£370m sale of db Symmetry to Tritax
We recently advised the management shareholders of db Symmetry, the UK warehouse developer, on the £370m sale of the business to Tritax Big Box REIT, the FTSE 250 Real Estate Investment Trust.
We also advised on the roll-over of part of management’s stake into the Tritax group.
Founded in 1996, db Symmetry is one of the leading independent warehouse developers in the UK. It currently has a land portfolio of approximately 3,100 acres, of which over 1,000 acres (15.4 m sq ft) has planning consent for logistics use.
Tritax Big Box REIT manages a £2.9bn real estate portfolio comprising of over 50 modern logistics warehouses. It owns real estate assets occupied by tenants such as Amazon, Sainsbury’s and Royal Mail.
The EMW team was led by Nick Lloyd, Principal in our Corporate team, supported by Ian Morris (Corporate team), Paul Bevington (Corporate team), William Taylor (Corporate team), James Wood (Corporate team), Marcus Carter (Real Estate team) and Sophie Clarke (Commercial team).
Commenting on the deal, Nick says: “We’re delighted to have acted on such a high-profile logistics transaction between two real estate giants. Working on this deal was a great demonstration of EMW’s strength in M&A in the real estate sector and advising management teams on equity roll-overs. The rise of e-commerce and the demand for next day delivery has helped the UK logistics sector to thrive. The next phase of db Symmetry’s journey looks exciting indeed.”
If you would like to find out more about this deal, please contact Nick Lloyd or you can give us a call on 0345 070 6000.