NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART,
DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO
DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
FOR
IMMEDIATE RELEASE
12 November
2024
Tritax EuroBox plc ("Tritax
EuroBox")
UPDATE RE BROOKFIELD AND
SEGRO
Background
On 10 October 2024, the boards of
directors of Tritax EuroBox (the "Tritax EuroBox Board") and Titanium
Ruth Bidco Limited ("Bidco") announced that they had reached
agreement on the terms and conditions of a recommended cash
acquisition by Bidco of the entire issued, and to be issued,
ordinary share capital of Tritax EuroBox (the "Brookfield Offer"). The Brookfield
Offer is being implemented by means of a Court-sanctioned scheme of
arrangement under Part 26 of the Companies Act 2006 (the
"Scheme"). The circular in
relation to the Scheme was published or made available to Tritax
EuroBox Shareholders on 28 October 2024 (the "Scheme Document").
The Tritax EuroBox Board announced
that the terms of the Brookfield Offer represented an attractive
premium for Tritax EuroBox Shareholders over the all-share offer
for Tritax EuroBox from SEGRO plc ("SEGRO") announced on 4 September 2024
(the "SEGRO Offer").
Accordingly, on 24 October 2024, the Tritax EuroBox Board confirmed
that the Court Meeting and General Meeting to implement the SEGRO
Offer (the "SEGRO
Meetings") were adjourned until further notice, in light of
the Brookfield Offer.
Update re Brookfield and SEGRO
The Tritax EuroBox Board notes the
announcements made by each of Brookfield and SEGRO this
morning.
SEGRO has confirmed: (i) that its
offer is final and that it will not increase or improve the terms
of its offer, in accordance with Rule 32.2 of the City Code; (ii)
that it will not switch to a takeover offer (as defined in section
974 of the Companies Act 2006); and (iii) that it expects that it
will invoke conditions (b)(i)(2) and (b)(ii)(2) of the SEGRO Scheme
Document following 15 November 2024 and therefore that the SEGRO
Offer will lapse following 15 November 2024. As a consequence, the
Tritax EuroBox Board expects that a competitive situation (for the
purposes of Rule 32.5 of the City Code) will cease to exist
following 15 November 2024. The Tritax EuroBox Board expects that
the Brookfield Offer will proceed on the timetable set out in the
Scheme Document, with the Court Meeting and General Meeting to
implement the Brookfield Offer (the "Brookfield Meetings") scheduled for 20
November 2024.
In addition, Brookfield and SEGRO
have announced that they have signed a non-binding term sheet and
binding exclusivity agreement pursuant to which SEGRO intends to
acquire, by itself or through one of its strategic partnerships, a
portfolio of six Tritax EuroBox assets from Brookfield following
completion of the Brookfield Offer (the "On-Sale Transaction") for a total cash
consideration of €470 million, equivalent to approximately 31 per
cent. of the gross value of the Tritax EuroBox property portfolio
of €1,512.6 million, including purchasers' costs such as RETT,
subject to customary adjustments (including for minority
interests).
Update re Tritax EuroBox Board
recommendation
The Tritax EuroBox Board has
considered the updates from Brookfield and SEGRO carefully, and
specifically: (i) that the On-Sale Transaction is consistent with
Brookfield's previously stated intention to sell assets generating
proceeds of approximately 20-30 per cent. of the gross value of the
Tritax EuroBox property portfolio; and (ii) SEGRO's confirmation
that the agreed acquisition price is in line with SEGRO's
underwriting assumptions in respect of its own offer.
Furthermore, the Tritax EuroBox
Board notes that the purchase price contemplated by the On-Sale
Transaction is in line with the Manager's estimate of the potential
disposal value of those individual assets in the event of a managed
wind-down, which was one of the strategic options that the Tritax
EuroBox Board considered in detail alongside both the Brookfield
Offer and the SEGRO Offer.
The Tritax EuroBox Board notes the
premium implied by the Brookfield Offer of 28 per cent. to the
Closing Price per Tritax EuroBox Share on 31 May 2024, being the
Undisturbed Date, and the significant reduction in the share prices
of listed peers focused on Continental European logistics property
since then, which have fallen by an average of 16
per cent. Since 9 October
2024, being the Last Business Day before the announcement of the
Brookfield Offer, the share prices of these peers have fallen by
9 per cent.
The Tritax EuroBox Directors, who
have been so advised by Lazard, Barclays and Jefferies as to the
financial terms of the Brookfield Offer, consider the terms of the
Brookfield Offer to be fair and reasonable. In providing their
advice to the Tritax EuroBox Directors, Lazard, Barclays and
Jefferies have taken into consideration the commercial assessments
of the Tritax EuroBox Directors. Lazard is providing independent
financial advice to the Tritax EuroBox Directors for the purposes
of Rule 3 of the City Code.
Accordingly, the Tritax EuroBox Board reiterates its unanimous
recommendation that Tritax EuroBox Shareholders vote in favour of
the resolutions to implement the Brookfield Offer at the Brookfield
Meetings.
Tritax EuroBox Shareholders are
reminded that the Brookfield Meetings will be held at 10:00 a.m.
and 10:15 a.m. on 20 November 2024. The latest date for the receipt
of the BLUE form of Proxy or CREST Proxy Instruction in respect of
the Court Meeting will be 10:00 a.m. on 18 November 2024 and the
latest date for the receipt of the WHITE form of Proxy or CREST
Proxy Instruction in respect of the General Meeting will be 10:15
a.m. on 18 November 2024.
Capitalised terms used in this
announcement shall, unless otherwise defined, have the same
meanings as set out in the Scheme Document. All references to times
in this announcement are to London, United Kingdom times unless
otherwise stated.
Helpline
If you have any questions about this
announcement, the Scheme Document, the Court Meeting or the General
Meeting, or are in any doubt as to how to complete and return the
Forms of Proxy, please contact Tritax EuroBox's registrar, Computershare, The Pavilions, Bridgwater Road,
Bristol, United Kingdom, BS99 6ZY or call on +44(0) 370 703 0010,
between 8.30 a.m. and 5.30 p.m. Monday to Friday (excluding public
holidays in England and Wales). All calls to the helpline may be
recorded and monitored for security and training purposes. Please
note that, for legal reasons, the helpline cannot provide advice on
the merits of the Acquisition or the Scheme or give any legal, tax
or financial advice.
Enquiries:
Tritax
EuroBox
|
+44 (0) 20
7290 1616
|
Robert Orr
(Chair)
Phil
Redding (CEO)
Mehdi
Bourassi (CFO)
Charles
Chalkly (Director of Investor Relations)
|
|
Lazard (Lead Financial
Adviser to Tritax EuroBox)
|
+44 (0) 20
7187 2000
|
Patrick
Long
Jolyon
Coates
Sebastian
O'Shea-Farren
|
|
Barclays (Joint Financial Adviser and Joint Corporate Broker
to Tritax EuroBox)
|
+44 (0) 20
7623 2323
|
Bronson Albery
Tom Macdonald
Callum West
|
|
Jefferies (Joint Financial
Adviser and Joint Corporate Broker to Tritax
EuroBox)
|
+44 (0) 20
7029 8000
|
Rishi
Bhuchar
Ed
Matthews
Gaudi Le
Roux
|
|
Kekst CNC (PR Adviser to
Tritax EuroBox)
|
|
Richard
Campbell
Guy
Bates
Tom
Climie
|
+44 (0)
7775 784 933
+44 (0)
7581 056 415
+44 (0)
7760 160 248
|
|
|
|
|
Important
notices
You should read this announcement and the Scheme Document and
if you are in any doubt as to the Acquisition or
the action you should take, you are recommended to seek
your own independent financial advice immediately from your
stockbroker, solicitor, accountant, bank manager or
other independent financial adviser duly authorised under the
Financial Services and Markets Act 2000 (as amended) if you are
resident in the United Kingdom or, if you are not so resident, from
another appropriately authorised independent financial
adviser. If you have any questions
about the Scheme Document, the Court Meeting or the General Meeting
or are in any doubt as to how to complete the Forms of Proxy,
please contact Computershare on the number set out
above.
This announcement and the accompanying documents do not
constitute or form part of an offer or an invitation to purchase or
subscribe for any securities, or a solicitation of an offer to buy
any securities, whether pursuant to this announcement or otherwise,
in any jurisdiction in which such offer, invitation or solicitation
is or would be unlawful.
This announcement does not comprise a prospectus or a
prospectus equivalent document or an exempted
document.
The contents of this announcement do not amount to, and should
not be construed as, legal, tax, business or financial
advice.
The statements contained in this announcement are made as at
the date of this announcement, unless some other date is specified
in relation to them, and publication of this announcement shall not
give rise to any implication that there has been no change in the
facts set forth in this announcement since such
date.
The Acquisition will be subject to English law, the
jurisdiction of the Court and the applicable requirements of the
City Code, the Panel, the London Stock Exchange, the FCA, the
Listing Rules and the Registrar of Companies.
Lazard & Co., Limited ("Lazard"), which is authorised and
regulated by the FCA in the United Kingdom, is acting exclusively
as financial adviser for Tritax EuroBox and for no one else in
connection with the Acquisition and the matters described in this
announcement and will not be responsible to anyone other than
Tritax EuroBox for providing the protections afforded to clients of
Lazard or for providing advice in connection with the Acquisition
or any matter described in this announcement. Neither Lazard nor
any of its affiliates (nor their respective directors, officers,
employees or agents) owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is
not a client of Lazard in connection with this announcement, any
statement contained herein, the Acquisition or
otherwise.
Barclays Bank PLC, acting through its Investment Bank
("Barclays"), which is
authorised by the PRA and regulated by the FCA and the PRA in the
United Kingdom, is acting exclusively as financial adviser for
Tritax EuroBox and for no one else in connection with the
Acquisition and the matters described in this announcement and will
not be responsible to anyone other than Tritax EuroBox for
providing the protections afforded to its clients or for providing
advice in connection with the Acquisition or the matters described
in this announcement. In accordance with the City Code, normal
United Kingdom market practice and Rule 14e-5(b) of the US Exchange
Act, Barclays and its affiliates will continue to act as exempt
principal trader in Tritax EuroBox and SEGRO securities on the
London Stock Exchange. These purchases and activities by exempt
principal traders which are required to be made public in the
United Kingdom pursuant to the City Code will be reported to a
Regulatory Information Service and will be available on the London
Stock Exchange website at www.londonstockexchange.com. This
information will also be publicly disclosed in the United States to
the extent that such information is made public in the United
Kingdom.
Jefferies International Limited ("Jefferies"), which is authorised and
regulated by the FCA in the United Kingdom, is acting exclusively
as financial adviser for Tritax EuroBox and for no one else in
connection with the Acquisition and the matters described in this
announcement and will not be responsible to anyone other than
Tritax EuroBox for providing the protections afforded to its
clients or for providing advice in connection with the Acquisition
or the matters described in this announcement. Neither Jefferies
nor any of its affiliates (nor their respective directors,
officers, employees or agents) owes or accepts any duty, liability
or responsibility whatsoever (whether direct or indirect, in
contract, in tort, under statute or otherwise) to any person who is
not a client of Jefferies in connection with this announcement, any
statement contained herein, the Acquisition or
otherwise.
Overseas
jurisdictions
The release, publication or distribution of this announcement
and any formal documentation relating to the Acquisition in, into
or from jurisdictions other than the United Kingdom may be
restricted by law and/or regulation and therefore any persons who
are subject to the laws of any jurisdiction other than the United
Kingdom should inform themselves about and observe any applicable
legal or regulatory requirements. In particular, the ability of
persons who are not resident in the United Kingdom to vote their
Tritax EuroBox Shares with respect to the Scheme at the Court
Meeting or the Resolution at the General Meeting, or to execute and
deliver Forms of Proxy appointing another person to vote at the
Court Meeting or the General Meeting on their behalf, may be
affected by the laws of the relevant jurisdictions in which they
are located. Any failure to comply with the applicable restrictions
may constitute a violation of the securities laws of any such
jurisdiction. To the fullest extent permitted by applicable law,
the companies and persons involved in the Acquisition disclaim any
responsibility or liability for the violation of such restrictions
by any person.
This announcement has been prepared for the purpose of
complying with English law and the City Code and the information
disclosed may not be the same as that which would have been
disclosed if this announcement had been prepared in accordance with
the laws of jurisdictions outside the United
Kingdom.
All Tritax EuroBox Shareholders or other persons (including
nominees, trustees and custodians) who would otherwise intend to or
may have a contractual or legal obligation to forward this
announcement and the accompanying Forms of Proxy to a jurisdiction
outside the United Kingdom should refrain from doing so and seek
appropriate professional advice before taking any
action.
Further details in relation to Overseas Shareholders are
included in the Scheme Document (or, if the Acquisition is
implemented by way of an Offer, will be included in the Offer
Document).
US
investors
Tritax EuroBox Shareholders in the United States should note
that the Acquisition relates to the shares of an English company
with a listing on the London Stock Exchange and is proposed to be
implemented pursuant to a scheme of arrangement provided for under
English company law. A transaction effected by means of a scheme of
arrangement is not subject to the proxy solicitation or the tender
offer rules under the US Exchange Act. Accordingly, the Acquisition
is subject to the procedural and disclosure requirements, rules and
practices applicable in the United Kingdom to schemes of
arrangement involving a target company incorporated in England and
listed on the London Stock Exchange, which differ from the
requirements of US proxy solicitation or tender offer
rules.
However if, in the future, Bidco elects, with the consent of
the Panel (where necessary), to implement the Acquisition by means
of an Offer and determines to extend such Offer into the United
States, such Offer will be made in compliance with all applicable
laws and regulations, including, without limitation, to the extent
applicable, Section 14(e) of the US Exchange Act and Regulation
14E. Such Offer would be made by Bidco (or its affiliate) and no
one else.
Financial information included in this announcement (or, if
the Acquisition is implemented by means of an Offer, the Offer
Document) has been or will be prepared in accordance with UK IFRS
and thus may not be comparable to financial information of US
companies or companies whose financial statements are prepared in
accordance with generally accepted accounting principles in the
United States. Generally accepted accounting principles in the
United States differ in certain significant respects from UK
IFRS.
In
accordance with normal UK practice and pursuant to Rule 14e-5(b)
under the US Exchange Act (if applicable), Bidco, certain
affiliated companies and their nominees or brokers (acting as
agents) may from time to time make certain purchases of, or
arrangements to purchase, shares in Tritax EuroBox other than
pursuant to the Acquisition, until the date on which the
Acquisition becomes Effective, lapses or is otherwise withdrawn.
Also, in accordance with Rule 14e-5(b) under the US Exchange Act
(if applicable), Barclays and its affiliates will continue to act
as exempt principal trader in Tritax EuroBox Shares on the London
Stock Exchange. If such purchases or arrangements to purchase were
to be made, they would occur either in the open market at
prevailing prices or in private transactions at negotiated prices
and would comply with applicable law, including the US Exchange
Act. Any information about such purchases will be disclosed as
required in the United Kingdom, will be reported to a Regulatory
Information Service of the FCA and will be available on the London
Stock Exchange website:
www.londonstockexchange.com.
It
may be difficult for US holders of Tritax EuroBox Shares to enforce
their rights and claims arising out of the US federal securities
laws, since Bidco and Tritax EuroBox are each organised in
countries other than the United States, and some or all of their
officers and directors may be residents of, and some or all of
their assets may be located in, jurisdictions other than the United
States. US holders of Tritax EuroBox Shares may have difficulty
effecting service of process within the United States upon those
persons or recovering against judgments of US courts, including
judgments based upon the civil liability provisions of the US
federal securities laws. US holders of Tritax EuroBox Shares may
not be able to sue a non-US company or its officers or directors in
a non-US court for violations of US securities laws. Further, it
may be difficult to compel a non-US company and its affiliates to
subject themselves to a US court's jurisdiction or
judgment.
The receipt of consideration pursuant to the Acquisition by a
Tritax EuroBox Shareholder may be a taxable transaction for US
federal income tax purposes, and may also be a taxable transaction
under applicable state and local tax laws, as well as foreign and
other tax laws. Each Tritax EuroBox Shareholder is urged to consult
its independent professional adviser immediately regarding the tax
consequences of the Acquisition.
Forward-looking
statements
This announcement (including information incorporated by
reference into this announcement), oral statements regarding the
Acquisition and other information published by Bidco and Tritax
EuroBox contain certain forward-looking statements with respect to
the financial condition, strategies, objectives, results of
operations and business of Tritax EuroBox and its group and certain
plans and objectives of Bidco with respect thereto. These
forward-looking statements can be identified by the fact that they
do not relate only to historical or current facts. Forward-looking
statements are prospective in nature and are not based on
historical facts, but rather on current expectations and
projections of the management of Bidco and Tritax EuroBox about
future events, and are therefore subject to risks and uncertainties
which could cause actual results to differ materially from the
future results expressed or implied by the forward-looking
statements. The forward-looking statements contained in this
announcement include statements relating to the expected effects of
the Acquisition on Bidco and Tritax EuroBox, the expected timing
and scope of the Acquisition and other statements other than
historical facts. Forward-looking statements often use words such
as "anticipate", "target", "expect", "estimate", "intend", "plan",
"goal", "believe", "hope", "aims", "continue", "will", "may",
"should", "would", "could", or other words of similar meaning.
These statements are based on assumptions and assessments made by
Bidco and/or Tritax EuroBox in light of their experience and their
perception of historical trends, current conditions, future
developments and other factors they believe appropriate. By their
nature, forward-looking statements involve risk and uncertainty,
because they relate to events and depend on circumstances that are
expected to occur in the future and the factors described in the
context of such forward-looking statements in this announcement
could cause actual results and developments to differ materially
from those expressed in or implied by such forward-looking
statements. Although it is believed that the expectations reflected
in such forward-looking statements are reasonable, no assurance can
be given that such expectations will prove to have been correct and
readers are therefore cautioned not to place undue reliance on
these forward-looking statements.
There are several factors which could cause actual results to
differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are changes in global, political,
economic, business and/or competitive conditions, market and
regulatory forces, future exchange and interest rates, changes in
tax rates and future business combinations or
dispositions.
Each forward-looking statement speaks only as at the date of
this announcement. Neither Bidco nor Tritax EuroBox, nor their
respective groups, assumes any obligation to update or correct the
information contained in this announcement (whether as a result of
new information, future events or otherwise), except as required by
applicable law or by the rules of any competent regulatory
authority.
No profit forecasts or
estimates or Quantified Financial Benefits
Statements
No
statement in this announcement and the Scheme Document (including
any statement of estimated synergies) is intended as a profit
forecast or estimate for any period or a quantified financial
benefits statement and no statement in this document should be
interpreted to mean that earnings or earnings per share or dividend
per share for Tritax EuroBox for the current or future financial
periods would necessarily match or exceed the historical published
earnings or earnings per share or dividend per share for Tritax
EuroBox.
Dealing and Opening Position
Disclosure Requirements of the City Code
Under Rule 8.3(a) of the City Code, any person who is
interested in one per cent. or more of any class of relevant
securities of an offeree company or of any securities exchange
offeror (being any offeror other than an offeror in respect of
which it has been announced that its offer is, or is likely to be,
solely in cash) must make an Opening Position Disclosure following
the commencement of the offer period and, if later, following the
announcement in which any securities exchange offeror is first
identified.
An
Opening Position Disclosure must contain details of the person's
interests and short positions in, and rights to subscribe for, any
relevant securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s). An Opening Position Disclosure by a
person to whom Rule 8.3(a) applies must be made by no later than
3.30 p.m. (London time) on the 10th Business Day (as defined in the
City Code) following the commencement of the offer period and, if
appropriate, by no later than 3.30 p.m. (London time) on the 10th
Business Day (as defined in the City Code) following the
announcement in which any securities exchange offeror is first
identified. Relevant persons who deal in the relevant securities of
the offeree company or of a securities exchange offeror prior to
the deadline for making an Opening Position Disclosure must instead
make a Dealing Disclosure.
Under Rule 8.3(b) of the City Code, any person who is, or
becomes, interested in one per cent. or more of any class of
relevant securities of the offeree company or of any securities
exchange offeror must make a Dealing Disclosure if the person deals
in any relevant securities of the offeree company or of any
securities exchange offeror. A Dealing Disclosure must contain
details of the dealing concerned and of the person's interests and
short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
securities exchange offeror(s), save to the extent that these
details have previously been disclosed under Rule 8. A Dealing
Disclosure by a person to whom Rule 8.3(b) applies must be made by
no later than 3.30 p.m. (London time) on the Business Day (as
defined in the City Code) following the date of the relevant
dealing. If two or more persons act together pursuant to an
agreement or understanding, whether formal or informal, to acquire
or control an interest in relevant securities of an offeree company
or a securities exchange offeror, they will be deemed to be a
single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also be
made by the offeree company, by any offeror and by any persons
acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose
relevant securities Opening Position Disclosures and Dealing
Disclosures must be made can be found in the Disclosure Table on
the Panel's website at www.thetakeoverpanel.org.uk, including
details of the number of relevant securities in issue, when the
offer period commenced and when any offeror was first identified.
You should contact the Panel's Market Surveillance Unit on +44 20
7638 0129 if you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing
Disclosure.
Publication on
website
A
copy of this announcement and the documents required to be
published pursuant to Rules 26.1, 26.2 and 26.3 of the City Code
will be available, subject to certain restrictions relating to
persons resident in Restricted Jurisdictions,
for inspection on Tritax EuroBox's website at
https://www.tritaxeurobox.co.uk/investors/shareholder-information/brookfield-offer/
by no later
than 12 noon (London time) on the Business Day following
the publication of the Scheme Document.
Save as expressly referred to in this announcement, neither
the contents of these websites nor the content of any other website
accessible from hyperlinks on such websites is incorporated into,
or forms part of, this announcement.
Availability of hard
copies
In
accordance with Rule 30.3 of the City Code, Tritax EuroBox
Shareholders and persons with information rights may request a copy
of the Scheme Document (and any accompanying documents and any
information incorporated into it by reference to another source) in
hard copy form free of charge. Such persons may also request that
all future documents, announcements and information to be sent to
them in relation to the Acquisition should be in hard copy form.
For persons who have received a copy of the Scheme Document in
electronic form or via a website notification, a hard copy of the
Scheme Document will not be sent to you unless you have previously
notified Tritax EuroBox's registrar, Computershare, that you wish
to receive all documents in hard copy form or unless requested in
accordance with the procedure set out below.
If
you would like to request a hard copy of the Scheme Document (or
any information incorporated into it by reference to another
source) please contact Tritax EuroBox's registrar, Computershare,
at The Pavilions, Bridgwater Road, Bristol, United Kingdom, BS99
6ZY, or by calling 0370 703 0010 or from overseas +44(0)370 703
0010. Calls are charged at the standard geographical rate and will
vary by provider. Calls outside the United Kingdom will be charged
at the applicable international rate. Lines are open between 8.30
a.m. and 5.30 p.m. (London time), Monday to Friday (excluding
public holidays in England and Wales). Please note that
Computershare cannot provide any financial, legal or tax advice.
Calls may be recorded and monitored for security and training
purposes.
Scheme
process
In
accordance with Section 5 of Appendix 7 to the City Code, Tritax
EuroBox or Bidco (as applicable) will announce through a Regulatory
Information Service key events in the Scheme process including the
outcomes of the Meetings and the Scheme Court Hearing and that the
Scheme has become Effective.
Sources and
bases
In
this announcement, unless otherwise stated or the context otherwise
requires, the following sources and bases have been
used:
· Closing prices are derived
from data provided by Bloomberg for the relevant time
periods.
· References to "peers focused
on Continental European logistics property" cover the following
companies: abrdn European Logistics Income plc, Argan SA, CTP NV,
Montea NV, VGP NV and Warehouses De Pauw SA.
· The implied value of the
SEGRO Offer is based on the Exchange Ratio of 0.0765 new SEGRO
shares for each Tritax EuroBox share and the Tritax EuroBox Fourth
Interim Dividend, in each case as defined in the SEGRO Offer
Announcement.
· The gross value of the Tritax
EuroBox property portfolio of €1,512.6 million is comprised of the
(i) 30 September 2024 property valuation of €1,433.7 million based
on the market values in the CBRE Tritax EuroBox Valuation Report,
as included in Scheme Document, with the market value of Swedish
properties converted from SEK to EUR using the relevant exchange
rate of 0.0884 as at 30 September 2024 and including the value of
rental guarantees and assets held for sale; and (ii) unaudited
notional purchasers' costs such as RETT as at 30 September 2024 of
€78.9 million.
· Certain figures in this
announcement have been subject to rounding
adjustments.