Slaughter and May is advising SEGRO European Logistics Partnership (“SELP”) on its issue (the “Issue”) of €500m 0.875 per cent. Guaranteed Notes due 2029 (the “Notes”). The Notes are being issued by SELP Finance S.à r.l. and guaranteed by SEGRO European Logistics Partnership S.à r.l., and are being listed on the Main Market of the Irish Stock Exchange. The net proceeds of the Issue will be used principally to finance and/or refinance Eligible Green Projects as outlined in the SEGRO Green Finance Framework, as well as to provide funding for general corporate purposes.
Banco Santander, S.A., BNP Paribas and NatWest Markets Plc are acting as Joint Lead Managers in relation to the Issue. Elvinger Hoss Prussen is advising SELP on matters of Luxembourg law.
The Notes have been rated Baa2 by Moody’s and BBB+ by Fitch.
SELP was established in October 2013 as a 50:50 joint venture between SEGRO plc (“SEGRO”) and Public Sector Pension Investment Board, a Canadian pension fund. SELP is a leading continental European logistics owner and developer. As at 31 December 2020, SELP’s portfolio was valued at €5.3 billion and generated €247 of headline rent across 4.8 million square metres of lettable area. SELP Management Limited acts as venture adviser to, and SEGRO acts 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 8.8 million square metres of space valued at £13 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 eight European countries.