LogisticsNewsWarehousing

Segro to acquire 74.9% of Sofibus Patrimoine

Segro has announced that it has acquired a further 74.9% of the share capital of warehousing company Sofibus Patrimoine for €313.71 (£286.23) per share.

Following its acquisition of a 19.5% interest in 2018, and upon completion of the transaction, the logistics group will own 94.4% of Sofibus.

Segro said it will file a “simplified mandatory tender” offer for the Sofibus shares not owned by Segro, at the same price of €313.71 per share, and intends to implement a “squeeze-out” procedure in order to delist the company from Euronext Paris.

Sofibus’s main asset is a 149,900 square metre urban warehouse park in Bonneuil-sur-Marne, an established commercial area in close proximity to central Paris which would increase Segro’s european presence.

The company’s portfolio also includes 17 hectares of “adjacent development land” and an office building in Central Paris.

David Sleath, chief executive of Segro, 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.”

He added: “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.”

The company was advised by Lazard, acting as its sole financial adviser, and by Archers, as its legal counsel.

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