Slaughter and May advised SEGRO European Logistics Partnership on its issue of €500m Guaranteed Notes due 2025
Slaughter and May advised SEGRO European Logistics Partnership (SELP) on its issue (the Issue) of €500m 1.50 per cent. Guaranteed Notes due 2025 (the Notes). The Notes were issued by SELP Finance S.à r.l. and guaranteed by SEGRO European Logistics Partnership S.à r.l., and are listed on the Main Market of the Irish Stock Exchange. The net proceeds of the Issue will be used for general corporate purposes and repayment of certain secured bank facilities. BNP Paribas and The Royal Bank of Scotland (trading as NatWest Markets) are acting as Joint Lead Managers in relation to the Issue.
As part of the Issue, SEGRO European Logistics Partnership S.à r.l. obtained a long-term issuer rating of Baa2 (stable outlook) by Moody’s Investor Service Ltd (Moody’s) and a long-term issuer default rating of BBB+ (stable outlook) by Fitch Ratings (Fitch). The Notes have been rated Baa2 by Moody’s and BBB+ by Fitch.
Arthur Cox advised on Irish law (including in their capacity as Listing Agent in respect of the Notes) and Elvinger Hoss Prussen advised on 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 which owns over €2.6 billion of big box warehouses and development land across eight countries in continental Europe. 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 over six million square metres of space valued at £8.4 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.