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Burges Salmon advises Tritax Big Box on real estate aspects of £1.035bn UK logistics deal

By Ross Polkinghorne

14 Oct 2025 2 min read

We have advised existing client Tritax Big Box plc (BBOX), the largest listed investor in high-quality logistics warehouse assets in the UK, on the real estate aspects of its acquisition of around £1.03 billion of logistics assets from private equity giant and one of the world’s largest real estate investors, Blackstone.

Expected to complete on or around 22 October, the deal is comprised of £632 million in cash and £375 million in newly issued BBOX shares, with Blackstone now taking an 8.6% ownership stake in BBOX. The acquisition will help Tritax boost its urban and small-box logistics offerings and expand its geographical footprint across the UK.

Burges Salmon, led by partner Ross Polkinghorne, with support from partners Will Hall, Matt Sims and director Alexandra Clayton advised on the real estate aspects of the deal. Ashurst advised on Corporate matters, led by partners Simon Bullock and Karen Davies.

“It has been a pleasure working with our longstanding client BBOX on this project – the speed and strategic importance of the deal required an extraordinary team effort across Burges Salmon and Ashurst – from our lawyers to our client services team. This is a landmark moment for our client and we’re incredibly proud of the role we played, working in close collaboration with Ashurst, to deliver a one-of-a-kind and transformational logistics portfolio acquisition. The deal is a clear reflection of investor confidence in BBOX and belief in its long-term strategy and outlook.”

Ross Polkinghorne, Partner

“We are delighted with the collaborative approach shown by Burges Salmon and Ashurst on this transaction. It was complex deal with demanding timescales and we are pleased with the level of service and technical support on this transaction.”

Bjorn Hobart, Investment Director at Tritax

With a market capitalisation of about £3.65bn, BBOX has capitalised on the soaring demand for industrial warehouse and logistics assets. This is the latest in a series of real estate deals completed by Burges Salmon since its appointment as the property legal advisor for Tritax Big Box REIT.