Tritax Big Box REIT optimistic as it progresses data centre pipeline

(Alliance News) - Tritax Big Box REIT PLC on Thursday, ahead of its annual general meeting, expressed optimism around achieving its earnings growth target for 2030.

Tritax Big Box REIT is a real estate investment trust investing in logistics properties in the UK.

Chief Executive Colin Godfrey said the company entered 2026 with "strong operational momentum", and noted that it continues "to make excellent progress across each of our three growth drivers."

The company reported that GBP5.9 million of incremental annual rental income has been added year-to-date from 12% of the portfolio subject to lease events, and noted a 13% absolute increase in rent across lease events.

Tritax Big Box REIT said it expects an acceleration in asset management opportunities "translating into higher like-for-like rental growth in 2026".

"We are capturing rental reversion and driving income growth across our high-quality portfolio through our active and hands-on approach, particularly within the assets acquired from Blackstone," continued CEO Colin Godfrey.

Tritax Big Box REIT said lease events for the UKCM logistics assets and for the urban assets acquired from Blackstone represented rental increases of 15% and 24% respectively.

The company said its new letting in Newark secures GBP3.3 million in annual rent income, whilst its new pre-let in Cambridge secures GBP1.6 million in annual income.

Tritax Big Box REIT said both new lettings are anticipated to deliver a yield on cost greater than 7%, and added that around GBP7 million of annual rental income is in solicitors' hands.

On data centres, the company said the first site at Manor Farm, Heathrow of 107 megawatts is "primed for launch", noting that it would recognise strong development profits in 2026, subject to planning determination and the securing of a pre-let.

The decision on planning permission is anticipated by the secretary of state on or before June 9, noted the company. It further noted that a planning decision is expected in the near term regarding the second data centre site in Chelmsford.

Tritax Big Box REIT said it is progressing with the reduction in its loan-to-value from 33.2% reported in December, with the move supported by capital rotation activity.

The company said it has completed over GBP270 million in disposals or exchanges as at April 30, with the majority comprising a logistics portfolio sold above valuation. It noted that 93% of non-strategic UKCM assets are now sold, exchanged or under offer.

Shares in Tritax Big Box REIT were up 0.7% at 154.18 pence on Thursday morning in London.

"Occupier demand for UK logistics remains healthy, supporting positive engagement and leasing activity across both our investment and development portfolios. To date, we have not seen any impact from the conflict in the Middle East but continue to monitor the situation closely," added CEO Godfrey.

"Looking ahead, with a greater proportion of the portfolio subject to rent reviews in 2026 and 2027 and substantial development opportunities within logistics and data centres, we are well placed to accelerate income growth. Consequently, we remain confident in our ambition to grow adjusted earnings by 50% by 2030."

By Christopher Ward, Alliance News reporter

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