30th Jun 2016 07:03
LONDON (Alliance News) - Tritax Big Box REIT PLC on Thursday said it was continuing to review its pipeline of investment opportunities in light of last week's vote by the UK to leave the European Union, and said it was targeting a full year dividend of 6.20 pence per share.
The company, which invests in big box warehouse assets, said, in total, it has invested GBP1.49 billion in 28 big box assets, let to 22 tenants, and, at the end of its first half on June 30, had 27 standing assets and one pre-let forward funded development which, together, had a floor-space of 14.7 million square feet.
Tritax said 75% of the assets which it acquired over its first half were acquired off-market with an average purchase yield of 5.8%, and noted that it had made nine new investments in the last twelve months for a total of GBP473.0 million. The current weighted average unexpired lease term across the portfolio of 16.3 years, Tritax added.
Tritax said its portfolio was 100% let with contracted annual rental income of GBP78.5 million, including forward funded assets as at June 29.
The forward funded developments pre-let to car manufacturer Rolls-Royce Holdings PLC, online food retailer Ocado, wet wipe manufacturer NicePak, home furnishing retailer Dunelm Group PLC and kitchen and joinery supplier Howdens Joinery Group PLC have all completed on schedule and on budget, Tritax said.
The company noted that it was targeting a fully-covered dividend of 6.20p per share for 2016, up from the 6.12p per share offered for 2015.
It has GBP569.5 million of committed debt financing in place of which GBP472.9 million is currently draw down, Tritax added.
"The company continues to review its pipeline of attractively priced investment opportunities taking into account any potential impact following the UK vote to leave the EU. The company is also evaluating the potential for longer term fixed rate debt to diversify further its funding sources in light of continued low interest rate expectations," Chief Executive Colin Godfrey said.
By Hannah Boland; [email protected]; @Hannaheboland
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