(Alliance News) - Tritax EuroBox PLC said Friday it intends to raise GBP173 million through the issue of shares, the proceeds of which will go towards the acquisition of a tear-term pipeline of big box logistics assets.
The investor in continental European logistics real estate assets will issue 168.0 million shares at a price of 103 pence each, through a placing, open offer, subscription and intermediaries offer.
The issue price reflects a 2.4% discount to the company's closing price on Thursday of 105.5p.
Shares in Tritax Eurobox were down 1.0% at 104.5 pence on Friday in London.
Shareholder which qualify for the open offer can subscribe for new shares on the basis of 1 new share for every five existing shares held.
The investment manager Tritax Management LLP will use the proceeds for acquisition purposes, namely the purchases of three German assets with a value of EUR317 million, another portfolio comprising two assets in Italy and one in Germany, with a collective value of EUR99 million.
Tritax is also targeting the acquisition of EUR81 million in development opportunities within the existing portfolio.
The share issue is conditional on gaining shareholder approval at a general meeting scheduled for March 8.
Jefferies International Ltd and van Lanschot Kempen Wealth Management NV are acting as joint global coordinators and bookrunners for the placing.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Tritax Eurobox (EBOX)