28 January 2025

SEGRO plc ("SEGRO")

selp EXCHANGES ON purchase OF TRITAX EUROBOX ASSETS

Further to its announcement on 12 November 2024, SEGRO, in its role as venture adviser to the SEGRO European Logistics Partnership ("SELP") joint venture, today announces that SELP has exchanged on the purchase of a portfolio of six assets from Titanium Ruth Holdco Limited (formerly known as Tritax EuroBox plc). The transaction values 100% of the assets at €470 million, including relevant property taxes and subject to customary adjustments.

The portfolio totals 370,000 sq m of fully-leased, highly reversionary, modern logistics space. The assets are located in the established and attractive logistics hubs of Breda and Roosendaal in the Netherlands as well as in the Frankfurt corridor and the Rhine-Ruhr region in Germany. The assets currently generate approximately €24 million of headline rent, resulting in a blended net initial yield of 5.0 per cent and a net true equivalent yield of 5.4 per cent.

The transaction is conditional on European Union anti-trust clearance, which is expected in the first quarter of 2025.

David Sleath, CEO of SEGRO, said:

 "We are delighted to have reached an agreement to purchase this portfolio of high-quality big box warehouses, located in some of Europe's most attractive logistics hubs. They will complement SELP's existing German and Dutch portfolios, offering both future rental growth potential and the ability to enhance returns through the benefits of increased scale."

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About SEGRO

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property. It owns or manages 10.8 million square metres of space (116 million square feet) valued at £20.6 billion at 30 June 2024 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 seven other European countries.

For over 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing (including data centres) located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.

A commitment to be a force for societal and environmental good is integral to SEGRO's purpose and strategy. Its Responsible SEGRO framework focuses on three long-term priorities where the company believes it can make the greatest impact: Championing Low-Carbon Growth, Investing in Local Communities and Environments and Nurturing Talent.

Striving for the highest standards of innovation, sustainable business practices and enabling economic and societal prosperity underpins SEGRO's ambition to be the best property company.

See www.SEGRO.com for further information.

About SELP

The SEGRO European Logistics Partnership (SELP) was created in October 2013 as a 50:50 joint venture between SEGRO and PSP Investments, the Canadian pension fund. At its inception, the portfolio injected by SEGRO comprised approximately €1 billion of grade A standing logistics investments and development land. The objective of the venture was to create a leading Continental European logistics platform, initially focused on six geographies, namely France, Germany, Poland, Czech Republic, Belgium and Netherlands.

Since then, SELP has also invested in big box warehouses in Italy and Spain and a combination of acquisitions, development and capital value growth means that, at 31 December 2023, the portfolio was valued at €6.7 billion and generated €342 million of annualised headline rent across 5.8 million square metres of lettable area.

SEGRO acts as asset, property and development manager for SELP.