Tritax completes investment in massive db Symmetry portfolio
By Josh White
Date: Wednesday 20 Feb 2019
(Sharecast News) - Tritax Big Box REIT has completed the acquisition of an 87% interest in db Symmetry, it confirmed on Wednesday, on the terms it set out on 25 January.
The FTSE 250 commercial real estate investor said that under the terms of the acquisition, it would issue 40,450,234 new ordinary shares as part of the consideration due to the vendors.
It confirmed application had been made for the consideration shares to be admitted to trading, and it expected that would become effective on 22 February.
At the time of the initial announcement, Tritax said db Symmetry owned one of the UK's largest strategic land portfolios for the development of 'big box' real estate assets and related logistics facilities.
The enterprise value attributed to db Symmetry by the acquisition was £370m, subject to certain adjustments in respect of cash, debt, working capital, tax and other operational liabilities.
"The portfolio of new assets includes both consented and strategic land, offering the company phased access to a total new land portfolio of over 2,500 acres which the board, the proposed director and the manager believe will be capable of delivering approximately 38.2 million square feet of big box assets across key logistics locations in the UK, complementing the company's existing portfolio of 29.8 million square feet," the Tritax board said at the time.
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