UK logistics specialist Warehouse REIT is looking to raise £100 mln (€117 mln) through a share issue to enable it to invest in further pipeline projects.
The company has fully deployed the £150 mln raised through its IPO in September 2017 and has identified further investment opportunities amounting to around £256 mln through its advisor, Tilstone Partners. The projects have a target investment yield of 7.0%.
The REIT plans to issue up to 97,087,378 ordinary shares with an issue price of 103.0%, representing a discount of 2.6% on the NAV per ordinary share as at September 30, 2018. The closing share price on March 11 was 101.0 pence.
Neil Kirton, chairman of Warehouse REIT, said: 'With robust and growing income streams from a focused investment into UK multi-let warehouse properties, the next phase for the company is to scale the portfolio as it continues to both source and attract compelling deal flow within the asset class.
'Having carefully considered all funding options in order to grow, we believe that this potential share issue would be in the best interests of shareholders and the success of the company as a whole.'