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CMS advises DV4 Limited and management on £370m logistics disposal

19 February 2019

CMS has acted for Delancey-advised fund, DV4 Limited, and management on the sale of its investment in db Symmetry (dbS) to Tritax Big Box REIT plc (Tritax). The deal values dbS at £370m with the consideration being settled in cash and shares. Completion of the sale was conditional upon FTSE 250-listed Tritax successfully completing a placing and open offer to raise acquisition funds.

dbS was created in 1996 and has evolved to become one of the UK’s leading independent privately owned logistics development companies in the UK. DV4 Limited acquired a 60% interest in the company in 2014. This latest deal will see Tritax acquire a land portfolio of over 2,500 acres of both consented and strategic land, which they believe will be capable of delivering approximately 38.2 million sq ft of logistics assets across key locations in the UK.

The CMS team advising on this transaction was led by partners Simon Morgan, Cliona Kirby and David Bunker with invaluable assistance from Nick Hopper, Louise Pearce and Nana Donkor (Corporate); Rebecca Stewart (Tax); Ruth Marken and Sara Danso (Banking); and Nathan Jansen and Jayne Hindle (Real Estate). The CMS team worked closely with EMW Law LLP, who advised the management sellers on the terms of their continued equity and management involvement with the dbS business following completion of the sale.

CMS’ Simon Morgan comments: “We are pleased to have advised on this strategic disposal. This was a complex deal, which required the expertise of our Corporate, Tax, Banking and Real Estate teams to bring the matter to a successful close."