SEGRO has unconditionally agreed to acquire a further 74.9% of the share capital of Sofibus Patrimoine for €313.71 per share or a total of €178.6m. Following its acquisition of a 19.5% interest in 2018, and upon completion of the transaction, SEGRO will own 94.4% of Sofibus. SEGRO will secure majority ownership and control of Sofibus’s property portfolio, allowing SEGRO to increase its presence in the Paris urban warehouse market significantly.
Sofibus’s main asset is Parc d’Activités des Petits Carreaux, a 149,900m² urban warehouse park in Bonneuil-sur-Marne, an established commercial area in close proximity to central Paris. The portfolio also includes 17 hectares of adjacent development land and an office building in Central Paris.
David Sleath, Chief Executive of SEGRO, said: “This is a rare opportunity to significantly increase our exposure to urban warehousing in Paris which has long been a core market for SEGRO. We have got to know Sofibus well as a shareholder and member of the Board of Directors over the past two years and look forward to the next stage of growth for the Parc d’Activités des Petits Carreaux. Our local team has intimate knowledge of the Paris warehouse market and will deploy its expertise to add value by actively managing Sofibus’s existing assets and by developing new, state of the art warehousing on the adjacent plots of land to satisfy growing occupier demand.”