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Tritax to raise £150m

Tritax Big Box is raising funds to expand its property portfolio though more acquisitions.
Tritax to raise £150m

Tritax Big Box REIT (BBOX) plans to raise around £150m through a placing, open offer and offer for subscription of 113.6m shares at 132p a share. The offer price represents a discount of 7.1 per cent on the previous closing price, and the new shares will not be eligible for the second interim dividend of 1.55p announced on Wednesday. Under the open offer, around 76m shares will be made available to existing shareholders on the basis of one new share for every 11 existing shares.

IC TIP: Buy at 138p

The net proceeds will be used to fund the acquisition of further assets, and with a larger capital base will help to spread its fixed operating expenses. Three sites, with a total floor space of 1.65m sq ft, are currently under off-market negotiations.