UK shed specialist Tritax Big Box has agreed to acquire an 87% interest in logistics developer db Symmetry, which owns one of the UK’s largest land portfolios for the development of big box real estate and related logistics facilities.
The deal attributes db Symmetry with an enterprise value of around £370 mln (€426 mln).
Privately owned db Symmetry was formed in 1996 as a UK joint venture, 60% held by clients advised by Delancey, with the remaining 40% controlled by the former management team of Barwood Developments.
The deal includes around 2,500 acres (1,012 hectares) of both consented and strategic land, which Tritax estimates will facilitate the delivery of around 38.2 million ft2 (3.5 million m2) of big box assets, subject to planning as necessary. This compliments the company's existing portfolio of 29.8 million ft2.
In order to fund the acquisition and further investments, Tritax is proposing to raise approximately £250 mln through the issue of 192,291,313 new ordinary shares at an issue price of 130 pence per share. The acquisition is expected to complete on 19 February 2019.
Investment bank Jefferies is acting as sole global coordinator in relation to the placing and open offer to fund the acquisition.