Tritax EuroBox accepts Brookfield £557m offer as Segro trumped

Canadian investment form Brookfield has trumped Segro’s effort to buy warehouse owner Tritax EuroBox with an agreed £557m offer.

Brookfield is offering 69p a share, a 6% uplift on Segro’s offer of 65.1p. Including debt, the deal is worth £1.1bn Brookfield said on Wednesday.

“The terms of the acquisition represent an attractive premium for … shareholders over the terms of the Segro offer and accordingly Tritax EuroBox shareholders are encouraged to take no action in respect of the Segro offer,” Tritax said.

Brookfield said Tritax had traded at a “persistent discount” to its net asset value since it became a public company “which has limited its ability to grow, in particular from further equity capital raises”.

It added that bringing Tritax under private ownership “will both better position it for further investment into existing assets, coupled with the benefits that accrue from being part of a scaled, better capitalised and actively growing real estate platform”.

Reporting by Frank Prenesti for Sharecast.com