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 €470m, including relevant property taxes and subject to customary adjustments.
The portfolio totals 370,000m2 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 €24m of headline rent, resulting in a blended net initial yield of 5% and a net true equivalent yield of 5.4%.
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.”
Image source - Pexels.
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