SEGRO exchanges on Tritax EuroBox assets

SEGRO has exchanged on its deal to buy a €470m (£394m) portfolio from the company formerly known as Tritax EuroBox. The group lost out on buying Tritax Eurobox to rival Brookfield, but agreed a deal in November to buy six assets from the now-private firm. The portfolio totals almost 4m sq ft of fully-leased logistics space in Breda and Roosendaal in the Netherlands as well as in the Frankfurt corridor and the Rhine-Ruhr region in Germany. The assets generate about €24m of headline rent, resulting in a blended net initial yield of 5%. The deal is conditional on European Union antitrust clearance, expected in the first quarter of 2025. SEGRO chief executive David Sleath said: “We are delighted to have reached an agreement to purchase this portfolio of high-quality big box warehouses, located in some of Europe’s most attractive logistics hubs. They will complement SELP’s existing German and Dutch portfolios, offering both future rental growth potential and the ability to enhance returns through the benefits of increased scale.”