Tritax Eurobox

Capital increase

€ 230 million
Joint Global Coordinator Joint Bookrunner
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Tritax EuroBox

Joint Global Coordinator and Joint Bookrunner

Kempen & Co acted as Joint Global Coordinator and Joint Bookrunner in the €230 million capital increase by Tritax EuroBox

Transaction highlights

  • Capital increase via placing, open offer, offer for subscription and intermediaries offer with initially targeted gross proceeds of €200 million, upsized to €230 million on the back of strong investor demand and taking into account the company’s near-term investment pipeline
  • Issuance of a total of 192.6 million new ordinary shares at a (fixed) price of 103 pence (c.€1.19) per share, representing a limited 2.4% discount to the company’s share price prior to transaction announcement
  • The transaction attracted substantial interest from primarily long-only (specialist) investors, including both existing shareholders and new investors from EMEA and the US, which allowed Tritax EuroBox to upsize the deal
  • The proceeds of the transaction will be used to secure the acquisition of a near-term investment pipeline of prime big box logistics assets located in Germany and Italy

Company description

Tritax EuroBox invests and manages a well-diversified portfolio of large Continental European logistics real estate assets. These assets fulfil key roles in the logistics and distribution supply chain. As per 30th of September 2020, the company’s investment portfolio consists of 13 assets which are spread across key logistics locations in six core Continental European countries and has a value of almost €1 billion (€839.3 million excluding the recently acquired asset in Nivelles, Belgium). The market in which the company operates is underpinned by strong fundamentals including rising occupier demand for logistics facilities which is being driven by an unprecedented change in consumer behaviour created by the rapid growth of e-commerce, internet shopping and convenience retail. These trends have been reinforced, magnified and accelerated by the outbreak of COVID-19.

Kempen Real Estate credentials

  • Kempen has advised on Real Estate transactions in 13 different countries in Europe since 2017
  • This transaction underpins our #1 position in European Real Estate ECM since 2011
  • This deal represents Kempen’s 3rd transaction as Joint Global Coordinator and Joint Bookrunner on an ECM transaction for Tritax Eurobox in the last three years, following the company’s €339 million IPO in 2018 and the €135 million capital increase via placing in 2019

Contact

Dick Boer
Thomas ten Hoedt

Transactions