Segro to buy further 74.9% stake in France's Sofibus

Following its acquisition of a 19.5% interest in 2018, this deal will take Segro’s share to 94.4%. Segro said on Tuesday that the deal will allow it to "significantly" increase its presence in the Paris urban warehouse market.

Sofibus's main asset is Parc d'Activités des Petits Carreaux, a 149,900 sq m urban warehouse park in Bonneuil-sur-Marne, an established commercial area close to central Paris. The portfolio also includes 17 hectares of adjacent development land and an office building in Central Paris.

Segro chief executive David Sleath said: "This is a rare opportunity to significantly increase our exposure to urban warehousing in Paris which has long been a core market for Segro. We have got to know Sofibus well as a shareholder and member of the board of directors over the past two years and look forward to the next stage of growth for the Parc d'Activités des Petits Carreaux.

"Our local team has intimate knowledge of the Paris warehouse market and will deploy its expertise to add value by actively managing Sofibus's existing assets and by developing new, state of the art warehousing on the adjacent plots of land to satisfy growing occupier demand."