Industrial REIT SEGRO has agreed a deal to buy a slice of the industrial business it had hoped to take over.
The group, which lost out on buying the whole of Tritax Eurobox to rival Brookfield, has now agreed a deal to buy the Dutch and German properties and entities of the business for €470m (£390m).
The deal has been signed with Tritax’s soon-to-be new owner Brookfield.
The acquisition comprises six assets that cover around 3.7m sq ft of logistics space and provide €23m of headline rent. The deal price reflects a blended net initial yield of 4.7% and a net true equivalent yield of 5.3%.
SEGRO said the assets complemented its existing portfolio in Germany and the Netherlands and matched its investment criteria in terms of returns, location and quality.
Brookfield usurped SEGRO’s £552m offer for Tritax Eurobox last month, tabling a £557m cash offer for the business.
Terms of Brookfield’s offer remain unchanged as a result of the carve out of the German and Dutch assets. SEGRO said it would not be increasing or improving its bid for the whole company and would not “switch to a takeover offer” as a result of this new deal. Its offer is expected to lapse by 15 November.
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