Tritax Big Box REIT (LSE:BBOX) has completed a £350 million equity raise through the issue of approximately 213.4 million new ordinary shares. The shares were placed at 164 pence each, representing around 7.9% of the company’s issued share capital before the transaction. Offered to institutional, retail and management investors at a discount to both the prevailing market price and net tangible asset value (NTA), the new shares are expected to be admitted to trading on the London Stock Exchange’s Main Market later in August, increasing the company’s total issued share capital to roughly 2.93 billion shares.
The capital raised will be invested in an expanded data centre development programme supported by 507MW of secured grid capacity. This includes two proposed developments in Greater London that are targeted for completion during 2030 and 2031. Management believes deploying the new funds into these projects will enhance both EPRA earnings and net tangible asset value per share over time, reflecting the company’s strategic focus on growing its exposure to digital infrastructure and capturing increasing demand for data centre capacity.
The investment outlook remains broadly positive, underpinned by solid operating performance, although weaker free cash flow conversion during 2025 and higher debt levels remain areas to monitor. Technical indicators continue to point to a favourable share price trend, while valuation appears attractive, supported by a relatively modest price-to-earnings ratio and a dividend yield of around 4.6%. Management has also highlighted the strength of its development pipeline and disciplined capital allocation, although execution risks and the normalisation of near-term income remain important considerations.
About Tritax Big Box REIT
Tritax Big Box REIT plc is a UK-listed real estate investment trust specialising in large-scale logistics and industrial properties. The company is increasingly expanding into the data centre sector, targeting modern, power-secured facilities that support the growing demands of digital infrastructure alongside traditional supply chain operations.
By raising capital through the London Stock Exchange and investing in high-quality development opportunities, Tritax aims to deliver long-term growth in EPRA earnings and net tangible asset value while providing shareholders with a combination of income and capital appreciation.
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