Tritax Big Box raises £300m to accelerate development plan

30th Sep 2021 08:11

(Sharecast News) - Tritax Big Box REIT has raised around £300m in a placing, subscription and retail offer as it looks to accelerate its development plan.
The company, which invests in and develops large-scale logistics real estate, had announced the placing late on Wednesday. It said it expects to accelerate its investment into pre-let development projects, speculative developments and to make further investment in drawing down of land and associated infrastructure works.

These projects are expected to deliver around 4.7 million sq ft of new logistics space, targeting £34m of potential incremental contracted annual rent from development activity.

Tritax said it will also continue to appraise potential investment acquisitions on an opportunistic basis.

Chairman Aubrey Adams said on Thursday: "We are delighted with the support of investors for the Issue, the proceeds of which will enable us to accelerate our development programme in order to capture the unprecedented levels of demand we are seeing in our sector, and deliver attractive total returns to shareholders."