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TritaxBigBox; Credit Tightening On Logic Of UKCM Takeover

REAL ESTATE

Tritax Big Box (BBOX LN) equity weak on this morning’s takeover news but credit tightening on good industrial logic and target’s lower leverage, we feel.


  • BBOX announced preliminary terms for a possible takeover of UKCM (UKCM LN) at a small premium to Friday’s close and all in shares (all paper deal), which does somewhat limit the credit implications.
  • BBOX is aiming to extract costs from the combined group (unquantified) and diversify its asset base an include more smaller, local logistics facilities.
  • This sounds like sensible industrial logic and could have an element of derisking via diversification. UKCM is not a credit name, its debt/EV is around 0.20x (lower than BBOX’s 0.35x) so we can see why BBOX’s curve is reacting positively this morning.
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