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Segro to take control of Paris warehouse group Sofibus Patrimoine for €178.6m
StockMarketWire.com
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Real estate investor Segro said it had agreed to acquire a further 74.9% of Sofibus Patrimoine for €178.6 million, boosting it exposure to the Paris urban warehouse market.
Segro would buy the stake for €313.71 per Sofibus share, lifting its holding to 94.4% following an initial 19.5% stake purchase in 2018.
The deal valued 100% of the equity of Sofibus at €238.5 million and reflected a 46.6% premium compared with the company's last closing price.
Sofibus's main asset as Parc d'Activites des Petits Carreaux, a 149,900 square metre urban warehouse park in Bonneuil-sur-Marne, an established commercial area in close proximity to central Paris.
The portfolio also included 17 hectares of adjacent development land and an office building in Central Paris.
'This is a rare opportunity to significantly increase our exposure to urban warehousing in Paris which has long been a core market for Segro,' chief executive David Sleath said.
'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.'
Story provided by StockMarketWire.com
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