Stibbe advises SELP on the Dutch part of the acquisition of Tritax EuroBox assets worth €470 million
Together with Slaughter and May and CMS Germany, Stibbe has advised SEGRO European Logistics Partnership (SELP) on the purchase of a portfolio of six assets from Titanium Ruth Holdco Limited (formerly known as Tritax EuroBox plc). The transaction values 100% of the assets at €470 million, including relevant property taxes and subject to customary adjustments.
The portfolio totals 370,000 m2 of fully-leased, highly reversionary, modern logistics space. The assets are located in the established and attractive logistics hubs of Breda and Roosendaal in the Netherlands, as well as in the Frankfurt corridor and the Rhine-Ruhr region in Germany. The assets currently generate approximately €24 million of headline rent, resulting in a blended net initial yield of 5% and a net true equivalent yield of 5.4%.
