Tritax Big Box to raise £100m for further investments

Tritax Big Box REIT announced plans to raise £100m through a placing, open offer and subscription of new ordinary shares, which will be used to make further investments.

The company will issue 80.6m shares at 124p each, which represents a discount of 5.8% to the closing price of 131.60p on Tuesday.

Big Box said its manager, Tritax Management LLP, was “engaged in detailed discussions with the owners of a number of attractive investment assets that meet the company's investment criteria and are available for potential acquisition in the near term.”

“The directors consider that such investment opportunities are likely to be value accretive to investors over the medium term.”

Tritax said all the assets targeted to be acquired are expected to be value accretive for shareholders over the medium term, adding that an increase in the size of the company should improve liquidity and enhance its marketability, resulting in a broader investor base over the longer term.

At 0815 GMT, Tritax shares were down 2.5% to 128.29p.