Segro to buy six Tritax EuroBox properties for $499 million

14 Nov 2024 CW Team

Tritax EuroBox properties in Germany and the Netherlands for 470 million euros ($499.1 million) as part of a deal with Brookfield Asset Management Ltd. 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, and LondonMetric's 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 in September agreed to buy an 80% stake in a European warehouse portfolio run by landlord Burstone.

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