Brookfield wins battle for Tritax as Segro declines to up bid

12th Nov 2024 07:02

(Sharecast News) - Canadian asset manager Brookfield has won the battle for warehouse owner Tritax EuroBox after Segro said it would not up its offer, but the rival bidders did strike a deal to split their target's portfolio in a €470m deal.

Segro also said it would buy six Tritax EuroBox assets - or 30% of the portfolio - from Brookfield following completion of the deal.

Brookfield last month agreed terms to buy Tritax for £1.1bn weeks after the European real estate investment trust backed an offer from warehouse giant Segro. Tritax EuroBox's board said it still unanimously supported Brookfield's offer.

Brookfield last month trumped Segro, which is also a listed warehouse owner, with a 69p-a-share cash offer, which it said was a 6% premium to Segro's all-share offer.

Reporting by Frank Prenesti for Sharecast.com