18th Jun 2015 10:29
LONDON (Alliance News) - Tritax Big Box REIT PLC Thursday said it raised gross proceeds of GBP54.0 million by placing nearly 47.8 million shares at 113 pence each, money it will use to invest further in UK Big Box assets, and it is also in talks to reduce its borrowing costs.
The placing was the final tranche of Tritax's share issuance programme under which a total of 311.6 million shares have been issued, raising gross proceeds of GBP339.0 million since November 2014.
However, the amount raised was well below the amount targeted when it announced the placing earlier this month.
Tritax said June 8 that it intended to raise up to GBP125 million in its final tranche placing, and the placing size could have been raised to GBP148 million if there was more demand. It had 86.1 million shares available for issue under the programme.
"The company confirms that it is in active discussions to reduce its overall cost of borrowings with gearing levels expected to increase in the near term towards the targets set out in the company's investment policy," it added.
Tritax Big Box REIT shares were flat at 112.86 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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