SEGRO is aiming to raise £450m through a share issue to fund its development pipeline.
Shares will be issued at 10p per share.
SEGRO said it is currently building, or has identified, development projects which require capital expenditure of £429m to complete.
Of this amount, £211m has already been committed to complete the current pipeline, while a further £218m is associated with a potential pipeline of projects where either a prelet has been agreed subject to planning or is in advanced negotiations.
Additional development projects are expected to be added to the pipeline over the coming months.
David Sleath, chief executive of SEGRO, said: “We are on course to invest over £600m in further development projects and additional land purchases this year.
“We believe using new equity alongside our existing debt facilities and the proceeds from normal course portfolio recycling will ensure that we can continue to deliver the attractive returns from development while retaining a strong balance sheet.”
The news comes as SEGRO reported a 16.9% surge in EPRA net asset value per share to 650p in the year to 31 December, compared with the previous year.
Adjusted pretax profit grew by 24.4%, while the dividend for 2018 increased by 13.3% to 18.8p.
Net debt grew in the year by 11.6%, to exceed £2.2bn.
Sleath said: “2018 has been a successful year for SEGRO. The extensive development activity that has been our focus over the past few years, the success of which has been underpinned by the structural themes of e-commerce and urbanisation driving occupier demand, means we now have portfolio of very high quality and well-located warehouses.
“The combination of this prime portfolio and our active approach to asset management has enabled us to grow rents and maintain high occupancy across our markets.
“Development completions and pre-leasing levels in 2018 both exceeded a record previous year and, with customers already signed up to almost three quarters of our developments under construction, we believe that our significant longer-term pipeline and land bank have substantial potential that will continue to deliver attractive development returns and future income growth.”
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