Update on the Manager

RNS Number : 0408I

Tritax Big Box REIT plc

09 December 2020

 

9 December 2020

TRITAX BIG BOX REIT PLC

UPDATE ON THE MANAGER

The Board of Tritax Big Box REIT plc (the Company) notes today's announcement by Tritax Management LLP (the Manager) and Aberdeen Standard Investments (ASI) relating to ASI's intention to acquire a 60% interest in the Manager (https://www.tritax.co.uk/pressrelease/asi-to-acquire-interest-in-tritax-dec-2020).

The Board believes that ASI's strategic stake enhances the overall strength and capabilities of the Manager without impacting its ability to continue the successful delivery of the Company's long-term strategy, via the unaltered Investment Management Agreement between the Company and the Manager.

The Board is also reassured that Manager's staff will remain unchanged, including the Company's dedicated fund management team led by CEO, Colin Godfrey and Finance Director, Frankie Whitehead. Over recent months, to support our ongoing and long-term growth, the Manager has invested significantly in enhancing and expanding its team, and will continue to provide high-quality logistics expertise to the Company while retaining autonomy and control over all investment decisions.

Overall, the Board considers that the combination of the Manager and ASI will enhance the strength and depth of the offer to the Company. 

Commenting on the announcement, Sir Richard Jewson, Chairman of Tritax Big Box REIT plc said:

"With the existing dedicated Big Box team at Tritax retaining autonomy and control over investment decision making there will be no change to day-to-day operations. In the longer term, we believe that ASI's stake strengthens the Manager through access to the resources of a large, global financial services institution, while preserving the Manager's unique market leading logistics expertise for our shareholders. The Board looks forward to the continued service and performance that our shareholders have benefitted from since IPO."

FOR FURTHER INFORMATION, PLEASE CONTACT:

Tritax Group Colin Godfrey (Partner, Fund Manager) [phone] Ian Brown (Head of Investor Relations) Tritax Big Box Reit plc Sir Richard Jewson Maitland/AMO (Communications Adviser) James Benjamin [phone] [phone] [e-mail] [phone] [e-mail] Jefferies International Limited Stuart Klein [phone] Akur Limited Anthony Richardson Tom Frost Siobhan Sergeant [phone]

The Company's LEI is: 213800L6X88MIYPVR714

NOTES:

Tritax Big Box REIT plc 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 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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