Slaughter and May advised SEGRO European Logistics Partnership on its issue of €650m notes due 2033 and the concurrent tender offer to holders of its €750m notes due 2027

Slaughter and May advised SEGRO European Logistics Partnership (“SELP”) on its issue (the “Issue”) of €650m 4.00 per cent. notes due 2033 (the “New Notes”) and the tender offer (the “Tender Offer”) to holders of its outstanding €750m 3.750 per cent. notes due 2027 (the “2027 Notes”). 

The New Notes are issued by SELP Finance S.à r.l. (the “Issuer”) and guaranteed by SEGRO European Logistics Partnership S.à r.l., and have been admitted to trading on Euronext Dublin. The net proceeds of the Issue will be used for the general corporate purposes, including the repayment of existing financing. The New Notes have been rated Baa2 by Moody’s and BBB+ by Fitch.

The Tender Offer was announced on 22 June 2026 and expired for acceptances on 26 June 2026. On 29 June 2026, the Issuer announced that €538,523,000 in aggregate nominal amount of the 2027 Notes were validly tendered for purchase by noteholders, representing approximately 72 per cent. of the aggregate principal amount of the 2027 Notes originally issued.

Banco Santander, S.A., BNP PARIBAS, Bank of China Limited, London Branch and NatWest Markets Plc acted as Joint Lead Managers in relation to the Issue. Banco Santander, S.A., BNP PARIBAS and NatWest Markets plc also acted as Dealer Managers in relation to the Tender Offer. Stibbe Avocats advised SELP on matters of Luxembourg law.

SELP was established in October 2013 as a joint venture between SEGRO plc (“SEGRO”) and a Canadian pension fund. SELP is a leading continental European logistics owner and developer. SEGRO owns a 50 per cent. interest in, and acts as venture advisor to, and property and development manager for, SELP.

SEGRO is a UK Real Estate Investment Trust, and a leading owner, manager and developer of modern warehouses and light industrial property. It owns or manages 10.9 million square metres of space (117 million square feet) as at 31 December 2025.