BDO acted as tax adviser and reporting accountant on the IPO of Tritax Big Box REIT plc, which listed before Christmas on the Specialist Fund Market of the London Stock Exchange and on the Channel Islands Stock Exchange. The IPO raised £200m.
The company will invest in ‘big box’ UK logistics properties - out of town distribution centres for online and high street retailers, supermarkets, etc, typically greater than 500,000 sq ft and let to major tenants on long-term, upward-only leases between 12 and 25 years with upward-only rent reviews. At the time of listing the company owned no properties. Within a week of listing, however, it had acquired two assets - Marks & Spencer’s East Midlands distribution centre for a purchase price of £83 million and a Sainsbury's distribution centre in Leeds for a purchase price of £49 million.
"BDO acted as tax adviser and reporting accountant on the prospectus for the admission of ordinary shares in Tritax Big Box REIT plc to the Specialist Fund Market of the London Stock Exchange and to the Channel Islands Stock Exchange. They provided invaluable advice on a number of tax and reporting issues, were always responsive, and integrated well with all the various advisers throughout the process. It was a pleasure to work with them".
Henry Franklin, Partner, Tritax Group