Ashurst advises Tritax EuroBox plc on £557 million takeover by Brookfield Asset Management
10 October 2024
Global law firm Ashurst is advising Tritax EuroBox plc (Tritax EuroBox) on its £557 million takeover offer by Titanium Ruth Bidco Limited (Bidco), a newly formed company owned by one of Brookfield's private real estate funds. Taking into account Tritax EuroBox's net debt, the offer implies an enterprise value of approximately £1.1 billion.
Tritax EuroBox is a UK investment trust listed on the London Stock Exchange since 2018 and a constituent of the FTSE 250 index with a market capitalisation of £434 million as at 31 May 2024. Tritax EuroBox is a specialist investor in high-quality, Continental European logistics real estate with a portfolio of 1.5 million square metres of space (16.2 million square feet) valued at approximately €1.5 billion as at 31 March 2024.
Brookfield is a leading global alternative asset manager with approximately US$1 trillion of assets under management across real estate, infrastructure, renewable power and transition, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Bidco is a private limited company incorporated in England and Wales on 1 October 2024. Bidco is a newly formed company indirectly owned by one of Brookfield's real estate private funds.
Given their intended recommendation of the Bidco offer, the Tritax EuroBox directors have unanimously withdrawn their recommendation of the SEGRO offer for Tritax EuroBox, announced on 4 September 2024.
The offer is expected to be implemented by way of a scheme of arrangement and is expected to complete by the end of the calendar year.
The Ashurst team is being led by partners Karen Davies and Simon Bullock, supported by senior associates Maria McAlister and Louise Johnson, and associates Millie Gibbs and Shashtika Sundar. Competition partner Steven Vaz, senior associate Hayden Dunnett and associate Letty Morris and disputes partner Lynn Dunne, senior associate Paul Ryan Brown and associate Isabella Jackson-Martin are also advising.
