UK real estate investment trust company Tritax Big Box REIT’s subsidiary has agreed to purchase 87 percent of land investment and property development company db Symmetry Ltd. through a mix of cash and shares.
Tritax Big Box said that the transaction has an enterprise value of 370 million pounds ($484.6 million), subject to adjustments for cash, debt, working capital, tax, and other liabilities.
The company added that $265.1 million will be paid in cash whereas $68.9 million will be paid through the issue of Tritax shares.
To finance the deal, Tritax is preparing to secure $327.5 million via a placing and open offer of 192.3 million shares in total at a price of $17 each.