Property investor Tritax Big Box said yesterday that it plans to raise £125m by issuing new shares at a price of 113p each.
Since a placing undertaken by the company in March, which raised £175m, the company has acquired five logistics warehouses for £238.2m, net of acquisition costs.
The firm has also completed two additional forward funded pre-let developments for £72.1m. As a result, it has invested all of the net investable funds available to it in accordance with its investment policy.
The placing price reflects a 2.8 per cent discount to the closing price of 116.25p per share on 5 June, the company said.
Tritax Big Box is targeting an aggregate dividend of 6p per share for the year ending 31 December 2015.
Its property portfolio of 22 Big Box logistics warehouses is currently valued to be just over £1bn.
It also announced yesterday that it had completed the land purchase for a new distribution warehouse facility in Stoke-on-Trent.
The new 526,426 square foot facility has been pre-let to UK homewares giant Dunelm on a 10-year lease.
Dunelm will use the site, and two others based in Stoke, to form its national distribution centre for the UK.
“We are excited to be investing in a new best in class distribution warehouse facility for Dunelm, which is making a significant capital investment into the fit-out of its facility,” said Tritax partner Colin Godfrey.
“We look forward to working with Prologis to deliver a strategically important new logistics hub for Dunelm at this key logistics location.”