Tritax Eurobox to raise £170m in placing to fund acquisition

Real estate investor Tritax Eurobox has proposed a placing of approximately 152.5m new ordinary shares as part of an effort to raise gross proceeds of roughly £170.0m.
Tritax Eurobox said on Friday that the proposed placing price of 111.5p per share represented a discount of around 3% to its closing price on 9 September but also represents a premium of approximately 3.7% to its estimated unaudited IFRS net asset value per ordinary share on 30 June.

The London-listed firm’s manager expects to use net proceeds of the placing, together with existing resources and debt, to secure the acquisition of a near-term investment pipeline of around €520.0m of “prime big box logistics assets” across Continental Europe.

Jefferies and Van Lanschot Kempen will act as joint global co-ordinators and joint bookrunners to the company in connection with the placing.

In a separate announcement, Tritax Eurobox revealed that conditional contracts had been entered into to acquire land for the development of a new high specification and sustainable logistics asset in Oberhausen, a prime location in the Rhine-Ruhr region of Germany, with the company also entering into a forward funding agreement to construct the building.

The acquisition price of €29.9m reflects a net initial yield of 4.3% based on the income from the rental guarantee.

As of 0900 BST, Tritax shares were down 1.39% at 113.40p.

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