SEGRO has confirmed that it does not intend to submit an improved offer for Tritax EuroBox ahead of the mini long-stop date of 15 November – but has agreed a deal to buy €470m of assets from Brookfield when its takeover of Tritax EuroBox completes.
In September, the boards of Tritax EuroBox and SEGRO announced they had agreed the terms of a £552m all-share takeover of Tritax EuroBox.
However, in October, the board of Tritax EuroBox revealed it had agreed the terms and conditions of a £557m cash offer from Brookfield.
In a statement published earlier today, SEGRO said that following the change in recommendation of the board of Tritax EuroBox and having “further considered all of its options”, it did not intend to “increase or improve” the terms of its offer.
It added: “Furthermore, SEGRO also confirms that it will not switch to a takeover offer in respect of Tritax EuroBox. SEGRO expects that it will invoke the mini long stop date condition of the SEGRO Scheme following 15 November 2024, and therefore that the SEGRO Scheme will lapse following the 15 November 2024.”
SEGRO said it had signed a non-binding heads of terms and binding exclusivity agreement with Brookfield to acquire a portfolio of six Tritax EuroBox assets for €470m following Brookfield’s completion of the takeover of Tritax EuroBox.
The assets, which are located in Germany and the Netherlands and generate approximately €23m of headline rent, offer 370,000 sq m of modern logistics space.
