Tritax has moved a step closer with its plan to launch a new UK investment trust by announcing a £300m (€340m) initial public offering (IPO).
Last month the real estate firm said it is exploring the launch Tritax EuroBox, in an IPO on the London Stock Exchange, to invest in continental European logistics real estate assets.
Tritax EuroBox is now expected to join the London Stock Exchange on 9 July, is expected to raise the capital by selling its shares.
Tritax, which plans to “exploit the structurally undersupplied” continental European logistics market, said the issue proceeds are expected to be deployed within six to nine months of admission.
Tritax Management will act as the new company’s alternative investment fund manager.
Tritax said the manager has identified a pipeline of large-scale logistics assets, totalling more than €1.8bn and is in talks to buy seven of the assets for around €600m.
The assets being bought are located in Germany, Italy, the Netherlands, Poland and Spain with an average size in excess of 105,000sqm and an average lot size of €87m.
Logistics Capital Partners and Dietz Asset Management have been appointed asset managers.
Jefferies International and Kempen & Co. are acting as joint global coordinators, joint bookrunners and joint financial advisers in relation to the issue.
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