Tritax Big Box has hailed a positive start to the year, despite a warning from Amazon knocking nearly 11% off its share price yesterday.
Amazon rocked the share prices of warehouse REITs after CFO Brian Olsavsky said on Thursday: “We have too much space right now versus our demand patterns.” He confirmed that the company would be “right-sizing” after reporting a $3.8bn loss for the quarter.
But the name of the e-commerce giant was conspicuously absent from the trading update released by Tritax this morning.
Instead Tritax chief executive Colin Godfrey was bullish. “We have made a positive start to the year as we continue to drive performance across all business areas,” he said. “Demand from a broad range of occupiers for new logistics space remains very strong, underpinning our confidence in our growth prospects.”
It added that near record levels of demand “from a range of occupier types” had resulted in 10.4m sq ft of take-up in Q1 2022, up 102% on Q1 2021.
Godfrey added: “With 3.1m sq ft of space currently under construction, we have growing visibility on accelerating earnings growth over the medium-term.”
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
