Tritax Big Box REIT is looking to raise £100m through a placing, open offer and subscription in order to fund its investment plans.
The REIT said it would issue £80.6m shares at 124 pence per share.
The fund’s manager, Tritax Management, said it would use the cash raised to make further investments in the warehouse sector. The fund is currently in advanced discussions on a number of acquisitions, it said.
The company’s full-year results are due in March, and despite choppy market conditions, it expects to report a 15.7% year-on-year rise in net asset value per share for the end of its 2015 financial year.
The logistics warehouse investor said this result was “significantly” ahead of the company’s medium-term target of 9% total return per year.
The board of Tritax Big Box expected to declare a dividend of 3p for the second half of 2015, taking its total dividend for the year to 6p. The company said it had adopted a progressive dividend policy, and was targeting a dividend of 6.2 pence for 2016.
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