The UK’s leading large logistics real estate investment firm Tritax Big Box REIT plc, announces its rebranding as Tritax Symmetry following developer portfolio acquisition.
Tritax Big Box acquired an 87% interest in its dedicated logistics developer DB Symmetry in February, combining its 30.9 million sq ft logistics investment portfolio with one of the UK’s largest and most geographically diverse land portfolios, to potentially deliver approximately 38 million sq ft of additional high-quality logistics assets over the next eight to 10 years.
Commenting on the rebrand, Richard Bowen, managing director at Tritax Symmetry, said: “The rebrand marks a new chapter in our company’s growth and one that we are hugely excited about. Since the sale of the Symmetry Portfolio, we have been working closely with Tritax Big Box to fully understand each other’s businesses; the rebrand was the next logical step. We have already achieved some notable successes across the UK in our new business, and our focus remains set on delivering the business plan we set out at the time of the acquisition.”
To date, Tritax Symmetry has completed a series of key transactions including a 163,664 sq ft speculative development at Bicester and a 152,038 sq ft speculative development at Doncaster in March.
In addition to the March transactions, Tritax also achieved full planning permission for a 661,201 sq ft regional distribution centre pre-let to The Co-operative Group on a 20-year lease term at Biggleswade, along with outline planning consent for up to 2.31 million sq ft of high-quality logistics space at Symmetry Park, Kettering.
Elaborating further on the rebrand, Colin Godfrey, Fund Manager at Tritax Big Box continued: “The acquisition of the Symmetry Portfolio provides a hugely attractive platform from which we will develop logistics real estate investments internally on a greater scale, at an attractive yield on cost. Over the next 8-10 years, this purchase offers the potential to boost our earnings growth, thereby supporting our progressive dividend policy in a disciplined way.
Furthermore, it will help us to better support the evolving occupational requirements of both new and existing customers, ensuring we can continue to deliver high-quality logistics premises within which they can adapt and grow their businesses efficiently, profitably and sustainably.
This rebrand underlines the successful integration of the Tritax Symmetry team, helping to ensure that we are now best placed to maximise the significant opportunities from our combined sector-leading expertise and complementary skill sets over the short and longer-term.”