Tritax Big Box suffers from 'material falls in asset values'

15.2% drop in value of assets

Tritax Big Box REIT, which invests in logistics real estate, struggled in the second half of 2022 as it suffered from “material falls in asset values,” it said in a trading update published today (25 January).

The £5.1bn REIT saw a reduction in like-for-like value of investment assets of 15.2% for 2022, with the second half seeing a 20% reduction. However, the company also said that it collected 100% of its rent in the fiscal year and there was a £28.4m increase in annual contracted rent from development lettings and active management. It added 2.9 million square feet of development in 2022, of which 2.4m has been let. Tritax said the impact on the company's EPRA NTA, the value of its assets, was partly mitigated by development profits and growth in estimated rental value. The total v...