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Investing.com - Barclays has reinstated coverage on Tritax Big Box REIT Plc. (LON:BBOX) with an Overweight rating and a price target of GBP1.75, following the company’s acquisition of a warehouse portfolio from Blackstone Inc.
The reinstatement comes after a brief suspension of coverage resulting from Tritax’s acquisition of a warehouse portfolio valued at over £1 billion from Blackstone Inc. This transaction represents significant expansion for the real estate investment trust.
Barclays notes that Tritax has been actively pursuing an acquisition-led strategy over the past 20 months, with the recent £1,035 million warehouse portfolio purchase from Blackstone being the latest major move.
The acquired portfolio offers approximately 6.15% cash yield, including a reversion bridge provided by Blackstone, and approximately 6.4% reversionary yield, terms that Barclays describes as "relatively attractive."
Barclays suggests that this may not be Tritax’s final acquisition opportunity, as certain private equity funds that invested in warehouses after 2015 face fund maturities and increasing liquidity needs to satisfy limited partner investors.
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