Appleby has assisted longstanding client Tritax Big Box REIT (TBBR) with its £370 million acquisition of an 87% stake in UK warehouse developer db symmetry, which completed at the end of February, and TBBR's raising of £400 million via a US private placement.
db symmetry has a land portfolio of 2,500 acres. Given the scarcity of land at major logistics locations in the UK, the portfolio of new assets will provide a significant commercial advantage for TBBR, a Main Market-listed investment fund focused on acquiring and managing logistics assets.
TBBR part-funded the purchase price of £370 million by raising £250 million through a placing and open offer of 192.3 million new shares.
The Appleby team in Jersey, led by Corporate Partner Andrew Weaver and assisted by Associate Paul Worsnop, advised on the acquisition documents and helped TBBR structure the acquisition vehicle through which the db symmetry senior management team retain their 13% interest in the group.
The transaction involved the acquisition of a number of BVI companies. Due diligence and BVI acquisition mechanics were led by Isle of Man-based Corporate Partner and Head of Appleby’s BVI (GMT) team Kyle Sutherland, assisted by Associate Sophie Corkish.
US private placement
Also in February, TBBR drew on the £400 million US private placement that was priced in November 2018. Much like the existing euro medium-term note programme, the unsecured notes were guaranteed by more than 50 of TBBR’s subsidiaries in Jersey, Guernsey, Isle of Man and the BVI.
The Appleby team, led by Corporate Partners Andrew Weaver, Kyle Sutherland and Jeremy Berchem, advised on the listing and offer documents and off-shore regulatory matters arising in connection with the placement as well as general transactional advice across all jurisdictions.
With the Jersey office acting as the primary contact point, Appleby provided TBBR and its advisers with a single point of contact across all jurisdictions and consolidated advice, saving time, cost and duplicated effort.