Tax Partner Tim Gummer advises on KTB acquisition of Tesco Distribution Centre in Ireland
Ashurst has advised KTB Investment & Securities together with KTB Asset Management on an off-market acquisition of the Tesco Distribution Centre in Donabate, Ireland for approximately €160 million.
DTZ Investors and Cushman & Wakefield originated the asset off-market and the transaction represents the largest single-asset logistics deal in Ireland to date.
David Peacock of DTZ Investors commented:
“This off-market acquisition is an exceptional example of identifying a suitable investment opportunity that meets our client’s investment objectives and executing successfully on what is the largest single-asset logistics transaction in Ireland. The income profile, in terms of length and escalation, and strength of the Tesco plc credit provides for very attractive income investment characteristics. The transaction profile is further enhanced when considered against the backdrop of the very restricted supply of logistics assets of scale in Ireland and the building’s importance to Tesco’s Irish operations. We were delighted to have worked with a number of the Ashurst teams, led by Tim Gummer, on this landmark transaction. A combination of talent throughout all teams involved, experience in transaction execution and their approach to problem-solving, often innovatively, resulted in excellent advice and a successful closing.”
Tim Gummer of Ashurst added:
“We are delighted to have worked with KTB Investment & Securities, KTB Asset Management, DTZ Investors and Cushman & Wakefield on this high profile investment into the Irish logistics market. The European logistics market remains highly competitive and it is a testament to the hard work of the teams in Seoul, London, Luxembourg and Dublin that this off-market transaction was originated and executed within a compressed timeframe prior to the end of the year.”
The Ashurst team was led by tax partner Tim Gummer. Corporate real estate advice was provided by partner David Jones and senior associate Chris Benbow. Real estate finance advice was provided by partner Sarah Watkinson and senior associate Kate Davies in London and partner Fabien Debroise and associate Ludmilla Bouchez-Lecuy in Luxembourg. International tax advice was provided by a team comprising Tim Gummer, partner Simon Swann and associate Laura Burt in London and by counsel Chiara Bardini in Luxembourg. Construction advice was provided by partner Ben Patton and senior associate Siobhan Kiely.
Irish law advice was provided by Walkers in Dublin led by Jonathan Sheehan.