Tritax Big Box £500 million Debut Senior Unsecured Notes and new £350 million Unsecured Revolving Credit FacilityRead more
19 March 2015
The Board of Directors of Tritax Big Box REIT plc is pleased to announce the results of the Placing and Offer for Subscription of Ordinary Shares.
Investor demand for the Issue has significantly exceeded the targeted size of £150 million. The Board, after careful consideration with the Manager and in consultation with Jefferies International Limited has exercised its right to increase the size of the Issue to £175 million. As a result, a total of 159,090,909 Ordinary Shares will be issued at a price of 110 pence per Ordinary Share, of which 141,646,051 Ordinary Shares will be issued under the Placing and 17,444,858 Ordinary Shares will be issued pursuant to the Offer for Subscription.
The net proceeds of the Issue will be used to invest further in UK Big Box assets, with the Manager currently in advanced negotiations for the acquisition of three additional assets, each of which is under offer, in solicitors’ hands and subject to exclusivity arrangements. In addition, the Manager is engaged in detailed discussions with the owners of a number of other suitable assets that meet the Company’s Investment Policy.
Commenting on today’s announcement, Richard Jewson, non-executive chairman of the Company, said:
“We are delighted by the continued strong support shown by our existing Shareholders and welcome a wide range of new investors who have subscribed in the Issue for the first time. The market dynamics of the “Big Box” asset class remain highly favourable with occupier demand set to stay strong and the supply of new Big Boxes severely constrained.”
Colin Godfrey, Partner of Tritax, commented:
“We are proud of the robust and diversified portfolio of assets the Group now owns and we look forward to deploying the proceeds of this fundraising into our strong investment pipeline in the near term.”
Jefferies and Akur Limited (“Akur”) are acting as Joint Financial Advisers and Jefferies is acting as Sponsor, Sole Global Coordinator and Bookrunner in relation to the Issue.
For further information, please contact:
Newgate Communications (Financial PR)
Tel: 020 7680 6550
Tritax Big Box REIT plc is a real estate investment trust to which Part 12 of the UK Corporation Tax Act 2010 applies (“REIT”). The Company invests in a portfolio of well-located, modern “Big Box” assets, typically greater than 500,000 sq. ft., let to institutional-grade tenants on long-term leases (typically at least 12 years in length) with upward-only rent reviews (giving inflation linked earnings growth), and with geographic and tenant diversification throughout the UK. The Company seeks to exploit the significant opportunity in this sub-sector of the UK logistics market owing to strong tenant demand in high growth areas of the economy and limited stock supply. The Company is the first listed vehicle to give pure exposure to the “Big Box” asset class in the UK.
Further information on Tritax Big Box REIT is available at www.tritaxbigbox.co.uk