Tritax EuroBox is targeting to raise as much as £300 million from its proposed IPO of ordinary shares via a placing, an offer for subscription and an intermediaries offer.
The company has applied to admit its shares for trading on the specialist fund segment of the main market of the London Stock Exchange.
Tritax EuroBox, which aims to invest in Continental European logistics properties, is in advanced discussions to acquire seven assets for more than €600 million. The properties will form part of its over €1.8 billion pipeline focused on standing assets and pre-let forward funded developments. Deals involving four of the assets have been sourced through appointed asset managers Logistics Capital Partners and Dietz Asset Management GmbH.
The properties, spread across Germany, Italy, the Netherlands, Poland and Spain, have an average size of more than 105,000 square meters, with a lot size of €87 million. They have a weighted average unexpired lease term of 12.4 years and a weighted average net initial yield of 5.1%.
The U.K.-focused Tritax Big Box REIT PLC's investment manager, Tritax Management LLP, will serve as Tritax EuroBox's alternative investment fund manager.
The company has an independent board of nonexecutive directors, which includes Vastned Retail NV CEO Taco de Groot and the regional chairman of PwC LLP in London, Keith Mansfield. Former JLL European CEO Robert Orr chairs the board.
Additionally, CBRE has been tapped to provide property management services to the company.
Jefferies International Ltd. and Kempen & Co NV are jointly serving as global coordinators, financial advisers and book runners for the offering. Scott Harris UK Ltd. is the intermediaries offer adviser.