Tritax Big Box REIT plc – Statement on COVID-19 and Dividend UpdateRead more
Tritax has an established track record for providing a professionally managed means of participating in both the UK and targeted overseas property markets. We are committed to delivering excellent investment returns through both income and capital growth.
Our objective is to be one of the most respected and successful property fund managers in the UK. We take an innovative and opportunistic approach to creating new commercial property investments, combining our in-house expertise with a wider network of trusted external specialists and joint venture partners.
Only high-quality opportunities are pursued. We target only a few exceptional opportunities at any one time. Our expertise, size and strategic focus have been central to our success.
The Tritax Group started in 1995 with a focus on originating, syndicating and managing commercial property investments for private equity capital, offering property investments structured to make use of available tax reliefs (such as Enterprise Zones) to enhance investors’ returns.
To date the Group has acquired and developed c.£4.75 billion* of property assets involving more than 121 investment vehicles, including a listed REIT, onshore and offshore unit trusts, limited partnerships, companies and LLPs.
* Acquisition Value at 31 March 2018
As at 31 March 2018, the Tritax Group had total assets under management of approximately £3.3 billion*, across 8 investment vehicles, including the Tritax Big Box REIT plc and the Tritax Property Income Fund. The Group’s current tenant list includes Amazon, Next Group plc, Sainsbury’s, Tesco, Unilever, and Asda.
* Tritax Big Box REIT plc valued as at 31 December 2017 and Tritax Property Income Fund valued at 31 March 2018. Tritax historical products (1995-2013) by acquisition price.
Since 1995, the Tritax Group has acquired and developed c.38.8 million sq ft of commercial property assets, including Big Box logistics assets, industrial properties, office, retail and hotels across the UK.
The Group’s current portfolio consists of over 27.6 million sq ft* of real estate assets produces contracted rental income of £148.7 million*.
*As at 31 March 2018
Our partner-led, multi-disciplined management team with distinct yet integrated functions has more than 200 years combined experience in commercial property investment.
Our approach combines in-house expertise with a wider network of trusted external specialists and joint venture partnerships. This along with our size and focus, allows us to react quickly and effectively to prime opportunities, recruiting market/segment specialists as required. The Senior Management Team regularly invests alongside our clients.
Mark is the Chairman of the Manager. He has played a prominent role in the development and marketing of property investments benefiting from government sponsored tax reliefs such as enterprise zone property unit trusts, business premises renovation allowances and capital allowances generally. He is highly experienced in a range of commercial, banking and investment operations attained while working as general manager to a major Kuwaiti investment bank in the late 1970s and 1980s. Returning to the UK in 1985, Mark joined a team initiating investment in the newly created enterprise zones which in due course became a subsidiary of London and Edinburgh Trust plc. Mark later established Collective Investments Limited to continue this activity which became the Tritax Group in 1995.
Colin has overall responsibility for the provision of investment management and advisory services to the Company and is lead partner of the Manager. Colin began his career with Barclays Bank before joining Conran Roche in the late 1980s. Following this, Colin took a degree in Urban Estate Management before training with Weatherall Green and Smith (now BNP Paribas Real Estate). Following qualification as a chartered surveyor, Colin specialised in portfolio fund management with particular responsibility for the £1 billion assets of the British Gas Staff Pension Scheme and the property assets of Blue Circle pension fund. In 2000, Colin was a founding director of niche investment property agent SG Commercial (along with James Dunlop) in which capacity he worked increasingly closely with the Tritax Group. In 2004, Colin became a partner of the Tritax Group and is responsible for investment selection and product development. Colin is one of the founding partners of the Manager and the Investment Adviser.
James has overall responsibility for the identifying, sourcing and structuring of suitable investment assets for the Company. James read Property Valuation and Finance at City University before joining Weatherall Green and Smith (now BNP Paribas Real Estate) where he qualified as a chartered surveyor in their Investment Development and Agency division in 1991. In 2000, James jointly formed SG Commercial (with Colin Godfrey) and became a partner in the Tritax Group in 2005. In his role with SG Commercial, James is regularly in contact with all the leading firms of agents and is retained by both foreign and domestic institutions and wealthy individuals to acquire and dispose of commercial property investments. James is responsible for identifying sectors and specific properties, negotiating on approved opportunities and handling the disposal of assets in due course. Along with Colin, James is one of the founding partners of the Manager and the Investment Adviser.
Henry is responsible for the structuring of the Tritax Group funds, providing general legal counsel and overseeing compliance activities. Henry is a qualified solicitor who completed his articles with Ashurst LLP in 2001 specialising in taxation, mergers and acquisitions. He also qualified as a chartered tax adviser in 2004 before moving to Fladgate LLP in 2005, where he became a partner in 2007. At Fladgate LLP, Henry specialised in the structuring of commercial property funds. Henry joined the Tritax Group in 2008.
Petrina is responsible for the strategic management of the investment portfolio, identifying and progressing value enhancing initiatives, so as to protect and maximise investor returns. She is also responsible for all client reporting, liaison with funders and the management of third party professionals. Following a degree in Estate Management from Reading University, Petrina joined Carter Jonas to continue her professional training where she qualified as a chartered surveyor in 1998. Petrina moved to King Sturge in 1999 to concentrate on institutional portfolio management. As a partner at Knight Frank from 2002, Petrina was responsible for the team managing central London trophy assets. Her remit also included development consultancy appointments, both in the UK and overseas.Petrina joined the Tritax Group in 2007.
Bjorn is responsible for identifying and sourcing suitable investments for the Company and then financially modelling and appraising the returns to establish the validity within the context of the portfolio assets. He also manages the day-to-day due diligence during the acquisition process. After completing a degree in Geography from the University of Leeds in 2001, Bjorn started his career at Faber Maunsell (now AECOM). Having gained exposure to large scale developments, Bjorn went on to undertake an MA in Property Valuation and Law at Cass Business School, London. Bjorn undertook his professional training at Atisreal (now BNP Real Estate) in London, where he qualified as a Chartered Surveyor in 2005. In 2007, Bjorn joined SG Commercial LLP where he advised on large scale investment and development transactions in excess of £500 million. During this time, Bjorn worked closely with Tritax Group advising on their portfolio acquisitions and disposals. Bjorn joined the Tritax Group in 2011.
Tritax is a people business. We pride ourselves on our deep knowledge and understanding of our sector as well as our extensive, long-term relationships.
We have built a property team, based in London, who together bring a strong track record in commercial real estate investment, development and asset management. Our core property and fund management teams are supported by highly experienced finance, legal, compliance, investor relations and marketing professionals, as well as administrative and support staff.
As a company, we encourage a culture of personal responsibility, trust and integrity; we take a genuine pride in delivering consistently strong performance from high calibre investment products.
Tom is responsible for assisting the Fund Manager with day-to-day management of the Tritax Property Income Fund, including transaction management, financial modelling, asset management and due diligence work streams. Tom started his career on Cushman & Wakefield’s graduate scheme (formerly DTZ), based in their Bristol office after completing a BSc in Land Management at Reading University. He qualified as a chartered surveyor in 2013 and moved to CBRE shortly after, where his investment career commenced. Tom joined the firm’s Central London Capital Markets Team, specialising in the City market and has advised on numerous investment and development transactions during his five years in the team. Tom Joined Tritax in 2019.
Hana joined Tritax in October 2018 and is a Chartered Secretary with over 10 years’ corporate governance experience gained in FTSE 250 and FTSE 100 companies in various sectors including shipbroking, insurance, mining and property. At Tritax, Hana is responsible for ensuring compliance with statutory and regulatory requirements of the AIC Code, Listing rules, DTRs, MAR and best practise corporate governance for Tritax Big Box REIT plc, Tritax Euro Box plc, TPIF and their subsidiaries. Prior to joining Tritax, Hana worked for three and a half years at Clarkson Plc, providing a wide range of company secretarial services to the Group and deputising for the Company Secretary. She focused on shareholder services for over two years whilst at Aviva PLC from 2013 to 2015 and before that, Hana specialised in share scheme administration from 2010 to 2012 at Rio Tinto Plc. From 2009 to 2010, Hana was an Assistant Company Secretary at Santon Capital PLC, and from 2004 to 2009 she held various roles at Raven Russia plc, culminating in the role of the Company Secretary in Cyprus. Hana is an Associate of the ICSA, The Governance Institute.
Mehdi joined Tritax Group in May 2019. When reporting to the Board of Tritax EuroBox plc, Mehdi is responsible for historical and strategic financial matters in relation to the Company, including half year and year-end reporting, transaction structuring, corporate compliance, budgeting/forecasting, treasury management, monitoring of internal financial controls and the Company’s wider capital market activities. Mehdi has 10 years’ experience in pan-European real estate finance roles. Most recently, Mehdi worked at Savills Investment Management as Finance Manager, focussing on executing real estate transactions across Europe. Previously, he worked as Financial Controller in real estate at Abu Dhabi Investment Authority (ADIA) in Abu Dhabi, United Arab Emirates, from 2013 to 2016. Mehdi began his career at PricewaterhouseCoopers (PwC) in Luxembourg, conducting audit engagements mainly for real estate and private equity clients. Mehdi holds an MSc in Management from IESEG School of Management and an MBA from London Business School.
Anisha oversees the Tritax EuroBox acquisitions, tax and structuring functions. Anisha qualified as a solicitor in 2011 and has significant experience in real estate investment and development, acting for funds, trusts, developers, property companies and occupational tenants. Anisha also has broad experience in real estate finance, acting for both lenders and borrowers.
Alasdair joined Tritax in November 2019, and brings extensive experience as finance director in real estate investment, development, management and benchmarking. Prior to joining Tritax, he has advised an overseas family office on mixed-use development, and Get Living, the UK’s leading Private Rented Sector operator. Prior to this, he was Finance Director of United House, a residential developer; Finance Director of IPD, the real estate industry index and benchmark provider: Chief Operating Officer of Hermes Real Estate, including Fund Manager of the X-Leisure Fund; and Finance Director of Trillium, the outsourcing property provider. He started his career with PwC. In all, he has over twenty years’ experience as a real estate finance director. Alasdair’s role is to ensure the finance team and functions are efficient and effective not only in supporting the existing funds but also in the strategic growth of Tritax in the coming years.
With significant experience in the logistics sector in Continental Europe, Alina joined Tritax as Assistant Fund Manager following the launch of Tritax EuroBox plc to expand the team’s capabilities in transaction origination and execution. Before joining Tritax, Alina was part of JLL’s pan-European logistics capital markets team based in London, where she was extensively involved in advising on acquisitions, disposals and joint-venture structuring of logistics portfolios across Continental Europe. In the last three years she participated in transactions of logistics assets totalling over €4.5 billion. Alina has more than 11 years’ experience working in the real estate industry.
Freddie joined Tritax in 2016. Freddie started his career at Montagu Evans on their graduate scheme after completing an MSc in Estate Management at London South Bank University. He qualified as a Chartered Surveyor in 2010 and joined the firm’s Capital Markets Team, advising on investment and development transactions in the out of town retail and leisure sectors. In 2014 Freddie joined Legal & General and as part of the asset management team, working on the specialist Leisure Fund and the Linked Pensions Property Fund.
Tim joined Tritax in 2015. After reading Politics and Economics at University, Tim began his career with Hillier Parker (now CBRE) in Scotland, in the Investment Agency and Business Space Agency teams, qualifying as a chartered surveyor in 1995. In 1997 Tim moved to London to join Gartmore Property Asset Management (now Lothbury Investment Management), as part of the asset management and development team before taking over responsibility for the marketing and investor relations for Lothbury Property Trust in 2000. In 2005 Tim structured and launched the KBC European Property Fund, a pan-European fund of funds, investing €160 million. In 2007 Tim joined RREEF (now Deutsche Asset & Wealth Management) as a real estate product specialist for UK and European clients, responsible for capital raising and client relationship management.
William joined Tritax in 2016 following the launch of Tritax Property Income Fund Unit Trust (TPIF). William is responsible for financial reporting, fund accounting and reporting to the Board on all finance matters of the Fund. Prior to joining Tritax, William was Assistant Fund Finance Manager at Savills Investment Management and was jointly responsible for managing finance matters across several funds. He trained and qualified as a Chartered Accountant with BDO LLP, where he worked for four years in the Real Estate and Construction Sector of the Audit Team. William has more than six years’ experience of working in the real estate industry.
Ed started his career at Knight Frank on the graduate bursary scheme after completing an MSc in Estate Management from London South Bank University. He qualified as a chartered surveyor in 2010 with Jones Lang LaSalle (now JLL). Edward’s investment career began when he joined Ereira Mendoza in 2011 advising on investment and development transactions. He joined Tritax in May 2014 having recently completed an MBA in Construction & Real Estate from the University of Reading with Distinction. Edward has been a full member of the Investment Property Forum (IPF) since 2012. Ed joined Tritax in May 2014.
Nick joined Tritax in September 2017 and brings extensive experience at managing portfolios of commercial real estate across the UK and continental Europe. Prior to joining the Tritax Group in September 2017, he worked for Grosvenor Europe in the positions of Deputy Managing Director (Europe) and Head of Portfolio. He held responsibility for the management of approximately €2.5 billion of real estate assets principally in the UK, France, Sweden, Italy and Spain. Prior to this, he held the position of senior director at CBRE Global Investors, with responsibility for the management of a wide range of portfolios, including separate accounts, pooled funds and fund of funds portfolios. He acted on behalf of a major US public pension scheme on a pan-European mandate to invest in logistics assets in a joint venture with First Industrial Realty Trust.
Mehtab joined Tritax Group in August 2017 as Group Financial Controller. He joined Tritax to oversee the corporate finance function and to work with the team to deliver new fund launches. Before joining Tritax, Mehtab spent 11 years at Arrowcroft (a real estate investor, developer and asset manager). In 2006, he initially joined Arrowcroft as a Financial Controller and went on to become the Head of Finance in 2014. During his time at Arrowcroft, Mehtab dealt with all aspects of corporate finance, corporate restructuring, bank debt renewal, assets management of distressed portfolios for clients like Royal Bank of Scotland, AVIVA Real Estate Finance, Nationwide Real Estate.
Frankie joined Tritax in 2014 following the launch of Tritax Big Box REIT plc (BBOX). When reporting to the FTSE 250 Board, he is responsible for the historical and strategic financial matters in relation to the company. Prior to joining Tritax Frankie spent three years as Financial Controller at Primary Health Properties Plc (PHP), a healthcare-focussed REIT, which had total AUM of just under £1 billion. He trained and qualified as a chartered accountant with PKF (UK) LLP, which subsequently merged with BDO LLP, where he acted as Assistant Manager; in all, Frankie has more than 10 years’ experience working in the real estate industry.
Charlie joined Tritax in September 2017 and is responsible for overseeing the Company’s pre-let development activity and asset management initiatives across the portfolio. Charlie has 28 years’ experience in the UK industrial and logistics commercial real estate market. In 2009, Charlie co-founded Cedarwood Asset Management with Paul Jenkins, focussing on industrial asset management and development. Prior to this, from 2001 he was at Chancerygate, a UK industrial development and asset management firm, where he co-ordinated sales, lettings legal and marketing activity across the company. Charlie started his property career at Strutt & Parker in 1989, working in the Business Space team, subsequently becoming an Associate Partner and was involved in setting up its Industrial Agency department.
We understand that our responsibility to society is broader than simply generating financial returns for Shareholders.
As a responsible Manager, we want the properties under our management to minimise their impact on the local and wider environment. When advising on acquisition, we consider the environmental performance of assets and encourage a sustainable approach to new developments and to maintaining and upgrading existing buildings.
Our Corporate Social Responsibility Committee are responsible for driving forward our objectives and will be updating and building on our approach to Environmental, Social and Governance (ESG) matters. Our aim is to further integrate ESG related matters into all areas of the business.
As part of our management practices, we undertake a formal “Green Property Review” of assets. The process begins pre-acquisition with a detailed review of environmental and building surveys, combined with physical inspections to outline the “Green Action plan” for each individual property These initiatives are progressed with the Occupiers. An example of our collaborative approach in action can be seen in the case study of B&Q in Worksop on Tritax Big Box REIT’s page .
Our strong relationships with Occupiers mean there is exciting potential for us to continue expanding and developing our list of environmental achievements.
We report and review EPC and BREEAM ratings demonstrating improvements, with an aim of managing a portfolio of ratings ‘D’ and above and minimum BREAAM ‘Very Good’ for new builds.
Our Social approach involves focussing on positive relationships with Occupiers and developing our action on issues that affect them and the local communities where we manage assets. We have kicked off a partnership with the charity Schoolreaders. Schoolreaders encourages children to take more interest in reading and books. This is achieved through volunteers listening to children read on a one-to-one basis. Our donation of £5,000 will help them to continue the positive work they do and continue to reach more children. Child literacy rates in the UK are much lower than Government expectations, this includes areas where we manage assets.
Another area of our positive social impact includes the creation of large numbers of jobs for local people, through the development of assets.
Community Engagement is an aspect of our increased focus on ESG for the coming year. We will be reporting progress on our initiatives and partnerships, including through formal benchmarking indices.
The Manager has developed and manages the sustainability strategy for the Group and reports on progress annually. The Boards of Tritax Big Box REIT plc and Tritax EuroBox plc have ultimate responsibility for sustainability for their respective Funds.
Tritax Management LLP is the appointed manager for Tritax Big Box REIT plc, Tritax EuroBox plc and TPIF, and is responsible for setting and delivering the sustainability strategy.
Tritax has created its own responsible business plan to minimise its operational impact and provide low carbon services to the Funds it manages.
The Board has direct responsibility for determining strategic direction and policy of sustainability. The CSR Committee is responsible for the operational implementation of the sustainability strategy. This is chaired by one of the Partners of Tritax Management. The CSR Committee reports to the Boards of Tritax EuroBox plc and Tritax Big Box REIT plc.
Diversity and inclusion
The well-being of our employees is an area we take very seriously, and we aim to be an attractive and inclusive employer. Our Staff Handbook covers Equal Opportunities Policy, Disability Discrimination Policy, Health and Safety Policy, Data-Protection Policy and our Whistle-Blowing Policy. We organise regular social events, support employees in pursuit of individual career development goals and also support and encourage employees who wish to partake in fundraising activities.
We have a comprehensive set of policies that enables us to act responsibly and with integrity. The policies are reviewed annually by the CSR Committee.
We have a comprehensive set of policies in place to ensure effective governance and high standards:
All Tritax Management LLP employees are covered by a number of policies, which are included in the Employee Handbook including:
All employees are provided training to support the implementation of these policies.
We have selected policies available online, if you require information about a policy not listed, please contact firstname.lastname@example.org.
Between 1995 and 2013 Tritax Group focused on acquiring and managing institutional quality, long income commercial property investments for private client and family office investors, with the objective of delivering strong risk-adjusted returns.
During this time, Tritax Group acquired and developed commercial property assets including logistics assets, industrial properties, office, retail and hotels, with an acquisition value of over £2.1 billion on behalf of 119 syndicates, property unit trusts and limited partnerships.
Since 2000, as a Group we have delivered an average exit IRR across all non-tax products of c.15% pa with several of our tax products achieving a performance in excess of this average.
The Tritax Group started in 1995 with a focus on originating, syndicating and managing commercial property investments for private equity capital, offering property investments structured to make use of available tax reliefs (such as Enterprise Zones) to enhance investors’ returns.
Since 2000, as a Group we have delivered an average exit IRR across all non-tax products of c.15%* pa with several of our tax products achieving a performance in excess of this average.
* This figure does not include Tritax Big Box REIT or Tritax Property Income Fund
Between 1995 and 2013, the Tritax Group acquired and developed c.£2.1 billion of property assets involving more than 119 investment vehicles, onshore and offshore unit trusts, limited partnerships, companies and LLPs.
Between 1995 and 2013, the Tritax Group acquired and developed c.12.6 million sq ft of commercial property assets, including Big Box logistics assets, industrial properties, office, retail and hotels. Tenants included Amazon, Intercontinental Hotels Group, Next Group plc, Sainsbury’s, RBS, Royal Mail, Tesco, GDF Suez, Accor, Marks & Spencer, Accor, HMRC, Asda, Halfords and Morrisons.
In January 2013, the Fund acquired a new office headquarters building in central Aberdeen, pre-let to GDF Suez E&P UK Limited, the UK arm of the world’s largest utility company.
Total Fund size: £18.5 million
Debt: 57% LTV
Target Fund life: 5 years
Target coupon: c. 7.5% pa
Projected IRR: c. 9.8% pa
Constructed over the course of c.12 months, this c.42,000 sq ft award-winning Grade A office was pre-let to GDF Suez E&P UK Limited, the UK arm of the world’s largest utility company[CR1] , for a term of 15 years. The Fund negotiated an attractive entry price of 7.0% net initial yield, providing investors with a highly attractive 7.5% pa target income distribution, paid quarterly, throughout the life of the Fund.
Suitable for SIPPs, SSASs and charities, the simple and tax efficient investment structure also allowed Direct Investors to benefit from the available capital allowances, which enhanced pre-tax distributions to a five-year average of c.10.2% pa (for a 45% tax payer).
“The new Aberdeen Office underlines our commitment to the UK North Sea as we invest in existing and new exploration and production development”
Jean-Claude Perdigues, Managing Director, GDF Suez E&P UK
Acquired in November 2013, this modern c.750,000 sq ft national distribution unit is located in one of the UK’s strongest logistics locations.
Total Fund size: £39.8 million
Debt: 46% LTV
Target Fund life: 4.5 years
Target coupon: c.8.85% pa
Projected IRR: c. 30.92% pa
In May 2013, the Tritax Prime Distribution Income Fund acquired a modern c. 750,000 sq ft national distribution unit let on a 20-year lease (19.5 years unexpired), to CDS (Superstores International) Limited, trading as “The Range”, one of the UK’s leading value retailers. Located in one of the UK’s strongest logistics locations, this Big Box asset was acquired at an effective property cost reflecting a 7.66% net initial yield.
Suitable for SIPPs, SSASs and charities, the simple and tax efficient investment structure also allowed Direct Investors to benefit from the attractive capital allowances available.
The original strategy was to hold the asset for four years whilst values improved, with the intention of completing a sale in September 2017. However, in October 2014 an unsolicited offer was received and property was sold in November for a 5.85% net initial yield, providing investors with an IRR of over 30% pa over the 16-month period.
In 2006 the Trust acquired two new “state of the art” high-bay distribution warehouses of c.1.85 million sq ft GIA, on a site of c.48 acres which is pre-let to Next Group Plc.
Total Fund size: £115.8 million
Debt: 63% LTV
Target Fund life: 7 years
Net equity: 0.13%
Post tax yield: 6.1%-7.8%
In 2006 the Trust acquired two new “state of the art” high-bay distribution warehouses of c.1.85 million sq ft GIA, on a site of c.48 acres and which is pre-let to Next Group Plc for 25 years with no breaks and fixed rental uplifts of 2.5% pa compounded every five years. This distribution centre is located at Brookfields Park, a new high-quality business park development extending to c.86 acres within an established business area and capable of accommodating up to 2 million sq ft of B8 warehouse, B2 industrial and B1 offices with supporting amenities.
Investors were able to shelter tax at 100% under the Enterprise Zone allowances regime. The investment was structured as an off-shore Unit Trust based in the Isle of Man.
In June 2013, following restructuring and optimisation these two new “state of the art” high-bay distribution warehouses were sold to Legal & General at a 5.5% yield, delivering an IRR of over 15% for Trust investors.
In November 2009, the Trust purchased three interconnected office buildings in the award winning Brindleyplace development.
Total Fund size: £109.6 million
Debt: 59.3% LTV
Fund life: c. 5 years
Target coupon: 8% pa
Projected IRR: 12.08% pa
Totalling c.301,000 sq ft, all three buildings are let to The Royal Bank of Scotland plc with Sainsbury’s Supermarkets Ltd occupying the ground floor retail unit. Upon purchase, there was a weighted average unexpired lease term of 14.8 years until tenant break options.
Brindleyplace comprises mixed-use development of over 1.2 million sq ft of office, restaurant, café, bars and parking space approximately three quarters of a mile from Birmingham city centre.
Having delivered both Direct and Exempt Investors a very attractive an 8% pa distribution, in March 2015, this property was sold to a German pension company for a total consideration of £130.73 million, providing investors with a return of 12.08% pa over the c.six-year Fund life.
In May 2012, The Tritax Amazon Fund acquired the newly constructed c.1 million sq ft purpose-built Big Box distribution warehouse.
Total Fund size: £47.1 million
Debt: 56% LTV
Target Fund life: 4.6 years
Target coupon: 7.25% pa
Projected IRR: 9.28% pa
Totalling c.1 million sq ft this purpose-built Big Box logistics asset is prominently located next to the M90 motorway, north of Edinburgh. At a time when many investors sought attractive income returns, but remained cautious, the Tritax Amazon Fund offered a highly attractive 7.25% pa income distribution, underpinned by a 20-year lease to the European arm of the world’s No.1 E-retailer – Amazon.co.uk. Suitable for SIPPs, SSASs and charities, the simple and tax efficient investment structure also allowed Direct Investors to benefit from the available capital allowances.
Having delivered both Direct and Exempt Investors with a very attractive 7.25% pa distribution, in March 2017, this c.1 million sq ft Big Box asset was sold on behalf of investors for £54.00 million, which reflects a Net Initial Yield (NIY) of 5.25% based on standard costs of purchase of 6.78%.
In May 2013, the Tritax Prime Distribution Income Fund acquired a modern c. 750,000 sq ft national distribution unit let on a 20 year lease (19.5 years unexpired), to CDS (Superstores International) Limited trading as "The Range", one of the UK's leading value retailers.
Our investors are at the heart of what we do. We understand that our long-term success is dependant not simply on the performance of our products, but also our ability to exceed expectations in terms of the service we provide to our investors.
We are committed to reviewing and enhancing the way in which we communicate to advisors and those invested with us, striving to communicate in a proactive, efficient and informative manner as well as ensuring all financial reporting and regulatory requirements are met.
If as an investor you require copies of your relevant investment documentation, copy tax certificates, commentary on fund performance and annual reports and accounts please email email@example.com or +44 (0)20 7290 1616
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