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Tritax

Joint Global Coordinator and Joint Bookrunner

Kempen is pleased to announce the successful £300 million initial public offering of Tritax EuroBox

Transaction highlights

  • Initial public offering of 300 million primary shares at a fixed price of GBp 100 or €1.13 per share
  • Investors had the option to subscribe for Euro or Pound denominated shares, and shares will be trading on the London Stock Exchange in both currencies
  • Gross proceeds amount to £300 (c. €340) million, which the company intends to use to acquire a portfolio of well-located Continental European logistics real estate assets, diversified by geography and tenant base
  • An ‘orderbook covered’ message was communicated around a week before the end of bookbuilding
  • Allocations of the orderbook comprise of more than 100 lines, and were skewed to long only investors with the top 10 accounts taking c.50% of the deal. The deal also saw significant demand from private wealth managers
  • Kempen generated substantial demand with a strong focus on US and European Real Estate specialist investors as well as momentum players

Company description

  • Tritax EuroBox plc, a newly established closed-ended investment company managed by Tritax Management LLP (the “Manager”), will seek to acquire and manage a well-diversified portfolio of Continental European logistics assets
  • The assets will be located in core countries for investments in logistics: The Benelux, France, Germany, Italy, Poland, and Spain
  • The Manager has entered into advanced negotiations in respect of the acquisition of seven assets within this pipeline for an aggregate consideration in excess of €600 million, with an average size in excess of 105,000 sqm.
  • The Manager has assembled a full-service European logistics asset management capability including specialist "on the ground" asset and property managers with strong market standings in the Continental European logistics sector

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