LONDON-LISTED warehouse giant Segro has made a £522m offer for property firm Tritax Eurobox, the companies announced yesterday.

Sergo and Tritax Eurobox said they had reached an agreement on the terms of a recommended all-share offer by Sergo for the entire issued, and to be issued, share capital of Tritax Eurobox.

Under the proposed offer, shareholders in Tritax will receive 0.0765 new Segro shares for each Tritax share. Based on Segro's closing share price on Tuesday of 880p, the deal values each Tritax Eurobox share at 68.4p.

David Sleath, chief executive of Segro, said the suggested transaction "offers the opportunity to acquire a high quality portfolio of big box warehouses in core European markets which would complement and enhance our existing assets".

Robert Orr, the chair of Tritax Eurobox, which is reccommending the deal to shareholders, said the proposed deal "represents a compelling opportunity for Tritax Eurobox shareholders to achieve a significant and immediate uplift in the value of their investment".

(c) 2024 City A.M., source Newspaper