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Tritax Big Box REIT (BBOX) investor relations material

Tritax Big Box REIT M&A Announcement summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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M&A Announcement summary13 Oct, 2025

Deal rationale and strategic fit

  • Acquisition of 41 high-quality urban and big box logistics properties in key UK locations, expanding the asset base and supporting a leading market position.

  • Assets are strategically located, broadening exposure in the Southeast, Midlands, and Northwest, and increasing urban weighting from 2% to over 20% since 2022.

  • Properties acquired below replacement cost, providing an attractive entry point and reinforcing the platform's leadership.

  • Portfolio complements existing strategy, supporting sustainable, long-term returns and broadening the customer offering.

  • Aligns with growth drivers focused on rental reversion, development pipeline, and data center expansion.

Financial terms and conditions

  • Total consideration of £1.04 billion, funded by £632–£635 million in cash (via a new £650 million debt facility) and up to £377 million in new shares issued at a 13.5–14% premium to the share price.

  • Shares issued at 161p, a 14% premium to 30-day VWAP, with Blackstone receiving an 8.6–9% shareholding.

  • Blackstone receives a £20 million rental reversion bridge, recognized over three years.

  • Pro forma loan-to-value ratio expected at 35%, with a plan to reduce to 30% via £300 million of disposals over 12–18 months.

  • Gross asset value increases to £7.86–£7.9 billion.

Synergies and expected cost savings

  • Significant rental reversion potential, with 38% upside in urban assets and 28% across the portfolio.

  • Operational leverage and economies of scale in asset management, leasing, facilities management, and insurance.

  • Expected mid-single digit EPS accretion from year one and IRRs above cost of capital.

  • Enhanced asset management opportunities and client solutions from a broader property offering.

  • £20 million vendor-funded rental reversion bridge supports earnings over three years.

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Frequently asked questions

Tritax Big Box REIT plc is a real estate investment trust that owns, develops and manages Big Box logistics warehouses let to institutional-grade customers on long term leases. The Company invests in high-quality prime logistics real estate assets in the UK and has a portfolio of nineteen Big Box logistics warehouses providing total floor space of approximately 3.2 million square meters. Tritax Big Box REIT plc is headquartered in London, UK.

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