Tritax Big Box REIT (BBOX) is the largest listed investor in high-quality logistics warehouse assets, controls the largest logistics-focused land platform in the UK and has a “power first” data centre development pipeline of over 1GW – advised by Akur since 2013
About the transaction:
Akur advised Tritax Big Box REIT throughout its transaction with the UK-based arm of Blackstone Inc., the world’s largest alternative asset manager. The transaction comprised a complex acquisition of an exceptional portfolio of 41 logistics assets, weighted towards urban logistics, valued at £1.04 billion.
The assets were acquired from real estate funds advised by affiliates of Blackstone Europe LLP, with consideration comprising a combination of cash and the issue of new equity at a c.13.5% premium to BBOX’s prevailing share price.
With a resultant portfolio valued at nearly £8 billion, the acquisition strengthens the Company’s competitive edge through increased asset depth across big box, urban and multi-let industrial logistics formats – further broadening its client offering and supporting a diverse range of occupier needs with greater operational flexibility. It will also deliver attractive returns for shareholders, supporting the Company’s earnings growth ambitions.
Triple Point Energy Transition plc (“TENT”), an investment company, listed on the London Stock Exchange, investing in a diversified portfolio of assets contributing to energy transition, including hydro, grid scale battery storage, and CHP.
About the transaction:
Akur, on behalf of the Board of Directors, undertook a review of the strategic options available to TENT in November 2023, resulting in a Board decision to proceed with a take private via asset realisation – leading to a managed wind-down of the company. Akur led the process on behalf of the Board, from seeking shareholder approvals, through advising on the return of value to shareholders following the asset realisations.
US$54m acquisition of Aqua Comms (Transatlantic subsea cable portfolio)
About the client:
EXA Infrastructure is a dedicated digital infrastructure platform operating throughout Europe, connecting North America and Asia, via the Middle East, with over 20 years of experience of building networks.
I Squared Capital is a leading independent global infrastructure investor, managing or advising c.US$40bn of assets.
About the transaction:
Akur advised EXA Infrastructure and I Squared Capital as buy-side financial advisor in the acquisition of 100% of the Transatlantic subsea cable assets from Digital 9 Infrastructure plc. A complex cross-border transaction including five cable assets and landing stations across the USA, UK, Ireland, and Denmark.
Akur advised EXA and ISQ across the entirety of the transaction and the competitive process during the negotiations with Digital 9 and its exiting and incumbent Investment Managers, Triple Point and Infrared Capital Partners respectively.
The transaction price achieved was at a highly significant discount (-81%) to the book value of the asset at the start of the process, and a 28% discount to the latest valuation incorporated into D9’s last reported NAV.
The transaction demonstrates EXA Infrastructure’s commitment to build a modern and diverse Transatlantic platform to fully serve AI, Cloud and Content demand. This combination will offer EXA’s customers more routes, more capacity and increased diversity, all on a scaled platform.
Social Housing REIT plc is the largest London listed investor (NAV:£430m) in high-quality social housing assets in the UK, focused on new-build supported housing assets
About the transaction:
On behalf of the Board of Directors, Akur led an independent Investment Manager review process which commenced in May 2024 and culminated in the selection of a new manager – Atrato Partners Limited – in December 2024. This process included an extensive benchmarking of the relevant UK investment managers, a full review and appraisal of the company’s previous management arrangements, benchmarking of UK market precedents, and engagement with a number of high-quality prospective firms, following which Akur provided its independent view and recommendations to the Board.
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