Tritax Big Box REIT Says On Course For Steady Income Growth

LONDON (Alliance News) - Tritax Big Box REIT PLC, which raised GBP200 million through an initial ...

Alliance News 19 May, 2014 | 10:03AM
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LONDON (Alliance News) - Tritax Big Box REIT PLC, which raised GBP200 million through an initial public offering on the Specialist Fund Market of the London Stock Exchange in November 2013, said Monday it remains on course to deliver shareholder's expectations for steady income with the potential for growth through upward-only rent reviews.

Since its IPO, the company has been active in the market acquiring a J Sainsbury PLC distribution centre in Sherburn-in-Elmet, near Leeds, for GBP48.75 million and a Tesco PLC distribution centre at Barlborough Links in Derbyshire for GBP28.6 million.

The company invests in out-of-town commercial centres.

Last month, the company also signed an agreement with Barclays Bank PLC to provide GBP23.5 million of senior debt financing to the Sainsbury's distribution centre, representing a loan to value of about 48%.

Tritax said it remains on course to deliver an initial targeted annual dividend yield of 6%, on a fully invested and geared basis, by reference to the issue price of 100 pence. The company expects to declare an interim dividend for the period ended June 30 in August.

Tritax shares were quoted flat at 108.50 pence Monday morning.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews

Copyright 2014 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Tritax Big Box REIT PLC
Tritax Big Box 136.86 GBX 0.56 -
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