Tritax Big Box REIT has posted a 11.9% uplift in portfolio value to £4.4bn in the year ending December, after experiencing “record demand” for logistics on the back of the pandemic and impact of Brexit.
This uptick was driven by a capital valuation surplus of 9.5%, as well as development gains and asset management.
In a strong year for the REIT, EPRA net tangible assets per share rose by 15.7% to 175.6p. Operating profit soared by 20.4% to £147.5m.
Tritax Big Box’s contracted annual rent roll grew by 8.4% to £180.6m.
During the year, the REIT obtained planning consents for 5.4m sq ft of new space.
Sir Richard Jewson, outgoing chairman of Tritax Big Box REIT, said: “We believe the positive structural drivers currently being experienced in the UK logistics sector are at an early stage, and these trends will continue to have a favourable lasting impact on our market over the long term.”
He added: “Progress is expected to continue in 2021, as we drive income and enhance value from the existing portfolio through asset management and rent reviews, and as our development portfolio increasingly contributes to our financial performance.
“We have seen significant and increasing levels of occupational interest in our development pipeline giving us confidence in our ability to deliver further long-term sustainable growth.”
Last month, the REIT announced Jewson’s intention to retire at the next AGM, in May. He will be replaced by senior independent director and former Savills chief executive Aubrey Adams.
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