SEGRO bid for Tritax lapses

SEGRO’s proposed £552m takeover of Tritax EuroBox has lapsed. The REIT first made an offer for the company in early September, but was pushed aside by Canadian investor Brookfield with a higher, cash offer of £557m. However, following an agreement with Brookfield to buy the Dutch and German properties and entities of Tritax Eurobox for €470m (£390m) last week, SEGRO agreed to let its offer for the company lapse. 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%. The terms of Brookfield’s offer remain unchanged as a result of the carve out of the German and Dutch assets.