Slaughter and May is advising SEGRO European Logistics Partnership (“SELP”) 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 €470 million, including relevant property taxes and subject to customary adjustments.
The portfolio totals 370,000 sq m 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 €24 million of headline rent, resulting in a blended net initial yield of 5.0 per cent and a net true equivalent yield of 5.4 per cent.
The transaction has exchanged and is conditional on European Union anti-trust clearance, which is expected in the first quarter of 2025. It follows SEGRO plc’s announcement on 12 November 2024 regarding the execution of heads of terms with Titanium Ruth Bidco Limited and Brookfield Property Group Limited.
Slaughter and May is working as an integrated team with CMS and Stibbe, who are advising on matters of German and Dutch law respectively, and supported by SEGRO’s in-house team headed by Stephanie Murton (Head of Legal and Company Secretary).
Joe Court / Trainee, Freya Thomson / Trainee