REG - SEGRO PLC - SELP PURCHASE OF TRITAX EUROBOX ASSETS

SEGROAnnouncement

28/01/2025 07:00

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RNS Number : 8521U  SEGRO PLC  28 January 2025

28 January 2025

SEGRO plc ("SEGRO")

 

selp EXCHANGES ON purchase OF TRITAX EUROBOX ASSETS

 

Further to its announcement on 12 November 2024, SEGRO, in its role as venture
adviser to the SEGRO European Logistics Partnership ("SELP") joint venture,
today announces that SELP has exchanged on the purchase of a portfolio of six
assets from Titanium Ruth Holdco Limited (formerly known as Tritax EuroBox
plc). The transaction values 100% of the assets at €470 million, including
relevant property taxes and subject to customary adjustments.

The portfolio totals 370,000 sq m of fully-leased, highly reversionary, modern
logistics space. The assets are located in the established and attractive
logistics hubs of Breda and Roosendaal in the Netherlands as well as in the
Frankfurt corridor and the Rhine-Ruhr region in Germany. The assets currently
generate approximately €24 million of headline rent, resulting in a blended
net initial yield of 5.0 per cent and a net true equivalent yield of 5.4 per
cent.

The transaction is conditional on European Union anti-trust clearance, which
is expected in the first quarter of 2025.

David Sleath, CEO of SEGRO, 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."

 

 

CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA ENQUIRIES:
 SEGRO           Soumen Das (Chief Financial Officer)                Tel: +44 (0) 20 7451 9110
                 Claire Mogford (Head of Investor Relations)         Tel: +44 (0) 20 7451 9048
                 Gary Gaskarth (External Communications Manager)     Tel: +44 (0) 20 7451 9069
 FTI Consulting  Richard Sunderland / Ellie Sweeney / Eve Kirmatzis  Tel: +44 (0) 20 3727 1000

 

About SEGRO

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock
Exchange and Euronext Paris, and is a leading owner, manager and developer of
modern warehouses and industrial property. It owns or manages 10.8 million
square metres of space (116 million square feet) valued at £20.6 billion at
30 June 2024 serving customers from a wide range of industry sectors. Its
properties are located in and around major cities and at key transportation
hubs in the UK and in seven other European countries.

For over 100 years SEGRO has been creating the space that enables
extraordinary things to happen. From modern big box warehouses, used primarily
for regional, national and international distribution hubs, to urban
warehousing (including data centres) located close to major population centres
and business districts, it provides high-quality assets that allow its
customers to thrive.

A commitment to be a force for societal and environmental good is integral to
SEGRO's purpose and strategy. Its Responsible SEGRO framework focuses on three
long-term priorities where the company believes it can make the greatest
impact: Championing Low-Carbon Growth, Investing in Local Communities and
Environments and Nurturing Talent.

Striving for the highest standards of innovation, sustainable business
practices and enabling economic and societal prosperity underpins SEGRO's
ambition to be the best property company.

See www.SEGRO.com for further information.

 

About SELP

The SEGRO European Logistics Partnership (SELP) was created in October 2013 as
a 50:50 joint venture between SEGRO and PSP Investments, the Canadian pension
fund. At its inception, the portfolio injected by SEGRO comprised
approximately €1 billion of grade A standing logistics investments and
development land. The objective of the venture was to create a leading
Continental European logistics platform, initially focused on six geographies,
namely France, Germany, Poland, Czech Republic, Belgium and Netherlands.

Since then, SELP has also invested in big box warehouses in Italy and Spain
and a combination of acquisitions, development and capital value growth means
that, at 31 December 2023, the portfolio was valued at €6.7 billion and
generated €342 million of annualised headline rent across 5.8 million square
metres of lettable area.

SEGRO acts as asset, property and development manager for SELP.

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