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Tritax Big Box braves the bear to raise £200m

High yielding real estate investment trust reports strong interest in its share offer despite rocky stock markets.

Tritax Big Box braves the bear to raise £200m

Tritax Big Box (BBOX ), the high yielding real estate investment trust specialising in huge distribution warehouses, has bucked the atrocious stock market conditions and raised £200 million from investors.

Investor demand for the placing and open offer of new shares announced last month exceeded the £150 million maximum so the company has added a £50 million ‘tap’ issue of new shares. This was still ‘significantly lower’ than overall demand, Tritax said.

Tritax, which is currently valued around £942 million, said in taking the decision it had taken into account the strength of its investment pipeline.

More than 161 million new ordinary shares will be issued at 124p per share, which is nearly 6% less than their value before the offer was announced on 27 January. Dealing in them is expected to start on Monday. Broker Jefferies International was sponsor and bookrunner.

Chairman Richard Jewson welcomed the investors support: ‘We are delighted by the success of this fundraising against the backdrop of very difficult equity market conditions.’

Tritax shares dipped towards the 124p level, at a small premium to the 121.7p net asset value per share at the end of last year. They yield 4.6% and have generated a total return of 22% in the past 12 months. The trust launched in December 2013.

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