Canadian asset management giant Brookfield has agreed to sell a portfolio of six Tritax EuroBox assets to UK REIT Segro, pending its takeover of the European logistics specialist.
Under the deal, Segro will acquire the assets, located in the logistics hubs of Breda and Roosendaal in the Netherlands as well as in the Frankfurt corridor and the Rhine-Ruhr region in Germany, for €470 mln in cash.
The six warehouse properties – four in Germany (Bönen, Dormagen, Gelsenkirchen and Lich) and two in the Netherlands (Breda and Roosendaal) - account for 31% of Tritax EuroBox's portfolio value and total 370,000 m2 of modern and fully leased logistics space.
The assets currently generate around €23 mln of rent, resulting in a blended net initial yield of 4.7% in cash.
The deal effectively ends the takeover battle for Tritax EuroBox between Brookfield and Segro, which have been vying for the firm since September.
Last month, the Canadian group outbid the UK listed logistics landlord with a cash offer, which has the unanimous support of the Tritax EuroBox board.
Brookfield said at the time it would ultimately look to sell 20-30% of the Tritax EuroBox portfolio, if its takeover of the firm was successful.
The Canadian firm has been building a logistics business in Europe since 2018, and has amassed around €1 bn of assets over the past 18 months.
In a statement on Tuesday, Segro said it did not intend to ‘increase or improve’ its existing offer for Tritax Eurobox, thereby effectively conceding defeat to Brookfield.
Brookfield’s offer is subject to approval by shareholders later this month.
