Tritax Big Box has reported “strong” progress for Q3, as the industrial and logistics sector continues to surge.
As industrial take-up for the past nine months hit new highs, reaching 32.6m sq ft according to CBRE, Tritax Big Box has seen a noticeable increase in enquiries since July due to increasing volumes of online sales.
The company said a rise in occupier requirements has also boosted investor demand, stating: “We see potential for further yield compression in the near term given attractive structural trends and the secure, long-term income offered by large-scale modern logistics buildings.”
Tritax Big Box expects 99% of Q4 rents to be paid by the end of November. Around 97% of Q2 rents have been paid, along with 99% of Q3 rents.
The business sold four assets during Q3 totalling £134m and with a blended sale net initial yield of 5%.
Over the period, six rent reviews were conducted and £1m was added to annual rent.
Fund management chief executive Colin Godfrey said: “This has been another strong quarter across our business, with good operational and strategic progress.
“Our focus on owning the highest-quality assets and maintaining a strong tenant roster continues to position us well to weather the worst of the pandemic and deliver on our expectation that 100% of all rent for the 2020 year will be paid.”
To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette
