Tritax to raise £125m in placing, invests £43m in developing Dunelm's facility

8th Jun 2015 08:50

Real estate investment trust Tritax Big Box unveiled plans to raise up to £125m by placing shares at 113p each.The FTSE 250 group said the placing will represent the final tranche of its share issuance programme, which is valid until 7 July.Tritax said it will combine the remaining 86.1m shares still available under the programme with its authority to issue shares on a non-pre-emptive basis to reach its placing target, adding the placing size could be increased to £148m if demand exceeded the initial target.Meanwhile, the group said it will invest £43.43m in the development of home furnishing retailer Dunelm's new distribution facility in Stoke-on-Trent, which represents a yield of 5.47% of net purchase costs.The investment comes after Tritax spent approximately £238.2m on five logistic assets and £72.1m on two additional forward funded pre-let developments after raising £175m via a share placement in March.Tritax shares were down 1.25% to 114.80p at 09:09 on Monday.