deals 23 Oct 2018 Ashurst advises Tritax EuroBox plc on its £300 million (c.€340 million) IPO

Ashurst has advised newly incorporated UK investment trust Tritax EuroBox plc (the "Company") in relation to its successful initial public offering to raise £300 million (c.€340 million). The IPO was structured as a placing, an offer for subscription and an intermediaries offer of Ordinary Shares, with the Company also putting in place a placing programme to provide flexibility to issue up to a further 500 million Ordinary Shares and/or C Shares in the 12 months following the date of publication of the prospectus. The Ordinary Shares issued pursuant to the IPO were admitted to trading on the specialist fund segment of the main market of the London Stock Exchange.

The Company will provide an opportunity for investors to gain exposure to a portfolio of well-located Continental European logistics real estate assets, diversified by geography and tenant, that are expected to deliver an attractive capital return and secure income to shareholders. The assets comprising the Company's portfolio are expected to fulfil key roles in the logistics and distribution supply-chain, focused on the most established logistics markets and on major population centres across key Continental European countries.

The Company is managed by Tritax Management LLP, which has assembled a full-service European logistics asset management capability, including specialist "on the ground" asset and property managers with strong market standings in the Continental European logistics sector. Tritax Management LLP is also the investment manager of main market listed Tritax Big Box REIT plc, a FTSE 250 UK real estate logistics investment company with a current market capitalisation of c.£2.2 billion. Ashurst has previously advised on the IPO of Tritax Big Box REIT plc in 2013 and subsequent equity fundraisings amounting to c.£1.8bn.

The Ashurst team was led by partner Simon Bullock, assisted by corporate associates Louise Chan and Louise Johnson. Jeffrey Sultoon and corporate counsel Caroline Chambers also advised. Eric Stuart led the US securities team, assisted by senior associate Jeffrey Johnson and associate Robert Thurlow. Partner Jake Green, senior associate Bradley Rice and associate Greg Patton advised on regulatory aspects, partner Alexander Cox and associate Shayaan Zaraq Bari assisted with tax matters and partners Crowley Woodford, Ruth Buchanan and associate Sarah-Beth Neville advised on employment aspects of the transaction.