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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 scale, diversity, and supporting long-term strategy.
Assets are strategically located in urban markets, enhancing rental reversion potential and resilient demand.
Purchase price is below replacement cost, providing an attractive entry point and risk-adjusted returns.
Portfolio complements existing assets, broadening client offering and supporting sustainable, long-term returns.
Accelerates shift toward urban logistics, increasing urban weighting from 2% in 2022 to over 20%.
Financial terms and conditions
Total consideration is £1.04 billion: £632–£635 million in cash (via new £650 million debt facility) and up to £377 million in new shares issued at 161p (13.5–14% premium to share price).
Blackstone receives 8.6–9% of pro forma shares and a £20 million rental reversionary bridge, with shares subject to lock-up until December 2026 and standstill until December 2027.
Pro forma LTV rises to 35%, targeted to reduce to ~30% through £300 million of disposals over 12–18 months.
Gross asset value increases to £7.86–£7.9 billion.
Synergies and expected cost savings
Operational efficiencies from 28% client overlap, increased scale, and economies of scale in facilities management and insurance.
Significant rental reversion potential: 38% upside in urban assets, 28% across the portfolio, with over 80% capture by end of 2028.
£20 million rental reversion bridge from Blackstone supports earnings over three years.
Expected mid-single digit EPS accretion from year one and IRRs above cost of capital.
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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