Tritax upbeat following 'transformational' year

(Sharecast News) - Tritax Big Box said it had started 2026 on the front foot on Thursday, following a "transformational" year which saw it expand into data centres. Updating on year-end trading, the real estate investment trust said contracted rent was £360.9m in the 12 months to December end, up from £313.5m. Of that, £14.2m was secured through active asset management initiatives.

The estimated like-for-like rental value of the portfolio rose 4%.

Tritax specialises in logistics warehouse assets, but over the last year as been looking to break into the booming data centre market.

Pre-letting negotiations are now underway for its first development at Manor Farm, Heathrow, which Tritax said reflected strong occupier demand for "well-located, power-enabled sites".

Colin Godfrey, chief executive, called 2025 a "transformational year" for the company.

He said: "Our data centre pipeline has moved forward meaningfully. In support of our strategy, we have been very effective in rotating capital into higher returning opportunities, having now sold over £800m of assets over the past three years.

"With strong occupational interest across both logistics and data centres, the successful integration of recent acquisitions and clear structural tailwinds, we enter 20256 well-positioned to deliver on our ambition to growth adjusted earnings by 50% by the end of 2030."

As at 0930 GMT, the FTSE 250 stock was up 1% at 163.1p.

Jefferies, which has a 'buy' rating on Tritax, said: "It has been a transformational year, launching the data centre strategy, entering urban planning and preparing the next development leg backed by robust earnings and strengthened finances.

"This update gives...comfort on our estimates, with planning decision for Manor Farm due by the end of the first quarter 2026, which would release a land profit and enable pre-letting."

Tritax is due to publish full-year numbers on 27 February.