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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.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 for £1.04 billion, expanding portfolio scale, diversity, and supporting growth in key regions.
Assets acquired below replacement cost, providing an attractive entry point and risk-adjusted returns for shareholders.
Portfolio offers significant near-term rental reversion potential of approximately 28% and complements existing assets, supporting sustainable earnings growth.
Strategic focus on expanding urban logistics exposure, increasing urban weighting from 2% in 2022 to over 20% post-transaction.
Aligns with growth strategy by integrating complementary assets and expanding client solutions.
Financial terms and conditions
Total consideration of £1.04 billion: £632–£635 million in cash (via a new £650 million debt facility) and up to £377 million in new shares issued at £1.61 per share (13.5–14% premium to last closing price/30-day VWAP).
Blackstone receives 8.6–9% of pro forma shares, subject to lock-up until December 2026 and standstill until December 2027, and provides a £20 million rental reversion bridge.
Pro forma LTV rises to 35%, with £300 million of targeted disposals over 12–18 months planned to reduce leverage to the low 30s.
Gross asset value increases to £7.86 billion.
Shares issued at a 14% premium to the last closing price.
Synergies and expected cost savings
Operational efficiencies expected from 28% client overlap and increased scale, supporting broader client engagement and asset management.
Significant rental reversion potential, with 38% upside in urban assets and 28% across the portfolio, supported by a £20 million vendor-funded bridge.
Expected mid-single digit EPS accretion from year one and IRRs ahead of cost of capital.
Economies of scale in facilities management and insurance due to geographic concentration of assets.
Enhanced earnings potential through active asset management and integration with the existing platform.
Detail the £300m disposal strategy
How does the reversion bridge impact earnings?
Update on 1GW data centre pipeline progress
Confidence in additional GBP300M disposals?
Post-2028 earnings impact from bridge?
Portfolio size for new management fee tier?
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Next Tritax Big Box REIT earnings date
H2 202527 Feb, 2026
Next Tritax Big Box REIT earnings date
H2 202527 Feb, 2026
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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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