Tritax Big Box REIT raises £350M in equity issue for data centre pipeline
Tritax Big Box REIT says it has raised about £350 million through an issue of new ordinary shares to fund an expanded pipeline of data centre development opportunities. The fundraising represents about 7.9 per cent of the company’s existing issued share capital before the equity issue and still requires shareholder approval for completion.
Highlights
- Tritax Big Box REIT raised £350 million through the issue of 213,414,634 new ordinary shares at 164 pence each.
- 206,198,116 shares were placed with institutional investors at a 4.5 per cent discount to the 5 August 2026 closing price of 171.7 pence.
- Net proceeds will fund the company’s expanded data centre pipeline and are expected to be materially accretive to EPRA earnings and net tangible assets per share.
Fundraising terms and shareholder process
As reported by London Stock Exchange, citing a Regulatory News Service announcement, Tritax Big Box REIT said that 213,414,634 new ordinary shares are issued under the placing, retail offer and subscription, generating gross proceeds of about £350 million.Of that total, 206,198,116 placing shares are placed with existing institutional shareholders and other investors by Jefferies, J.P. Morgan Cazenove and Santander at 164 pence a share. The placing price stands at a discount of about 4.5 per cent to the closing price of 171.7 pence on 5 August 2026.
The company says the equity issue is undertaken on a non-pre-emptive basis and at a discount to its prevailing net asset value. It is conditional on shareholders passing a resolution at a general meeting, which is expected on or around 24 August 2026, with a circular to be published in due course.
Data centre expansion and earnings outlook
The net proceeds are intended to support what the company describes as its enlarged data centre development pipeline, giving it early-stage and longer-term funding for new projects.Chief Executive Officer Colin Godfrey says the fundraising receives strong support from investors and is expected to be materially accretive to both EPRA earnings and net tangible assets per share in the medium term. The company also plans to apply for the new shares to be admitted to trading on the London Stock Exchange’s main market.
Bodycote’s potential take-private process moved forward after it confirmed receiving two closely priced takeover proposals from private equity firms CVC and Veritas, valuing the business at around £1.8 billion including debt. We previously noted that the board accelerated discussions with both bidders and indicated it could recommend either approach if it progressed to a firm offer, underscoring the ongoing wave of deal activity around UK-listed companies.
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