Herbert Smith Freehills advises Jefferies on all-share combination of Tritax Big Box REIT plc and UK Commercial Property REIT Limited

Leading international law firm Herbert Smith Freehills has advised longstanding client Jefferies International Limited, a leading global full-service investment banking and capital markets firm, as Sole Sponsor and Joint Lead Financial Adviser on the recommended all-share combination of Tritax Big Box REIT plc (BBOX) and UK Commercial Property REIT Limited (UKCM). 

Both headquartered in the UK, BBOX is a logistics real estate fund manager which owns more than 70 high-quality assets – from small to big boxes – in major distribution hubs close to key transport infrastructure, workforce and power and UKCM is one of the largest diversified real estate investment trusts (REITs) in the UK.

Under the terms of the combination, each UKCM shareholder received 0.444 new BBOX shares for each UKCM share. The combination creates the fourth largest REIT in the UK, with a market capitalisation of c. £3.9 billion and c. £4.4 billion in net tangible assets, providing an enhanced offering of high-quality logistics portfolios. 

The Herbert Smith Freehills team was led by co-head of Equity Corporate Finance Michael Jacobs, head of Investment Funds and Asset Management Tim West, and of counsel Thomas Vaughan, supported by associate Stephanie Notice. 

Michael Jacobs commented: "We are very pleased to have advised Jefferies on this significant partnership between two complimentary REIT powerhouses, a transaction which showcases our expertise in real estate funds. We wish both companies all the best in their future endeavours as a combined entity." 

In recent years we have regularly advised Jefferies on some of the most high-profile international offerings and listings on the London Stock Exchange and elsewhere. For example, in 2023 we acted for Jefferies on the IPO of Admiral Acquisition, which was one of the largest London listings of the year.