Ashurst advises Tritax EuroBox plc on £552 million recommended all-share offer by SEGRO plc

Global law firm Ashurst is advising Tritax EuroBox plc (Tritax EuroBox) on the £552 million recommended all-share offer by SEGRO plc (SEGRO). Taking into account EBOX's net debt as at 31 March 2024, the SEGRO offer implies an enterprise value for Tritax EuroBox of £1.1 billion.

Tritax EuroBox is a specialist investor in high-quality, Continental European logistics real estate with a portfolio of 1.5 million square metres of space (16.2 million square feet) valued at approximately €1.5 billion as at 31 March 2024. Its well-located properties have robust income characteristics and are diversified across major distribution corridors in key European markets. Tritax EuroBox is a UK investment trust listed on the London Stock Exchange since 2018 and a constituent of the FTSE 250 index.

SEGRO is a leading owner, manager and developer of modern warehouses and industrial property, with assets under management of 10.8 million square metres (116 million square feet) valued at £20.6 billion at 30 June 2024, serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries. SEGRO is a UK REIT listed on the London Stock Exchange and Euronext Paris and a constituent of the FTSE 100 Index.

The offer is expected to be implemented by way of a scheme of arrangement and is expected to become effective before the end of the calendar year.

The Ashurst team is being led by corporate partners Karen Davies and Simon Bullock, with support from Maria McAlister, Louise Johnson, Millie Gibbs, Jeffrey Johnson, Shashtika Sundar, Vienna Linley, Matthew Hall, Amelia Howison and Nicolas Laczny. Aimee Carroll-Hewitt, Hayley Gow, Colin Bugler and Lucy McLaughlan are also supporting.