18th Apr 2018 10:02
LONDON (Alliance News) - Tritax Big Box REIT PLC said Wednesday that it will raise GBP155.6 million via a share placing to fund its pipeline of potential investments, particularly two specific target assets currently under negotiations.
The real estate investment trust intends to place 109.4 million ordinary shares - 8% of its existing total - at 142.25 pence per share, a 2.9% discount to the closing price of 146.5p on Tuesday. Shares in the company were trading 1.5% lower at 144.20 pence Wednesday morning.
The placing is being conducted via an accelerated bookbuild process. Jefferies International Ltd is acting as sole bookrunner in connection with the placing and as joint financial adviser together with Akur Ltd.
"In light of the current acquisition pipeline and identified asset management initiatives, the company intends to raise equity by way of the placing to capitalise on these investment opportunities," the company said.
Tritax Big also said that it is targeting an aggregate dividend of 6.7 pence per ordinary share for the 2018, representing an increase of 4.7% over the dividend of 6.4p per ordinary share in 2017.
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Tritax Big Box