Listed real estate investor Tritax Big Box has announced plans to raise £350m through a new share issue. The FTSE 100 company intends to use these funds for the construction of data centres in London.
Tritax Big Box informed investors that its pipeline of grid connection agreements has nearly doubled to 507 megawatts. The fresh funding is expected to support the company's expansion in data centre growth.
The capital will finance two new data centre projects, which are anticipated to be completed by 2031. These projects are projected to provide computational capacity for London and could generate £50-60m in incremental rent and £300-400m in capital profit for the company. Retail investors will have the opportunity to participate in the share raise via the investment platform Retailbook.