In short: Pro pick #3. UK logistics landlord: "discounted a 7% cap rate," very low loan-to-value, founders still running it, "sells way discount to replacement value" — in a jurisdiction nobody wants (5% 10-year gilt, Brexit, the "fifth, sixth, seventh prime minister"). Supply down (5 years of no new build), demand up: military/drone storage as a brand-new tenant class on top of e-commerce, plus optionality in facilities that already have power and could convert to sovereign-AI data centres.
Tritax owns very large warehouses in the UK and rents them out — the "big boxes" behind e-commerce and modern supply chains. It's structured as a REIT, meaning it's a listed property company that passes most of its rent to shareholders as dividends.
Two things make it cheap. First, nobody has built new UK warehouses for five years, because UK borrowing costs jumped (the government 10-year bond yield is 5%) and the country has been unfashionable since Brexit. Second, the shares change hands at a "7% cap rate" discount and well below what it would cost to rebuild the same buildings today — so you're buying property for less than replacement cost, with little debt against it ("low loan-to-value") and founders still running the company.
The demand side is where the surprise is. Defence budgets mean drones and equipment that have to be stored somewhere, a tenant type that didn't exist before, layered on top of normal e-commerce growth. And some of these sites already have grid power connections — which, in a world where data centres are queuing for electricity, means a warehouse can potentially be re-purposed into something worth much more. That's free optionality on top of the rent.
58:20Triax is a it trades at it's discounted a 7% cap rate. It's got very low loan to value. Founders are still running the firm. Sells way discount to replacement value. they're benefiting. The incremental demand is coming from the military spend, right? So, if you're going to build a bunch of drones, you got to put them somewhere, right? So, you need logistics warehouses.
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