ii view: Tritax Big Box completes massive Amazon warehouse

A landlord to tenants such as Amazon and looking to grow earnings by 65% to 2031 via an expanding portfolio of data centres. Buy, sell, or hold?

23rd September 2026 11:29

by Keith Bowman from interactive investor

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Completed one million square foot logistics warehouse

Chief executive Colin Godfrey said:

"Reaching practical completion on this facility, Amazon's largest UK cross-dock warehouse, is a significant milestone for Symmetry Park, Kettering and for our relationship with Amazon.

"It provides further evidence of our strategy in action, delivering growing rental income for shareholders at an attractive yield on cost. Our market-leading land platform enables us to carefully match clients' requirements across building size, location and configuration, positioning us well to capture continued demand for high-quality logistics space."

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ii round-up:

Property company Tritax Big Box Ord (LSE:BBOX) today announced the completion of a one million square foot warehouse in Kettering which it is letting to online retailer Amazon.com Inc (NASDAQ:AMZN).

The building adds £9.8 million of annual rental income for Tritax which is letting the property on a 20-year lease with index-linked rent reviews scheduled every five years.

Shares in the FTSE 250 real estate investment trust (REIT) rose slightly in UK trading having come into this latest news down around 2% so far in 2026. Rival and takeover target Segro (LSE:SGRO) is up by close to a third during that time. The FTSE 250 index is up 9% year-to-date.

Tritax owns and manages a portfolio of over 500 large and small logistical warehouse properties across the UK which are typically let to institutional-grade clients on long-term leases. In addition, it is pursuing a series of data centre development opportunities targeting total outlets requiring one GigaWatt of power and potentially helping push adjusted earnings per share up by 65% between 2024 and 2031.

Once fully operational, the new Symmetry Park, Kettering warehouse is expected to support around 2,000 jobs. The building sits alongside two other Tritax developments of 0.3 million sqare foot each and let to tenants Greggs (LSE:GRG) and Iron Mountain.

Tritax’s portfolio value stood at £7.68 billion as of late June, down 2.7% from late December, although with like-for-like rental growth of 5.1% achieved during the half-year. Secured data centre power for developments hit 507 MegaWatts.

A full-year trading update is likely mid-to-late January.

ii view:

Tritax has a stock market value of around £4.3 billion, bigger than health property specialist Primary Health Properties (LSE:PHP) at around £2.4 billion but below office and shopping centre owner Land Securities Group (LSE:LAND) at £4.7 billion. As well as Amazon, Tritax tenants include Morrisons, Tesco, Screwfix, Dunelm and Ocado.

For investors, the tough UK economic backdrop cannot be forgotten, with interest rates expected to increase. A drop in the portfolio value between late December and June pushed the EPRA Net Tangible Asset Value down 1% to 185.9p per share. A share price to NAV matching the three-year average may suggest the shares are not obviously cheap, while a net debt-to-adjusted profit (EBITDA) ratio of 7.9 times as of late June is not to be overlooked.

More favourably, successful development of data centre opportunities is expected by management to push adjusted earnings per share up 65% between full year (FY) 2024 and FY 2030/2031. Growth via acquisitions has included the late 2025 £1.04 billion purchase of logistics properties from Blackrock. Credit ratings agency Moody’s recently maintained it’s A3 rating on Tritax, while EPRA Net Tangible Assets per share of 185.9p compares with a current share price of around 149p per share.

In all, and despite ongoing risks, exposure to data centre development and a prospective dividend yield of around 5.6% offers grounds for both growth and income investors to remain interested.

Positives:

Exposure to online shopping and data centre developments
Attractive dividend payment (not guaranteed)

Negatives:

Uncertain economic outlook
Lacks international diversity

The average rating of stock market analysts:

Buy

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