SEGRO plc ('SEGRO'), Europe's leading owner, asset manager and developer of industrial and warehouse property, is pleased to announce that it has arranged €208 million of bank funding for SEGRO European Logistics Partnership ('SELP'), in which SEGRO owns a 50% interest.
The additional funding supports the acquisition of €472 million of prime logistics assets in Germany, Poland and France. This acquisition, the final element of which was completed on 30 June 2014, is consistent with SEGRO's objective to increase its exposure to the Continental European logistics market in conjunction with third party capital.
Commenting on these transactions, Justin Read, SEGRO Group Finance Director, said: "We are very pleased to have had the opportunity to work with the existing SELP lending banks to put in place such cost effective debt funding for our recent portfolio acquisition. These financings are consistent with SELP's funding objective to enhance returns through low cost debt whilst maintaining a moderate level of financial leverage."