Tritax Big Box REIT Plc (BBOX.L), a provider of critical supply chain infrastructure, said on Friday that it has secured additional 22.7 million pounds of contracted rent in the year 2024 from active management and development lettings.
In 2024, the company secured one of Britain's largest pre-lets of the year of nearly 1 million square ft to a global leader in ecommerce. The company said that this development is in line with its outlook, which predicted improved activity in the second half of 2024.
The company also reported 306.2 million pounds of disposals above book value, including 181.2 million pounds of non-strategic UKCM assets.
In its update on its operational performance for the year 2024, the company noted that Active management secured additional 11.6 million pounds of contracted rent, higher than prior year's 4.9 million pounds.
In Development lettings, the company secured additional 11.1 million pounds of contracted rent, compared to 7.8 million pounds a year ago.
Tritax Big Box said that in the span of eight months, it has achieved the upper end of its 150-200 million pounds guidance for UKCM non-strategic asset disposals.
Looking ahead, Colin Godfrey, CEO, said, "We enter 2025 with growing confidence, driven by improving occupational market conditions, our expanded range of growth drivers - which now include highly accretive data centre developments - and enabled by ongoing investment in our high-calibre team, dedicated to achieving continued success for Tritax Big Box."
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