Tritax Big Box experiences record demand in 2020

Real estate investment trust Tritax Big Box said on Thursday that it saw record demand for logistics real estate in the UK during 2020.

Tritax reported a record take-up in 2020 of 43.0-50.0m square foot, representing year-on-year growth of over 50% as the group estimated there to be 112.0m square foot of demand requirements across the UK logistics market, sustaining demand levels in 2021 and beyond.

However, the FTSE 250-listed firm noted that the supply of prime logistics assets remained constrained.

Tritax noted it had now received 99% of fourth-quarter rents, also taking rent collection for 2020 as a whole to 99%.

Colin Godfrey, chief executive of Tritax's fund manager, said: "Despite the broader challenges and uncertainty created by Covid-19 and Brexit, the disciplined execution of our strategy delivered increasing momentum in growth through to the end of 2020, supported by a strengthening UK prime logistics market.

"We are benefitting from excellent customer relationships, a large and high-quality landbank and strong balance sheet, which together ensure that we are well placed to capture this opportunity and deliver sustainable value growth for our shareholders and wider stakeholders.

As of 0900 GMT, Tritax shares were down 1.42% at 180.10p.