Tritax Big Box, a UK REIT focused on large logistics warehouse assets, said on Thursday that it has raised gross proceeds of £300 mln (€350 mln) through the placing of 147 million new shares.
The shares were issued at a price of 204 pence apiece, representing a discount of 5.3% to the closing price on 29 September 2021 of 215.40p. The placing was significantly oversubscribed with considerable support from existing shareholders, the company said in a statement.
'We are delighted with the support of investors for the Issue, the proceeds of which will enable us to accelerate our development programme in order to capture the unprecedented levels of demand we are seeing in our sector, and deliver attractive total returns to shareholders,' said Aubrey Adams, chairman of Tritax Big Box REIT.
Earlier this year the company acquired Europe's largest wine production facility with the purchase of an 872,000 sq ft (81,000 m2) distribution unit in Avonmouth for £90 mln (€104 mln), reflecting an attractive net initial yield of 5.1%.
