rent reviews2

o Weighted average purchase yield since inception of 5.7%2

o Weighted average unexpired lease term across the portfolio of 13.9 years2

· Since 31 December 2017, a further 3 Big Box assets have been acquired with an aggregate purchase price of £139.8 million, increasing the Portfolio to a total of 49 assets and extending the weighted average unexpired lease term across the portfolio to 14.5 years2

FINANCING ACTIVITY REDUCING COST OF DEBT AND EXTENDING MATURITY

· Debut issue of £500 million senior unsecured loan notes, with an average term of 11.5 years, rated Baa1 by Moody's following the establishment of a £1.5 billion Euro Medium Term Note Programme

· New five-year £350 million unsecured revolving credit facility, with an uncommitted £200 million accordion option, and the repayment in full of £550 million secured syndicated facility due 2020 and £7.0 million and £11.6 million Helaba facilities due 2019

· Weighted average term to maturity of debt facilities of 8.9 years as at 31 December 2017 (4.8 years as at 31 December 2016). Weighted average running cost of debt of 2.38% pa4, primarily comprising fixed rate debt

· Successful significantly oversubscribed £350 million equity issue in May 2017



PROGRESSIVE DIVIDEND POLICY

· The Company is targeting an aggregate dividend of 6.4 pence per share for the year ended 31 December 2017, payable quarterly, of which 4.8 pence per share has been paid for the nine months ended 30 September 20173

· Consistent with its progressive dividend policy, the Company today confirms it is targeting an aggregate dividend of 6.7 pence per ordinary share for the year ending 31 December 20183:

o A 4.7% increase over the dividend target of 6.4 pence per Ordinary Share for 2017

o In excess of the rate of RPI inflation over the 12 month period to 31 December 2017

o Dividends are expected to be fully covered by Adjusted earnings from the Company's portfolio

Colin Godfrey, Partner of Tritax, said:

"We continue to implement the Company's strategy, further diversifying our portfolio by geography and tenant whilst remaining patient and disciplined in our approach. During 2017, whilst maintaining a high proportion of Foundation assets to underpin the portfolio's core, low-risk income (74% of the portfolio by value), we have also sought to selectively acquire some Value Add opportunities, which included 124 acres of prime development land at Dartford, which offer the potential to deliver further value to our shareholders in 2018 and beyond.

Our increased scale brought further strategic benefits including the issuance of our £500m debut unsecured loan notes, which nearly doubled our average term to maturity at an attractive fixed cost of debt.

The compelling fundamentals of our market remain largely undisturbed by the ongoing uncertainties associated with the economic and geopolitical backdrop. The weight of occupier and investor demand for Big Box logistics assets, coupled with a lack of meaningful supply, ensured that values and rental growth remained robust during 2017, with evidence suggesting that such attractive dynamics are likely to continue to support the performance of the sector into 2018."

Liberum Capital Hold 148.95 150.00 150.00 Reiterates

BBOX Exchanges Contracts on Forward Fund Investment

FORWARD FUNDED INVESTMENT IN A NEW PRE-LET LOGISTICS FACILITY AT MIDLANDS LOGISTICS PARK, CORBY FOR £81.8 MILLION

The Board of Tritax Big Box REIT plc (ticker: BBOX) is pleased to announce that it has exchanged contracts, conditional on receiving full planning consent, to provide forward funding for the development of a new regional distribution centre at Midlands Logistics Park ("MLP"), Corby. The development asset is pre-let to Eddie Stobart Limited ("Eddie Stobart"), one of the UK's leading logistics businesses working across the full supply chain in the UK and Europe, a wholly owned subsidiary of ESLL Group Limited, which will act as guarantor. The development represents an investment of £81.8 million.



The site forms part of MLP, a new logistics park to the south of Corby in the East Midlands with direct access to the A43 dual carriageway, which has recently been upgraded and provides significantly improved access to the M1 southbound, M6 and A1(M). MLP is capable of accommodating approximately 2.6 million sq ft. of logistics space with outline planning permission granted. Eddie Stobart is the first tenant to commit to a new facility at MLP, which has a 500-metre rail siding and yard, allowing potential future connection to the rail network. This bi-modal potential capacity of MLP would provide enhanced connections for the site to the UK's ports and cities. Corby has attracted a number of major occupiers including British Car Auctions, Morrisons, Matalan, Smyths Toys, Staples and Eddie Stobart's iForce business.

The property will be purpose-built to a high specification, with a gross internal floor area of 844,000 sq ft. and an eaves height of 18 metres, together with extensive parking.

Upon practical completion of the construction, targeted for winter 2018, the property will be leased to Eddie Stobart on a new 20-year lease, subject to five yearly upward only rent reviews indexed to the Retail Price Index, with a cap and collar. The first rent review is due in 2023. From completion of the land purchase and during the construction phase, the Company will receive an income return equivalent to the rent.

Colin Godfrey, Partner of Tritax, commented:

"We are very pleased to be investing in this new regional distribution centre pre-let to Eddie Stobart, an established 3PL operator with long standing customer relationships. This is the first development in a new East Midlands logistics park south of Corby, which is benefiting from recent significant upgrades to the adjacent road network and offers the potential for rail connectivity. The off-market investment further diversifies the Company's portfolio by geography and tenant, whilst increasing the Company's WAULT."

Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust dedicated to investing in very large logistics warehouse assets in the UK, will announce its full year results for the 12 months ended 31 December 2017 on Wednesday, 7 March 2018.

A Company presentation for analysts and investors will be held at 9.30am on the day at the offices of Newgate, Sky Light City Tower, 50 Basinghall Street, EC2V 5DE. The presentation will also be accessible via a live conference call and on-demand via the Company website: http://tritaxbigbox.co.uk/investors/#results-centre.

FULL YEAR RESULTS

Financial highlights

· Dividends declared in relation to 2017 totalled 6.40 pence per share, in line with our target.

· EPRA net asset value per share increased by 10.3% to 142.24 pence at 31 December 2017 (31 December 2016: 129.00 pence).

· Total return (being the increase in EPRA NAV plus dividends paid) for the year was 15.2%, compared to our target of in excess of 9% per annum over the medium term.

· Adjusted earnings per share totalled 6.37 pence per share.

· Market capitalisation of £2.03 billion as at 31 December 2017.

· Portfolio independently valued at £2.61 billion as at 31 December 2017, across 46 assets plus 114 acres of strategic land.

· The portfolio's contracted annual rent roll has increased to £125.95 million (31 December 2016: £99.66 million), which includes all forward funded commitments.

· Further diversified our sources of borrowing, with our debut unsecured loan notes totalling £500 million. Weighted average unexpired debt term extended to 8.9 yrs (2016: 4.8 yrs). The Loan to Value (LTV) as at 31 December 2017 was 26.8%.

· A reducing EPRA cost ratio of 13.1% (2016: 15.8%), reflecting the benefits of increased scale.

· Raised £350 million of equity during 2017, through a substantially oversubscribed share issue.

Operational highlights

· Acquired 11 Big Boxes during the year with an aggregate purchase price of £434.99 million, further diversifying the portfolio by geography and tenant.

· As at the year-end our portfolio comprised 46 assets, covering more than 22.7 million sq ft of logistics space.

· 114 acres of strategic land acquired at Littlebrook, Dartford for £62.5 million.

· Average net initial yield of the portfolio at acquisition is 5.7%1, against our year-end valuation of 4.6%.

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

· At the year end, the weighted average unexpired lease term ("WAULT") was 13.9 years1, against our target of at least 12 years.

Post Balance Sheet Activity

· Progressive dividend target of 6.70 pence per share announced for 2018.

· A further three Big Box assets acquired totalling £139.81 million.

· One pre-let forward funded asset conditionally exchanged totalling £81.8 million.

1 Includes all 46 assets held at 31 December 2017; excludes Littlebrook, Dartford strategic land.

Richard Jewson, Chairman of Tritax Big Box REIT plc, commented:

"We have a sector-leading portfolio of UK Big Box assets that are benefiting from structural change driven by increasing e-commerce penetration, and the operational and financial benefits which they can provide to our Customers. The fundamentals of our market remain positive and are largely unaffected by current geopolitical and economic uncertainties. Despite the uncertainties it brings, Brexit may provide a silver lining, since with increased border controls our Customers will require more warehousing domestically, further supporting our business case.

Through the Manager's excellent relationships, we see opportunities to acquire high-quality assets and forward-funded developments to further diversify our portfolio. The continued imbalance between occupational supply and demand means that we expect rental growth and values to remain robust in 2018. The assets we acquired towards the end of 2017 will add to our rental income in 2018. Coupled with our largely fixed cost base, this will contribute to earnings growth and support our progressive dividend target of 6.70 pence for 2018."

PROPOSED PLACING TO FUND ACQUISITION PIPELINE AND ASSET MANAGEMENT INITIATIVES

The Board of Directors (the "Board") of Tritax Big Box REIT plc (ticker: BBOX) today announces a proposed non pre-emptive placing to institutional investors of up to 109,364,308 new ordinary shares in the capital of the Company (the "Placing Shares"), representing up to approximately 8.0 per cent. of the Company's existing issued share capital (the "Placing") at a price of 142.25 pence per Placing Share (the "Placing Price").

The Placing Price represents a discount of approximately 2.9 per cent. to the closing price of 146.5 pence per ordinary share at the close of business on 17 April 2018.

The Placing is being conducted through an accelerated bookbuilding process (the "Bookbuild") which will be launched immediately following this announcement. Jefferies International Limited ("Jefferies") is acting as sole bookrunner in connection with the Placing and as Joint Financial Adviser together with Akur Limited ("Akur").

Highlights of the Placing

· Intention to raise gross proceeds of up to approximately £155.6 million.

· The Manager has access to a pipeline of potential investments which significantly exceeds the targeted geared proceeds from the Placing.

· In particular, the Company is currently in advanced negotiations in relation to two specific target assets which the proceeds of the Placing (together with gearing) are expected to be used to fund. These assets:

o meet the Company's investment criteria and are available for potential acquisition in the near term; and

o are intended to further diversify the Company's existing portfolio by tenant and/or geography.

· The Manager has also identified several specific asset management initiatives within the Company's existing portfolio that require capital investment, including refurbishment work and building extensions.

· The Manager will continue to exercise robust capital discipline to deliver value at the point of acquisition or investment.

· The Placing Shares, when issued, will rank pari passu with the existing ordinary shares including the right to receive all dividends and other distributions declared, made or paid after the date of issue, including the Q1 2018 dividend of 1.675 pence per ordinary share, anticipated to be paid in May 2018.

Background to the Placing

During the financial year ended 31 December 2017, the Company acquired 11 new Big Box investments (including one pre-let forward funded development), with an aggregate purchase price of approximately £435 million, along with 114 acres of prime London distribution development land for a total consideration of £62.5 million (in each case excluding purchaser's costs).

The audited diluted EPRA Net Asset Value per ordinary share as at 31 December 2017 was 142.24 pence (diluted Basic Net Asset Value per ordinary share: 141.44 pence). This represents an increase of 10.3 per cent. as compared to the audited EPRA Net Asset Value per ordinary share as at 31 December 2016 of 129.00 pence and a total return of 15.2 per cent. over the 12-month period.

Since 31 December 2017, the Company has completed the acquisition of a further three Big Box assets, including the two forward funded development assets pre-let to Howdens, in Raunds, which were delayed as a result of a challenge to the planning consent, with an aggregate purchase price of approximately £140 million. The Company also exchanged conditional contracts on one pre-let forward funded development for approximately £82 million. When including these assets, the Company's portfolio (the "Portfolio") increases to a total of 50 assets and the weighted average unexpired lease term across the Portfolio extends to approximately 14.5 years1.

Taking account of one additional investment currently under offer and in exclusivity, the Company is substantially fully invested and geared (including the Group's existing commitments to forward funded development assets and development land). In light of the current acquisition pipeline and identified asset management initiatives, the Company intends to raise equity by way of the Placing to capitalise on these investment opportunities.

Dividend policy

Consistent with its progressive dividend policy, the Company is targeting an aggregate dividend of 6.7 pence per ordinary share for the year ending 31 December 20182, representing an increase of 4.7 per cent. over the dividend of 6.4 pence per ordinary share in 2017, which is in excess of the rate of RPI inflation over the 12-month period to 31 December 2017. Dividends are expected to be fully covered by adjusted earnings from the Group.

Details of the Placing

Under the terms of the Placing, the Company intends to issue up to 109,364,308 Placing Shares pursuant to the authorities granted at the Company's Annual General Meeting held on 17 May 2017 and conditional inter alia, on the Placing Shares being admitted to listing on the premium listing segment of the Official List of the UK Financial Conduct Authority (the "FCA"), and to trading on the main market for listed securities of the London Stock Exchange plc (the "London Stock Exchange") (together, "Admission"). The Placing is also conditional upon the placing agreement between the Company, Jefferies and Akur (the "Placing Agreement") becoming unconditional and not being terminated. Further details of the Placing Agreement can be found in the terms and conditions of the Placing contained in the Appendix to this announcement.

The Placing is subject to the terms and conditions set out in the Appendix (which forms part of this announcement, such announcement and the Appendix together being the "Announcement"). Members of the public are not entitled to participate in the Placing.

Jefferies will today commence a bookbuild process in respect of the Placing at the Placing Price. The Placing will be non pre-emptive and the book will open with immediate effect following this Announcement and is expected to close no later than 3:00 p.m. (London time) on 19 April 2018 but may be closed earlier or later at the absolute discretion of Jefferies and the Company. Details of the number of Placing Shares to be issued pursuant to the Placing will be determined by the Company (following consultation with Jefferies) and will be announced as soon as practicable after the close of the Bookbuild.

If the number of applications for Placing Shares exceeds the maximum number of Placing Shares available under the Placing it may be necessary to scale back applications. In such event, Placing Shares will be allocated at the discretion of Jefferies in consultation with the Company.

Application will be made for the Admission of the Placing Shares. Subject to Admission becoming effective, it is expected that settlement of subscriptions by placees in respect of the Placing Shares and trading in the Placing Shares will commence at 8.00 a.m. on 24 April 2018, or such later time and/or date as may be announced by the Company after the close of the Bookbuild.

By choosing to participate in the Placing and by making an oral and legally binding offer to acquire Placing Shares, investors will be deemed to have read and understood this Announcement in its entirety and to be making such offer on the terms and subject to the conditions in such Announcement, and to be providing the representations, warranties and acknowledgements contained in the Appendix.

Your attention is drawn to the detailed terms and conditions of the Placing set out in the Appendix.

The Directors consider that the proposed use of the proceeds of the Placing is in compliance with the Statement of Principles on Disapplying Pre-Emption Rights published by the Pre-Emption Group in 2015.

Notes

1 Excludes development site at Littlebrook, Dartford.

2 This is a target only and not a 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 actual future results. Investors should not place any reliance on these targets.

Numis Hold 148.25 150.00 150.00 Retains

All looking quite positive.

A new high @155.50p

Tritax Big Box REIT plc (ticker: BBOX), the only real estate investment trust dedicated to investing in very large logistics warehouse assets in the UK, will announce its half year results for the six months ended 30 June 2018 on Thursday, 9 August 2018.

A Company presentation for analysts and investors will be held at 9.30am on the day at the offices of Newgate, Sky Light City Tower, 50 Basinghall Street, EC2V 5DE. The presentation will also be accessible via a live conference call and on-demand via the Company website: http://tritaxbigbox.co.uk/investors/#results-centre.

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

Interim Results for six months ended 30 June 2018

· Fully covered dividends declared for the six-month period of 3.35 pence per share, putting the Company on track to hit its full-year target of 6.70 pence1.

· Adjusted earnings per share for the six-month period of 3.38 pence per share2, an increase of 5.3% over H1 2017.

· EPRA net asset value ("NAV") per share increased by 3.98 pence or 2.8% to 146.22 pence as at 30 June 2018 (31 December 2017: 142.24 pence).

· Total return for the period was 5.10%, comparing well against the Company's medium-term target of at least 9% per annum.

· Portfolio independently valued at £2.90 billion3 as at 30 June 2018 (31 December 2017: £2.61 billion), including all forward funded development commitments. This reflected a like-for-like valuation uplift during the six-month period of 1.9%.

· Operating profit before changes in fair value of investment properties has increased by 34.7% to £57.42 million (30 June 2017: £42.64 million).

· Contracted annual rent roll increased to £139.36 million (31 December 2017: £125.95 million), including all forward funded development commitments.

· At the period end, the Group's independent valuer, CBRE, assessed the portfolio's headline Estimated Rental Value (ERV) 5.6% above contracted annual rent, at £147.19 million pa.

· EPRA cost ratio maintained at 13.7%, when compared to the first half of last year (30 June 2017: 13.7%).

· At 30 June 2018, the Group had a loan to value (LTV) ratio of 25% (31 December 2017: 27%). This compares with our medium-term target of up to 40% when fully invested and geared. The Group has a largely unsecured debt platform which provides the flexibility to raise further liquidity across multiple debt markets.

· As a consequence of its fixed-rate debt and hedging policy, the Group has a capped cost of debt of 2.66% and an all-in running cost of borrowing of 2.44% at the period end.



Operational highlights

· At 30 June 2018, the weighted average unexpired lease term ("WAULT")5 6 was 14.1 years.

· Average net initial yield of the property portfolio at acquisition is 5.6%5, against our period end valuation of 4.6% net initial yield5.

· Acquired four Big Boxes off market with an aggregate purchase price of £221.60 million, a WAULT of 23 years and adding two new Customers to the portfolio.

o Three of the assets acquired in the period were forward funded pre-let developments with an average unexpired lease term of 26 years. These three assets will add a total of approximately 1.8 million sq ft of new Big Box logistics space to the portfolio and increase the rent roll by £9.44 million pa.

o +7.6%7 valuation increase over aggregate purchase price of the four assets acquired in the period.

· At the period end, the portfolio comprised 50 assets, which are well diversified by building size, geography and Customer and covering more than 24.9 million sq ft of logistics space5.

· The portfolio was fully let, or pre-let and income producing, during the period5.

· Raised £155.57 million of equity in April 2018, through a substantially oversubscribed placing.

· Good progress with our strategic land at Littlebrook, Dartford, within the M25, where demolition and site preparation continue to plan.



Post Balance Sheet Highlights

· On 3 July 2018, the Company completed on a new forward funded development of a new logistics facility pre-let to Amazon UK Services Limited for an investment price of £120.70 million.

· Assets under offer, in exclusivity and in solicitors' hands totalling approximately £160 million. We expect to exchange contracts on these opportunities over the coming months.



1 This is a target only not a profit forecast. There can be no assurances that the target will be met and it should not be taken as an indicator of the Company's expected or actual future results

2 See note 7, for reconciliation

3 See note 10 for reconciliation. The portfolio value includes capital commitments of £135.1 million on forward funded developments

4 Operating profit before changes in fair value of investment properties

5 Excluding the land at Littlebrook, Dartford, which is currently non-income producing

6 Weighted Average Unexpired Lease Term ('WAULT')

7 Excluding associated purchase costs the valuation increase is 7.6%. Including associated purchase costs the valuation increase is 6.1%

Liberum Capital Hold 152.45 165.00 - Reiterates