Herbert Smith Freehills Kramer advises Joint Bookrunners on Tritax Big Box REIT's £350 million equity raise for data centre development

Leading global law firm Herbert Smith Freehills Kramer has advised Jefferies International Limited and J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove, acting as Joint Global Coordinators, and together with Banco Santander, S.A. as Joint Bookrunners, on Tritax Big Box REIT plc’s (Tritax Big Box) £350 million equity raise to unlock its enlarged data centre development pipeline. Tritax Big Box is a constituent of the FTSE 100 and is the largest listed UK investor in high-quality logistics warehouse assets and controls the largest logistics-focused land platform in the UK. 

The equity raise will provide Tritax Big Box with early stage and longer-term funding for development opportunities, and follows the securing of a further 235MW of grid connection agreements, which have nearly doubled its pipeline of secured power to 507MW and are capable of enabling two new data centre schemes in the Greater London Availability Zone between 2030 and 2031.

The Herbert Smith Freehills Kramer team was led by co-heads of UK ECM Michael Jacobs and Tom O'Neill and of counsel Thomas Vaughan, supported by senior associate Megan Gray and associates Samuel Au and Stuart Ayers.

Michael Jacobs commented: “This transaction reflects the continued strength of the equity capital markets for issuers pursuing growth opportunities. Data centres remain a key area of investor focus, driven by increasing demand for digital infrastructure and AI-enabled technologies. We were pleased to support Jefferies and J.P. Morgan on this significant capital raise, building on our longstanding relationships with both institutions and drawing on our extensive ECM capabilities.”