Segro to buy six Tritax EuroBox properties for $499 mln in deal with Brookfield (updated)

Tritax EuroBox

12/11/2024 09:04

(Adds sector context in paragraphs 4-6)
       Nov 12 (Reuters) - Warehouse landlord Segro  SGRO.L 
said on Tuesday it would buy six Tritax EuroBox  EBOX.L 
properties in Germany and the Netherlands for 470 million euros
($499.1 million) as part of a deal with Brookfield Asset
Management Ltd  BAM.TO .
    Segro's purchase comes weeks after the Canadian asset
manager outbid the London-based warehousing specialist in the
race to buy Tritax EuroBox in a 1.1 billion pound ($1.41
billion) deal, including debt.
    Segro said that the non-binding agreement with Brookfield is
conditional on the completion of the asset manager's acquisition
of Tritax EuroBox.
    British-listed commercial real estate companies have
witnessed a flurry of deals this year including the $1.2 billion
purchase of UK Commercial Property by Tritax Big Box  BBOXT.L ,
and LondonMetric's  LMPL.L  deal for LXI.
    European logistics, including warehouses, have been a bright
spot in a struggling commercial real estate market, as the boom
in e-commerce creates demand for more space. 
    Private equity giant Blackstone  BX.N  in September agreed
to buy an 80% stake in a European warehouse portfolio run by
landlord Burstone  BTNJ.J .

   
($1 = 0.9418 euros)
($1 = 0.7810 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Mrigank Dhaniwala)
 ((abyjose.koilparambil@thomsonreuters.com))