FTSE 250-listed investment trust Tritax Eurobox PLC (LSE:EBOX) has agreed to be taken over by funds investment firm Brookfield through a 69p-per-share cash offer.
The offer values Tritax EuroBox shares at approximately £557 million and represents a 28% premium over the company's 31 May valuation, when an offer period was triggered.
Brookfield’s offer edged out an agreed-upon all-share offer for Tritax tabled by FTSE 100-listed SEGRO PLC (LSE:SGRO) in early September, which valued Tritax EuroBox closer to 68p a share.
The acquisition, which values Tritax EuroBox’s total enterprise at £1.1 billion, will be executed through a court-sanctioned scheme of arrangement.
Robert Orr, chair of Tritax EuroBox, stated: “The board of Tritax EuroBox remains intensely focused on delivering value for Tritax EuroBox shareholders.
“Brookfield's cash offer represents a premium to the current value of the SEGRO offer and provides Tritax EuroBox shareholders with a significant uplift over the undisturbed value of their shares."
Brookfield believes Tritax EuroBox’s portfolio of logistics assets across Europe will complement its global logistics holdings.
Brad Hyler, head of real estate in Europe at Brookfield, said: "Tritax EuroBox has a high-quality portfolio of logistics assets in strategic locations across Europe that are complementary to our existing portfolio."
Tritax EuroBox shares added 3% to 71.2p following the announcement.