12th Feb 2016 09:05
LONDON (Alliance News) - Tritax Big Box REIT PLC on Friday said it had "significantly exceeded" its target of GBP100.0 million - not to mention its declared maximum size of GBP150.0 million - in its placing, open offer and offer for subscription of shares.
The FTSE 250-listed group, which invests in 'big box' warehouse property, said a total of 161.3 million shares will be issued at 124 pence per share, after having previously said it would issue 80.6 million shares at the same price.
The company additionally said it will conduct a tap issue to meet GBP50.0 million of excess demand on equivalent terms to the placing. As a result, the total size of the issue will be GBP200.0 million. Tritax said this was "significantly lower" than the total overall demand.
Of the shares issued, 53.5 million will be issued pursuant to the open offer, 7.4 million will be issued in offer for subscription, 60.0 million under the placing, and 40.3 million under the tap issue.
Tritax said the proceeds will be used to further investments.
Jefferies International Ltd and Akur Ltd acted as joint financial advisers and Jefferies as sponsor, sole global coordinator and bookrunner in relation to the Issue and the tap issue.
"We are delighted by the success of this fundraising against the backdrop of very difficult equity market conditions," said Tritax Non-Executive Chairman Richard Jewson.
Tritax shares were down 2.8% at 123.80p on Friday morning.
By Hannah Boland; [email protected]; @Hannaheboland
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