Warehouse landlord Segro said on Tuesday it would buy six Tritax EuroBox properties in Germany and the Netherlands for €470-million ($499.1-million) as part of a deal with Brookfield Asset Management Ltd BAM-T.
Segro’s purchase comes weeks after the Canadian asset manager outbid the London-based warehousing specialist in the race to buy Tritax EuroBox in a £1.1-billion ($1.41-billion) deal, including debt.
Segro said that the non-binding agreement with Brookfield is conditional on the completion of the asset manager’s acquisition of Tritax EuroBox.
British-listed commercial real estate companies have witnessed a flurry of deals this year including the $1.2-billion purchase of UK Commercial Property by Tritax Big Box, and LondonMetric’s deal for LXI.
European logistics, including warehouses, have been a bright spot in a struggling commercial real estate market, as the boom in e-commerce creates demand for more space.
Private equity giant Blackstone in September agreed to buy an 80 per cent stake in a European warehouse portfolio run by landlord Burstone.