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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.

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