Ashurst advised the UK-based logistics investor Tritax EuroBox plc on the acquisition of a new distribution center in Peine, near Hannover, by way of an asset and share deal. The property is Tritax' first acquisition in Germany. The purchase price was €81.6m. Seller is the project developer Dietz AG, who will keep a smaller stake in the object. Dietz acted as the asset manager for Tritax on this off-market-deal. The 92,500 sqm building will be finalised in November 2018 and is let to Action Logistics Germany GmbH, a subsidiary of Action BV, a non-food discount retailer headquartered in the Netherlands and operating more than 1,200 stores in seven European countries.

The Ashurst team was led by partners Dr Liane Muschter (Real Estate) and Jan Krekeler (Corporate/M&A). They were supported by associates Till Pflug and Florian Wörner, paralegal Daniel Weimann (all Real Estate) and associate Anna-Maria Krekeler (Corporate/M&A),. Partner Dr Martin Bünning and senior associate Dr Susanne Knoch advised on tax aspects (all Frankfurt).