Last checked at 28 Mar 2018 09:30
SELP JOINT VENTURE - AMENDMENT OF SHAREHOLDERS' AGREEMENT
SEGRO plc ("SEGRO") announces that its subsidiary, SEGRO Luxembourg, has amended certain terms of the existing shareholders' agreement with PSP Britannia (amongst others), in relation to the SEGRO European Logistics Partnership ("SELP") joint venture (the "SHA").
The SHA contains customary provisions under which, following certain specified events of default, the non-defaulting shareholder may give notice to the defaulting shareholder requiring it to sell all of its interests in the SELP joint venture to the non-defaulting shareholder. Following the amendment referred to above, the cap on any consideration paid to SEGRO Luxembourg under such provisions has been increased to the greater of (i) £1.52 billion and (ii) 24.9% of the market capitalisation or total assets (whichever the lesser) of SEGRO.
No consideration was exchanged in respect of the amendment referred to above.
The value of SEGRO's share of the gross assets and profits attributable to those assets of the SELP joint venture are £1.337 billion and £112.6 million, respectively, as 31 December 2017.
For further information, please contact:
SEGRO
Elizabeth Blease (General Counsel and Group Company Secretary)
+44 (0)207 451 9081 / companysecretariat.mailbox@segro.com
About SEGRO and SELP:
SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, manager and developer of modern warehouses and light industrial property. It owns or manages 6.3 million square metres (68 million square feet) of space valued at over £8 billion, serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in nine other European countries.
SELP is a joint venture in which SEGRO owns a 50 per cent interest. It was established in October 2013 and owns over €2.5 billion of big box warehouses and development land across eight Continental European countries. SEGRO acts as asset, property and development manager for SELP.