Tritax Eurobox PLC (LON:EBOX) begins its first day of trading on the London Stock Exchange today in the biggest launch of a listed closed-end fund this year.
The real estate investment trust (REIT), created to target the European logistics market, raised £300mln in an oversubscribed placement last week, with proceeds from the initial public offering (IPO) to be used to acquire a portfolio of European logistics real estate assets focused on major population centres and logistics terminals in continental Europe.
The placing, which offered investors a price of 100p per share, was quickly oversubscribed beyond the maximum size and a scaling back exercise was undertaken.
The new REIT is managed by Tritax, the property investment manager behind the FTSE 250 UK-focused Tritax Big Box REIT (LON:BBOX) which currently carries a market cap of around £2.2bn.
In early morning trading Monday, Eurobox shares were at 103.7p, up 3.7% on the placing price.