SEGRO has agreed a deal with Brookfield (which is in the process of acquiring Tritax EuroBox) to purchase six properties from the EuroBox portfolio in Germany and the Netherlands for a total of €470m.
The deal is conditional on Brookfield’s offer for EuroBox completing (shareholders will vote on it on 20 November) and the value is in line with SEGRO’s underwriting assumptions when it made its merger bid for EuroBox.
SEGRO’s bid for EuroBox will lapse on 15 November, paving the way for the Brookfield offer to conclude.
The six properties total 370,000 sq m of fully-leased, highly reversionary, modern logistics space and are located in the established and attractive logistics hubs of Breda and Roosendaal in the Netherlands as well as in the Frankfurt corridor and the Rhine-Ruhr region in Germany. The assets currently generate approximately €23m of headline rent, resulting in a blended net initial yield of 4.7% and a net true equivalent yield of 5.3%.