Brookfield has offered £1.1bn (€1.3bn) for Tritax EuroBox, at a more “attractive premium” over the amount offered last month by European industrial and urban warehouse real estate investment trust Segro, leading Tritax EuroBox to recommend that its shareholders accept the counter offer.
Asset manager Brookfield, through its real estate private funds, is offering Tritax EuroBox shareholders 69 pence in cash for each share compared with Segro’s offer which had valued each Tritax share at 68.4 pence.
Brookfield’s offer is a premium of 6% based on the last closing price per Segro share of 836.8 pence.
The Tritax EuroBox board said while the deliverability of the two offers is now similar, a take-private cash offer from Brookfield would “provide increased certainty for Tritax EuroBox shareholders as compared to continued market risk between now and completion for the Segro offer”.
It added that the terms of the Brookfield acquisition “represent an attractive premium for Tritax EuroBox shareholders over the terms of” the offer from its larger London-listed peer, and therefore urged its shareholders to now vote in favour of the Brookfield offer.
Brookfield’s offer values Tritax EuroBox at £557m, which implies an enterprise value of £1.1bn when factoring in the company’s net debt.
Tritax EuroBox is a specialist investor in Continental European logistics real estate with a portfolio of 1.5m sqm of space valued at approximately €1.5bn.
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