Moody's upgrades credit rating outlook to positive

RNS Number : 6066V

Tritax Big Box REIT plc

14 December 2021

 

14 December 2021

MOODY'S UPGRADES TRITAX BIG BOX REIT PLC'S CREDIT RATING OUTLOOK TO POSITIVE

Tritax Big Box REIT notes that Moody's Investor Services (Moody's) has today improved the Company's outlook to Baa1 (positive) from Baa1 (stable) and reaffirmed the Company's long-term corporate credit rating. This reflects the Company's growing scale, continued focus on high-quality logistics assets, supported by even stronger sector fundamentals and the benefit of controlling and owning the UK's largest land portfolio. The positive outlook reflects Moody's expectation that the Company will continue to generate growing cash flow and maintain good liquidity while retaining high occupancy levels and a balanced growth strategy. This change applies to the long-term issuer rating.

Frankie Whitehead, Finance Director, commented:

"This improvement in rating outlook to positive from Moody's is recognition of our continued strong operating performance and work that we have done over recent years to further enhance Tritax Big Box REIT plc's financial position. Our development pipeline provides us with a unique platform for attractive growth and performance over the long-term, with a focus on curating a logistics portfolio of the highest quality. Over the same period, the property market in which we operate has strengthened materially and we currently enjoy acutely favourable supply demand dynamics."

FOR FURTHER INFORMATION, PLEASE CONTACT:

Tritax Group Colin Godfrey (CEO, Fund Management) Frankie Whitehead (Finance Director) Tel: [phone] Ian Brown / Jo Blackshaw (Investor Relations) Maitland/AMO (Media enquiries) James Benjamin Tel: [phone] [e-mail]

The Company's LEI is: 213800L6X88MIYPVR714

NOTES:

Tritax Big Box REIT plc (ticker: BBOX) is the only listed vehicle dedicated to investing in very large logistics warehouse assets (Big Boxes) in the UK and is committed to delivering attractive and sustainable returns for Shareholders. Investing in and actively managing existing built investments, land suitable for Big Box development and developments predominantly delivered through pre-let forward funded basis, the Company focuses on large, well-located, modern and sustainable Big Box logistics assets, let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews and geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand and limited supply of Big Boxes.

The Company is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (REIT), is listed on the premium segment of the Official List of the UK Financial Conduct Authority and is a constituent of the FTSE 250, FTSE EPRA/NAREIT and MSCI indices.

Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk

 

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