The Board of Directors (the "Board") of Tritax Big Box REIT plc (ticker: BBOX) (the "Company"), announces that the Company is seeking to place with institutional investors up to 19.98 million new ordinary shares of £0.01 each in the Company (the "Placing Shares"), representing approximately 9.99 per cent of the Company's existing issued share capital (the "Placing").
As set out in the Interim Management Statement on 19 May 2014, the Company has successfully invested £187.17m of the net proceeds of its initial fundraise, acquiring four distribution centres. In April 2014, the Company also signed an agreement with Barclays Bank PLC to provide £23.5 million of senior debt financing to Sainsbury's distribution centre in Sherburn-in-Elmet, Leeds.
The Board believes that there is a healthy pipeline of suitable new investment opportunities and the Company is currently in advanced negotiations in relation to the acquisition of two additional assets. It is intended that the capital raised via the Placing will be used in the near term to assist in financing these investment opportunities.
The Placing is expected to close at 12 noon (London time) today but may close earlier or later at the absolute discretion of the Company. The issue price will be determined by a book build process and is expected to be at a level which is accretive to the net asset value per share of the Company, after costs.
Application will be made to the London Stock Exchange and the Channel Islands Securities Exchange Authority Limited (formerly the Channel Islands Stock Exchange) ("CISEA") for the Placing Shares to be admitted to trading on the Specialist Fund Market of the London Stock Exchange and the CISEA ("Admission"). It is expected that Admission will become effective on 4 June 2014.
The Placing Shares will, when issued, be credited as fully paid and rank pari passu with the existing ordinary shares of £0.01 each in the capital of the Company, including the right to receive all future dividends and distributions declared, made or paid (including the Company's initial interim dividend due to be declared in August 2014).
In connection with the Placing, Jefferies is acting as sole bookrunner and Akur is acting as financial adviser to the Company.