Tritax Big Box to raise £150m in order to make further acquisitions
By Maryam Cockar
Date: Wednesday 28 Sep 2016
(ShareCast News) - FTSE 250 property investment trust Tritax Big Box has announced plans to raise about £150m in a discounted share placing, subscription and open offer in order to make further acquisitions.
The company, which also on Wednesday announced a second interim dividend of 1.55p per share for three months to 30 September to be paid around 27 October, said it will issue around 113.6m new shares, subject to shareholder approval, at around 132p each.
An open offer of 76.4m shares will be made available to existing shareholders pro rata, with one new ordinary share for every 11 existing ordinary shares held on Wednesday, with the balance of new shares to be made available under the placing and the offer for subscription.
The funds are wanted as Tritax management is currently undergoing discussions with the owners of a number of investment assets for potential acquisitions in the future which will diversify its portfolio and improve the company's liquidity.
Three investment opportunities are currently under offer, two in the Midlands and one in the south east, collectively worth about £175m.
Shares in Tritax Big Box were down 4.39% to 137.30 at 0821 BST.
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