Independent UK law firm Burges Salmon has advised Tritax Big Box REIT plc, one of the UK’s leading listed investors in high-quality logistics real estate, on the completion of a £199 million sale of a portfolio of six logistics assets.
The deal forms part of the FTSE100 logistics real estate investor’s strategy to recycle capital and increase investment in higher-growth opportunities across its development pipeline. The disposals comprised big box and urban logistics assets located at Leamington Spa, Peterborough, Didcot and Kettering. The assets generate total contracted annual rent of £12 million.
Burges Salmon provided legal advice to Tritax Big Box throughout the transaction, supporting on all aspects of the sale process. The Burges Salmon team advising on the transaction was led by Ross Polkinghorne with support from Jonathan Cantor, Gregory Nash, Ceren Ghanem (corporate real estate), Alexander Clayton, Matt Sims, Jess Garner, Emma Everett, Megan Long and Kate Davies (real estate), Matt Tucker (planning), Christian Mulhilvill (construction) and Hilary Barclay and Jess Chesterfield (real estate tax)
Bjorn Hobart, Investment Director at Tritax Big Box, comments: “We are pleased to have completed this £199 million transaction with EQT Real Estate, with the proceeds enabling us to invest in higher-returning development opportunities while further strengthening our financial position. The Burges Salmon team provided clear, commercially focused advice throughout and were a pleasure to work with.”
Ross Polkinghorne, Partner at Burges Salmon, adds: “We are pleased to have supported Tritax Big Box on this significant portfolio sale. The transaction highlights the enduring attractiveness of prime logistics assets and the sophistication of investors operating in this space. Working closely with the Tritax Big Box team, we were able to deliver pragmatic, solution-focused advice to help achieve a successful outcome.”
This is the latest of a series of deals that the Burges Salmon’s real estate team have advised Tritax Big Box on – the last being the £1b+ acquisition from Blackstone last year which helped to promote Tritax to the FTSE 100.
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