Tritax EuroBox raised £198.4m (€230m) in a significantly oversubscribed fund raise.
The group had announced it was looking to raise £173m (€200m) but demand for the issue saw it smash that target.
A total of 192,633,688 new shares will be issued at a price of 103 pence, of which 57,232,790 will be issued pursuant to the open offer, 4,386,471 will be issued pursuant to the offer for subscription, 3,206,663 will be issued pursuant to the intermediaries offer and 127,807,764 will be issued under the placing.
The group has an immediate pipeline of acquisitions worth €316m and a further short-term pipeline worth €99m. The group will use the proceeds of the raise, plus debt and cash from the recent sale of a Polish asset to purchase the assets.
Nick Preston, fund manager of Tritax EuroBox, said: “This fundraise will allow us to capitalise further on the significant opportunity that currently exists in the continental European logistics real estate market. In light of the strength of investor demand and reflecting our confidence in both the depth and near-term availability of our investment pipeline we have increased the size of the issue. We look forward to updating investors as we execute on these exciting investment opportunities and further strengthen and diversify our portfolio.”
[QD comment: This is a seriously big raise and reflects the level of support for EuroBox and its strategy on continental Europe. The logistics sector has taken off since the pandemic with online retailing growing exponentially and businesses responding by shoring up their distribution networks. EuroBox’s key developer relationships allows it access to investment opportunities that would never come to the market, giving it a huge advantage over its peers.]
EBOX : Tritax EuroBox raises €230m in oversubscribed placing