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JPMorgan starts Tritax Big Box at 'overweight'

By Michele Maatouk

Date: Wednesday 01 Dec 2021

JPMorgan starts Tritax Big Box at 'overweight'

(Sharecast News) - JPMorgan initiated coverage of Tritax Big Box at 'overweight' on Wednesday with a 265p price target as it noted the company has a significant landbank of development opportunities.
JPM said the scale of the landbank allows for a potential doubling of the portfolio to more than £10bn and a rent roll of £447m, up from £175m in the first half of last year.

"Access to this pipeline alleviates a major risk - sourcing future development opportunities - and provides a runway for investment for a number of years to come," it said.

"Tritax is geographically diverse, with over half of the portfolio built post 2010 and it counts Amazon as its single largest tenant.

"The outlook for logistics property in the UK is strong, and with Tritax's circa 40m sq ft development pipeline - enough to double the portfolio in size - the company offers one of the most focused ways of playing UK-wide logistics property demand."


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