24th Jan 2019 17:52
LONDON (Alliance News) - Tritax Big Box REIT PLC on Thursday said its subsidiary has agreed to acquire 87% of land portfolio owner db Symmetry Ltd through a mix of cash and shares.
According to the real estate investment trust, the deal has an enterprise value of GBP370 million, subject to adjustments for cash, debt, working capital, tax, and other liabilities.
Tritax said GBP202.4 million will be paid in cash while GBP52.6 million will be paid through the issue of Tritax shares.
Moreover, Tritax Big Box's DBS HoldCo will take on repayment of around GBP67.7 million of deep discounted bonds which db Symmetry owes to DV4 Properties and its affiliates.
To fund the acquisition, Tritax is planning to raise GBP250 million through a placing and open offer of 192.3 million shares in total at a price of 130 pence each. Shares in Tritax closed up 0.6% at 139.50p on Thursday.
In addition, Tritax said DBS Senior Management will retain a 13% economic interest in db Symmetry following the acquisition. This is to be satisfied by the issue of B and C shares in DBS HoldCo, representing a consideration of GBP38.1 million.
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