SEGRO has acquired a controlling stake in Euronext Paris listed company Sofibus Patrimoine, which owns a portfolio of urban logistics assets in Paris.
SEGRO already owned a 19.5% stake in the company and today has bought a further 74.9% for €178.6m – valuing the company at €238.5m.
When the transaction completes SEGRO will own 94.4% of Sofibus and intends to file a tender offer for the shares it does not own before delisting the company.
Sofibus’s main asset is Parc d’Activités des Petits Carreaux (PAPC), a 149,900 sqm urban warehouse park in Bonneuil-sur-Marne, near central Paris. The portfolio also includes 17 hectares of adjacent development land and an office building in Central Paris.
SEGRO said it would look to modernise the PAPC asset and increase rents over time, develop new urban warehouses of up to 50,000 sqm on the development land and look to dispose of the office asset.
SEGRO will finance the acquisition from cash and existing debt.
SGRO : SEGRO acquires Paris urban logistics property company