Tritax Big Box expects to start work on between 3m and 4m sq ft of development over the next 12 months.
In a trading update this morning, the warehouse REIT said it had development portfolio of 36.6m sq ft, which had the potential to more than double its current rent roll.
Colin Godfrey, fund management CEO, said the REIT moved into 2022 “in a strong position”, with 2.3m sq ft of sites either under construction or under offer. In 2021, Tritax Big Box completed 3.7m sq ft of development.
“The progress we are making in development complements and supports our strong investment portfolio by delivering attractive and sustainable levels of total returns for our shareholders,” he added.
Tritax noted that there was a growing gap between demand and supply, with take-up in 2021 exceeding 42m sq ft for the second consecutive year, far above the five-year average of 29m sq ft. Vacancies stand at just 1.6%.
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