31st Jan 2025 09:03
(Alliance News) - Tritax Big Box REIT PLC on Friday said it entered 2025 "with growing confidence", after it secured what it called one of the UK's largest pre-lets of 2024.
The London-based real estate investment trust that invests in large logistics warehouses hailed growth in contracted rent through lettings and reviews last year.
It secured GBP11.6 million of contracted rent from "active management", up from GBP4.9 million in 2023, and GBP11.1 million from lettings, a rise from GBP7.8 million on-year.
It meant Tritax Big Box REIT secured GBP22.7 million of contracted rent from "active management and development lettings".
Its portfolio value at the end of last year stood at GBP6.5 billion, a rise from GBP5.0 billion a year prior.
The company noted "favourable supply/demand dynamics" which resulted in attractive levels of market rental growth, amid 5.4% like-for-like estimated rental value growth during 2024.
"We are delivering and enhancing performance across all aspects of our business as we make excellent progress implementing our strategy. In line with guidance, we saw an uptick in activity in H2 2024, most notably securing one of the UK's largest pre-lets of the year of nearly 1 million sq ft to a global leader in e-commerce," Chief Executive Officer Colin Godfrey said without naming the tenant.
"We enter 2025 with growing confidence, driven by improving occupational market conditions, our expanded range of growth drivers - which now include highly accretive data centre developments - and enabled by ongoing investment in our high-calibre team, dedicated to achieving continued success for Tritax Big Box."
Tritax Big Box REIT in May sealed a merger with UK Commerical Property REIT.
Tritax Big Box added Friday: "In eight months, we have delivered the upper end of our GBP150-200 million guidance for UKCM non-strategic asset disposals and have continued our ongoing capital recycling programme."
The company will release 2024 results on February 28.
Tritax Big Box shares were up 0.3% at 143.16 pence each on Friday morning in London, giving it a market capitalisation of GBP3.54 billion.
By Tom Budszus, Alliance News slot editor
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