Deal typeCapital Markets & Transaction Services
IndustryReal Estate
Client nameTritax Big Box REIT plc
On 17 May 2024, Tritax Big Box REIT ("BBOX") announced that its shareholders had approved the combination of BBOX and UK Commercial Property REIT Limited ("UKCM"), creating the fourth largest UK REIT with EPRA net tangible assets of approximately £4.4 billion.
BBOX is the largest listed investor in UK high-quality logistics warehouse assets, with a portfolio valued at approximately £5.1 billion. The transaction enables it to benefit from both UKCM’s logistics portfolio and its non-logistics assets which, through active asset management and recycling of capital from disposals, can be used to drive further shareholder return.
BDO acted as reporting accountant in respect of the combined circular and prospectus prepared in respect of the combination.
The BDO project team included:
Simon Hall, Alistair Kelsey, Mike Duncan, Nick Gee, Will Hyatt, Georgia Braithwaite, Josh Cowan, Hannah Ibrahim (Deal Advisory – Transaction Services)
Kim Cook and Lindsay Millar (Tax)
BBOX is the largest listed investor in UK high-quality logistics warehouse assets, with a portfolio valued at approximately £5.1 billion. The transaction enables it to benefit from both UKCM’s logistics portfolio and its non-logistics assets which, through active asset management and recycling of capital from disposals, can be used to drive further shareholder return.
BDO acted as reporting accountant in respect of the combined circular and prospectus prepared in respect of the combination.
"We were delighted to have BDO as reporting accountant on the UKCM transaction. They have significant experience of transactions in the REIT market, including recent experience of the current phase of REIT mergers. They were proactive in seeking solutions to any issues that arose on the transaction and their reports were thorough and clear. I would have no hesitation in recommending them as a reporting accountant partner."
Frankie Whitehead, CFO, Tritax Management LLP
The BDO project team included:
Simon Hall, Alistair Kelsey, Mike Duncan, Nick Gee, Will Hyatt, Georgia Braithwaite, Josh Cowan, Hannah Ibrahim (Deal Advisory – Transaction Services)
Kim Cook and Lindsay Millar (Tax)