Tritax Big Box REIT has posted a 9.2% increase in its net asset value since its December 2013 IPO.
The REIT has so far invested all of the money it raised in the IPO and some of the £280m raised in equity fundraisings throughout 2014.
The company’s portfolio was valued at £619.3m at the end of December, reflecting a 9.3% premium to the aggregate acquisition price.
Its LTV remains low at 32.9%, with an average margin on its debt of just 1.76% over three-month LIBOR.
The company said it expects to increase its LTV to around 45% during 2015.
The company is also considered raising more equity in the near term to assist in upcoming investments.
The portfolio at Tritax now numbers 14 big boxes, with an average of 13.9 years on the lease.
With prospects for limited supply of further large shed developments in the coming year, Tritax expects strong rental growth in 2015, building on the annualised £36m of income it secured in 2014.
The REIT has four purchases on-going in 2015. Three remain under offer with a fourth already purchased for Ocado in January.
