Tritax Big Box REIT is the largest listed investor in high-quality logistics warehouse assets and controls the largest logistics-focused land platform in the UK – advised by Akur since 2013
About the transaction:
Akur advised Tritax Big Box REIT on its all-share acquisition of UK Commercial Property REIT Limited, undertaken via a Scheme of Arrangement on a NAV-for-NAV basis, creating the fourth largest REIT in the UK, with a combined net asset value (EPRA NTA) of approximately £4.4 billion.
As a result of the acquisition, the Company is able to offer customers a broader range of logistics property sizes, locations and tenant uses from “Mega-Boxes” to smaller, strategically located, logistics assets within key urban locations, while creating value from the recycling of capital from non-logistics assets acquired via the transaction into its development pipeline of best-in-class logistics assets.
US$575m acquisition of Verne Global (data centre portfolio)
About the client:
Ardian is a world-leading private investment house, managing or advising US$156bn of assets
About the transaction:
Akur advised Ardian infrastructure as buy-side financial advisor in the acquisition of 100% of the data centre assets from Digital 9 Infrastructure plc. A complex cross-border transaction including data centres in Iceland, Finland and the UK, with a clear focus on highly sustainable data centre provision and favoured by AI, machine learning and large language model applications.
Akur advised Ardian across the entirety of the transactions and in the negotiations with Digital 9 and its investment Manager, Triple Point, including when the process became competitive.
The transaction incorporated a significant earn-out structure for the benefit of Ardian which reduced the upfront cash payment, as well as the business plan risk.
The transaction has provided Ardian with a platform to deliver its ambitious data centre expansion plan across the Nordics.
LXi REIT plc was a closed-ended investment company, listed on the London Stock Exchange with a market capitalisation of c. £1.9 bn (as at 31 Jan 2023), providing investors with inflation-protected, sustainable income and capital growth underpinned by a secure, resilient and diversified portfolio of UK commercial property assets, let or pre-let on very long-term, inflation-linked leases, to a wide range of strong tenant covenants across a diverse range of robust property sectors. The Company was acquired by LondonMetric Property plc in March 2024.
About the transaction:
Akur provided financial modelling advice and delivery to the Company
Digital 9 invests in digital infrastructure assets to deliver a reliable, functioning internet. Its assets comprise scalable platforms and technologies including subsea fibre systems, data centres, terrestrial fibre, and wireless infrastructure. D9 is investing in those critical digital assets comprising the “backbone” of the internet.
About the transaction:
Akur acted as sole financial adviser to D9 on this equity fundraise.
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