Cains is pleased to announce its role as Isle of Man legal counsel to Blackstone in connection with the sale of a logistics asset portfolio from Trot Holdings Limited (Isle of Man) to Tritax Big Box REIT PLC, a leading UK logistics property investment trust.
The transaction, valued at £1.035 billion, involved the transfer of a substantial logistics portfolio from real estate funds advised by Blackstone Europe LLP affiliates. As consideration, Trot Holdings Limited received newly issued ordinary shares in Tritax Big Box REIT, resulting in an 8.2% equity stake in the REIT.
The initial tranche of consideration shares has been issued, with further shares expected following the completion of accounting procedures related to the holding companies of the acquired portfolio. The transaction triggered a notification under the UK’s Disclosure Guidance and Transparency Rules, with additional filings anticipated as the deal progresses.
The Cains team was led by Head of Corporate, Scott Leonard-Morgan, assisted by Senior Lawyer, Richard Kniveton and Trainee Advocate, Rhys Westwell.
Scott Leonard-Morgan commented:
“We are delighted to have supported Blackstone on this landmark transaction, which highlights the continued strength of the logistics sector and the Isle of Man’s role in facilitating high-value cross-border investments. It was a pleasure to work alongside the Blackstone team and UK Deal Counsel, Simpson, Thatcher & Bartlett LLP on such a significant deal.”