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Announcement

Intention to Float – IPO to raise up to £300 million (c. €340 million)
for investment in Continental European logistics real estate assets

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Tritax Group at a glance

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.

Proven track record
20yrs +

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

Assets under management
£3.3bn

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.

Prime commercial property space
27.6m sq ft

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

The Partners

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 Shaw

Mark Shaw

Mark Shaw FCA

Partner, Chairman

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. All of the Directors are independent of the Manager with the exception of Mark Shaw.

Colin Godfrey

Colin Godfrey

Colin Godfrey BSc MRICS

Partner, Fund Manager

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 Dunlop

James Dunlop

James Dunlop BSc MRICS

Partner, Property Sourcing

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 Franklin

Henry Franklin

Henry Franklin BA CTA

Partner, Structuring and Legal

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 Austin

Petrina Austin

Petrina Austin BSc MRICS

Partner, Asset Management

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 Hobart

Bjorn Hobart

Bjorn Hobart MA BSc(Hons) MRICS

Partner, Deputy Fund Manager to Tritax Big Box REIT plc

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.

The Team

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.

Sally Bruer

Sally Bruer portrait
Sally Bruer
Sally Bruer portrait

Sally Bruer

Head of Research

Sally joined Tritax in 2017 and is responsible for providing all quantitative and qualitative research and analysis on Big Box property market, as well as broader economic and sectoral trends. In 2002 Sally joined DTZ (now Cushman & Wakefield) as a research analyst where she specialised in occupier research, with specific focus on logistics and industrial property. From 2005 to 2017, Sally was Head of Industrial Research at Gerald Eve, responsible for extensive research and analysis on the UK industrial and logistics property market including producing regular market reports, delivering bespoke client research and speaking at conferences and seminars. Sally is a member of the Society of Property Researchers and the Investment Property Forum.

Olivia Cox

Olivia Cox portrait
Olivia Cox
Olivia Cox portrait

Olivia Cox Non-practicing solicitor

Deputy Company Secretary

Olivia joined the Tritax Group in March 2015 as Deputy Company Secretary to Tritax Big Box REIT plc. She is a non-practising solicitor who completed her training contract with Berwin Leighton Paisner LLP in 2003, specialising in Real Estate. She then joined Clifford Chance LLP in 2007, where she continued to specialise in Real Estate with a particular focus on corporate real estate and hotel development and management.

Ben Freeman

Ben Freeman portrait
Ben Freeman
Ben Freeman portrait

Ben Freeman ACA

Chief Finance Officer, Tritax

Ben joined the Tritax Group in March 2018 as Chief Financial Officer. He initially qualified at KPMG before joining Helical Bar where he became the Finance Director before joining M&G Property as their Chief Financial Officer. Since this time, he has focused on finance roles within organisations going through significant change. This has included working as the Deputy Chief Financial Officer at Quintain PLC and as a Finance Change Manager at British Land as well as roles supporting a merger to create a large scale Housing Association in Europe.

Richard Hopkins

Richard Hopkins portrait
Richard Hopkins
Richard Hopkins portrait

Richard Hopkins

Property and Asset Manager

Richard joined Tritax in August 2016, brining nearly 30 years of property management experience. Richard oversees all property management and asset management initiatives for the TPIF portfolio, including insurances, the rent role collection process, tenant lease matters including renewals, rent reviews and applications including licences for underlettings and tenant alterations. Prior to joining Tritax, Richard worked in a similar role with specialist health fund manager MedicX on their nationwide portfolio and more recently he was with Montagu Evans for 10 years. Previous clients include LV, Threadneedle, Derwent, Middlesbrough BC Pension Fund, Marcol and Eskmuir.

Freddie James

Freddie James

Freddie James MSc, BA(Hons), MRICS

Assistant Fund Manager

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 Legge

Tim Legge

Tim Legge MSc, MRICS

Fund Manager

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.

Ed Plumley

Ed Plumley portrait
Ed Plumley
Ed Plumley portrait

Ed Plumley MBA, MSc, BA(Hons), MRICS

Assistant Fund Manager

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 Preston

Nick Preston portrait
Nick Preston
Nick Preston portrait

Nick Preston BSc, MRICS

Fund Manager

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 Tagus 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.

Charlie Withers

Charlie Withers portrait
Charlie Withers
Charlie Withers portrait

Charlie Withers MRICS

Development Director

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.

Frankie Whitehead

Frankie Whitehead portrait
Frankie Whitehead
Frankie Whitehead portrait

Frankie Whitehead ACA

Head of Finance

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.

Our history

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.

Proven track record
15% IRR

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

Acquired and developed
£2.1bn

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.

Prime commercial property space
12.6m sq ft

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.

Example Investments

Tritax Aberdeen HQ Office Fund

Key Facts

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

Further Information

Further Information


Investment Rationale
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

Tritax Prime Distribution Income Fund

Key Facts

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

Further Information

Further Information


Investment Rationale
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.

Delivering Returns
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.

Tritax Next EZ Unit Trust

Key Facts

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%

Further Information

Further Information


Investment Rationale
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.

Delivering Returns
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.

Tritax Brindleyplace (7, 8 & 10) Unit Trust

Key Facts

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

Further Information

Further Information


Investment Rationale
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.

Delivering Returns
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.

The Tritax Amazon Fund

Key Facts

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

Further Information

Further Information


Investment Rationale
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.

Delivering Returns
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%.

Tritax Aberdeen HQ Office Fund

This c.42,000 sq ft Grade A office is pre-let to GDF Suez E&P UK Limited, the UK arm of the world’s largest Utility company, for a term of 15 years.

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Tritax Prime Distribution Income Fund

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.

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Tritax Next EZ Unit Trust

In 2006 the Trust acquired two new "state of the art" high-bay distribution warehouses of c. 1.85m sq ft GIA, on a site of circa 48 acres which is pre-let to Next Group Plc.

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Tritax Brindleyplace (7, 8 & 10) Unit Trust

In November 2009, Tritax Brindleyplace (7, 8 & 10) Unit Trust purchased three interconnected office buildings in the award winning Brindleyplace development in Birmingham. Totalling c. 301,000 sq ft, all three buildings are let to The Royal Bank of Scotland Plc with Sainsbury's Supermarkets occupying the ground floor retail unit.

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The Tritax Amazon Fund

In May 2012, The Tritax Amazon Fund acquired the newly constructed c.1 million sq ft purpose-built Big Box distribution warehouse.

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Tritax Investor Services

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 investorservices@tritax.co.uk or +44 (0)1234 720 188

Contact

Tritax Marketing and Sales Email: marketing@tritax.co.uk Tel: +44 (0)20 7290 1616 Standbrook House
4th Floor, 2-5 Old Bond Street
London W1S 4PD

Tritax Investor Services Email: investorservices@tritax.co.uk Tel: +44 (0)1234 720 188 The Lodge
Odell
Bedford MK43 7BB