Tritax Big Box REIT acquires db symmetry
Tritax Big Box REIT has acquired an 87 per cent stake in db symmetry, valuing the business at £350 million.
The existing management team have retained a 13 per cent shareholding.
This deal gives Tritax phased access to over 3,100 acres, capable of accommodating over 9.2 million sq ft of B8 logistics space, with planning consent being sought for a further 36.6 million sq ft.
Tritax said it believed that as a result of the scarcity of consented land at major logistics locations in the UK, the acquisition will provide a significant commercial and competitive advantage for the REIT.
Richard Bowen, managing director at db symmetry: “This deal sees the coming together of two very like-minded organisations. Our combined scale, sector-leading expertise and entrepreneurial approach will ensure that we will continue to provide our customers with the ultimate in flexible logistics property solutions. We look forward to seeing what the future holds.”