In a period of major upheaval and consolidation in the investment company REIT space, the survivors have tended to be those that offer differentiated propositions within strong niches. BBOX is both the first mover and the last man standing in the specialist UK logistics subsector, and has built an impressive asset base with a strong tenant line-up and significant reversionary potential that can be captured through proactive management of lease events. Supply chain fulfilment remains at the core of the strategy, but BBOX has diversified its offer to include last-mile logistics – an important piece of the overall distribution picture – as well as development. The de- risked, pre-let model and joint venture with EDF should give BBOX a significant advantage in its expansion into datacentre development, solving the key issue of power supply before ground is broken.
