30th May 2014 09:26
LONDON (Alliance News) - Tritax Big Box REIT PLC Friday said it had received commitments from institutional investors to buy 20 million newly issued shares, roughly 10% of the company's existing issue share capital.
The UK-based real estate investment trust placed the shares at 104 pence each, and said it will use the GBP20.8 million in gross proceeds raised to fund new investment opportunities.
Tritax shares were down 0.6% at 106.95 pence Friday morning.
"The company is currently in advanced negotiations in relation to the acquisition of two additional assets. It is intended that the capital raised via the placing will be used in the near term to assist in financing these investment opportunities," the trust said in a statement.
In a statement earlier this month, Tritax said it had successfully invested GBP187.2 million of the net proceeds of its initial fundraising in November 2013, to acquire four distribution centres.
Jefferies acted as sole bookrunner for the placing, with Akur acting as financial adviser to the company.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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