(Alliance News) - Tritax Big Box REIT PLC on Wednesday said that investment demand for logistics real estate space remained at record levels, with first-quarter volumes reaching GBP2 billion.
The FTSE 250-listed firm, which invests in distribution centres, also said a record 16 million square foot of logistics real estate was under offer, nearly twice the level at the end of 2020. Take-up for the rest of the year is expected to rise further, it added.
Despite high demand, Tritax said take-up in the first quarter was "lower than average" due to a shortage of sites, with vacancy falling below 4%.
Tritax said it had collected 99.8% of 2020 rents with full collection expected by the summer.
Colin Godfrey, chief executive officer of Fund Management, said: "We have made a good start to the year across all aspects of our business through a combination of effectively implementing our strategy and strong market fundamentals.
"The quality of our portfolio continues to be reflected in very high levels of rent collection while our asset management activities are enhancing value."
Shares in Tritax Big Box were down 0.3% at 189.32 pence in London on Wednesday.
Tritax Big Box is holding its annual general meeting on Wednesday, at which Richard Jewson will retire as chair. Jewson has been chair for seven years, leading the company's London listing at the end of 2013.
He is being replaced by Senior Independent Director Aubrey Adams. She was chief executive of real estate advisor Savills PLC for 17 years until 2008 and joined the Tritax Big Box board in 2017.
By Will Paige; willpaige@alliancenews.com
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Tritax Big Box (BBOX)