A new UK investment trust set up by real estate firm Tritax has achieved its £300m (€340m) fundraising target.

Last month, Tritax moved a step closer with its plan to launch Tritax EuroBox by announcing the initial public offering (IPO) on the London Stock Exchange. Tritax had previously said it is exploring the launch of the investment trust to invest in continental European logistics real estate assets.

Tritax EuroBox said today it has raised gross proceeds of £300m by issuing 300m shares at 100 pence each.

The company said it will use the net proceeds to buy a portfolio of well-located continental European logistics real estate assets, diversified by geography and tenant, that are expected to deliver an attractive capital return and secure income to shareholders.

Robert Orr, the chairman of Tritax EuroBox, said: “We are delighted with the strong response from a broad range of high-quality investors to our initial public offering.

”We have a strong, identified pipeline of high quality, large-scale logistics assets let to institutional grade tenants and we will now work towards deployment of the net proceeds providing our new shareholders with secure income and an attractive capital return.”

Nick Preston, a fund manager of Tritax EuroBox, said: “The success of the Issue is a strong endorsement of the Manager’s track record and experience, placing us in an ideal position to capitalise on the significant investment opportunity that exists in the Continental European logistics real estate market.

“We welcome our new shareholders and look forward to working with them and seeking to deliver on our investment strategy.”

Tritax EuroBox is now expected to join the London Stock Exchange on 9 July.

Tritax Management will act as the new company’s alternative investment fund manager.