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Tritax Eurobox share issue to boost acquisitions by €200m

Tritax EuroBox owns Mango’s warehouse near Barcelona.

Tritax EuroBox, which invests in Continental European logistics property assets, is to raise a planned £173 million (€200 million) with a share issue and placing.

The company will issue 168 million new ordinary shares at 103 pence each which represents the audited IFRS NAV per share at 30 September 2020 of €1.19. The price is a discount of 2.4% against the company’s closing share price of 105.5 pence per share on 18 February.

The proceeds of the issue, will be used to acquire property already in the pipeline including three German assets worth €317 million, three assets in Italy and Germany worth €99 million and €81 million will be allocated to develop property already within the portfolio.

The Tritax Eurobox investment portfolio already comprises 13 assets in six countries valued at €839.3 million at the end of September 2020.