SEGRO's Strategic Moves Amid Tritax EuroBox Offer Lapse

SEGRO PLC announced that its offer for Tritax EuroBox PLC is final and is expected to lapse on 15 November 2024. This follows Tritax EuroBox’s Board’s decision to support a competing cash offer by Bidco, part of Brookfield Properties. SEGRO confirmed it has no intention to amend its offer or pursue a takeover approach.

Simultaneously, SEGRO is advancing a non-binding agreement with Brookfield, aiming to acquire certain German and Dutch assets from Tritax EuroBox for €470 million. The assets span 370,000 sq m, aligning with SEGRO's existing portfolio in strategic locations and are projected to generate €23 million in headline rent, offering yields up to 5.3%.

The acquisition is contingent on the completion of the Brookfield offer and regulatory approval. SEGRO has a limited exclusivity window to finalize definitive agreements.