Tritax Big Box REIT indicated to join FTSE 100

Tritax Big Box REIT indicated to join FTSE 100

Tritax Big Box REIT Indicated for FTSE 100 Inclusion
Tritax Big Box REIT (BBOX) is projected to join the FTSE 100 index during its next quarterly review in early March 2026, according to JPMorgan Cazenove. The £4 billion real estate investment trust has seen its share price rise 8.2% over the past three months, driven by its acquisition of £1 billion in UK logistics properties from Blackstone in October 2024. This transaction followed BBOX's unsuccessful bid to acquire Warehouse Reit (WHR), which Blackstone later purchased for £489 million. As part of the Blackstone deal, the US firm acquired an 8.6% stake in BBOX.

Tritax CEO Colin Godfrey described 2025 as a "transformational year" for the trust, citing a 14.7% share price increase during the period. Contracted rent rose to £361 million from £314 million, with the Blackstone assets contributing £53 million. Despite a 44.3% decline in 2022 due to rising interest rates and gilt yields, shares have partially recovered. However, the current price remains 33.2% below its 2022 peak of 249p.

Concurrently, JPMorgan Cazenove anticipates Baillie Gifford's Schiehallion Fund (MNTN) will enter the FTSE 250 and FTSE All Share indices in March. MNTN's share price has surged 45.5% over three months, buoyed by increased valuation of its SpaceX holding. A December tender offer doubled SpaceX's estimated value to £800 million, raising its weight in MNTN's portfolio to 13.8%. Meanwhile, Starwood European Real Estate Finance (SWEF) is expected to exit the FTSE All Share as its managed wind-down progresses, with assets now valued at £22 million.

The FTSE index revisions reflect evolving market dynamics, with BBOX's inclusion signaling renewed confidence in the logistics sector. Investors will closely monitor BBOX's performance amid ongoing economic uncertainties and MNTN's exposure to high-growth assets like SpaceX.

The AIC, February 2026: The AIC, February 2026.