Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Segro, an industrial-focused real estate investment trust, has received approval to purchase rival Brixton for $180 million. The boards of both companies approved the sale last week. The deal is slated to close in August, according to reports.

As reported by GlobeSt.com, Segro approached the financially unstable Brixton about a takeover deal in May. Brixton’s net asset value saw a huge decline in the first quarter, falling 46.8% according to reports. The company faces $1.03 billion worth of debt set to mature by December 2010.

The $180 million deal well undervalues the Brixton portfolio, which was estimated to be worth nearly $2.9 billion at the end of 2008, according to a report in Property EU.

When the deal concludes the combined company will be worth $8.89 billion, according to May 2009 property values.

Currently Segro is located in the UK as well as nine additional European countries. Its portfolio totals more than five million square feet.

To read the Property EU report click here.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.