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Tritax Big Box REIT reports strong Q4
StockMarketWire.com
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Tritax Big Box REIT saw record take-up of logistic real estate space in 2020, reporting year-on-year growth of more than 50%.
The high levels of investment demand in the fourth quarter, in particular, drove prime logistics yields below 4%.
The REIT's strategic focus on high-quality assets was reflected in ongoing strong levels of rent collection in the final quarter of the year, with 99% of rents received.
The remaining 1% are subject to deferral arrangements which are expected to be covered by mid-2021.
There is estimated to be 112 million sq ft of demand requirements across the logistics market, the highest level ever recorded, sustaining demand levels in 2021 and beyond.
The strength of the investment and development portfolio has been reflected in a material increase in valuation of approximately 8% since 30 June 2020.
Colin Godfrey, CEO, Fund Management, said: 'Despite the broader challenges and uncertainty created by Covid-19 and Brexit, the disciplined execution of our strategy delivered increasing momentum in growth through to the end of 2020, supported by a strengthening UK prime logistics market.
'Constrained supply is being outstripped by strong occupational demand for logistics real estate, particularly for Big Boxes. We are benefitting from excellent customer relationships, a large and high-quality landbank and strong balance sheet, which together ensure that we are well placed to capture this opportunity and deliver sustainable value growth for our shareholders and wider stakeholders.'
Story provided by StockMarketWire.com
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