Tritax Big Box has shrugged off currency and Brexit worries in its half-year results, reporting an 11% increase in its portfolio value to £2.9bn.
The increase in value was due in large part to acquisitions, including £221.6m of off-market purchases, whose value rose by 7.6% over the period. Overall like-for-like valuation was up by 1.9%.
EPRA NAV per share was up by 2.8%, while earnings per share rose by 5.3% to 3.38p.
The company retained an almost entirely let or prelet portfolio in the period, with the exception of its strategic land at Littlebrook, Dartford, which is set for demolition and site preparation.
Tritax said it had a further £160m of assets it expected to exchange contracts on in the coming months.
Richard Jewson, chairman of Tritax, said the company was positioned to take advantage of the changes in the logistics market, particularly in e-commerce. He added: “Despite the depreciation of sterling having made imports more expensive, we feel that Brexit does not yet appear to be affecting occupier demand for big box space significantly.
“We expect to see continued healthy occupier requirements for well-located logistics buildings which enable occupiers to remain competitive by delivering economies of scale benefits, cost savings and improved operational efficiencies.”
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