The Company successfully raised gross proceeds of approximately €230 million by way of a placing, open offer, offer for subscription and intermediaries offer at a price of 103 pence per new ordinary share. The Company has also implemented a placing programme pursuant to which it may issue additional new ordinary shares and/or C shares over the course of the next 12 months.
Tritax Eurobox invests in and manages a portfolio of large continental European logistics real estate assets and the net proceeds of the equity fundraise will allow the acquisition of new identified investment opportunities in its pipeline and build on its already established strong market position by further diversifying country, tenant and asset concentrations. The fundraising represents an important strategic move for Tritax EuroBox, with the greater diversification and security provided by a larger portfolio offering potential for the Company to achieve an Investment Grade credit rating, which would provide access to a deeper pool of lenders and potentially decrease the Company's cost of borrowing.
The Ashurst team was led by corporate partner Simon Bullock, with support from senior associates Louise Chan and Rodrigo Romero Hidalgo, associate Alex Brogan and solicitor apprentice Sophie Hensher. Partner Stuart Rubin and senior consultant Jeffrey Sultoon also advised. Partner Bradley Rice and associate Adam Clenton advised on financial regulatory matters and partner Alexander Cox on tax matters. Global loans partner Nicholas Moore and senior associate Darren Phelan also advised.
Commenting, Simon Bullock said:
"We are delighted to have supported Tritax EuroBox on this strategically important equity fundraising. The transaction offers significant potential for Tritax EuroBox to grow its real estate logistics portfolio and benefit from the increased scale that this brings, allowing the company to move into the next phase of its evolution as a listed company."
Ashurst also acted for Tritax EuroBox on its IPO in 2018 and has since advised on a series of European real estate logistics acquisitions and debt financing transactions for the Company.
