Slaughter and May advised SEGRO European Logistics Partnership on its issue of €500m Guaranteed Notes due 2026

Slaughter and May advised SEGRO European Logistics Partnership (“SELP”) on its issue (the “Issue”) of €500m 1.50 per cent. Guaranteed Notes due 2026 (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 principally be used to refinance existing bank borrowings as well as providing funding for general corporate purposes, including the continued development programme. BNP Paribas and The Royal Bank of Scotland (trading as NatWest Markets) are acting as Joint Lead Managers in relation to the Issue. 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 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 2018, SELP’s portfolio was valued at €3.5 billion and generated €191 of headline rent across 4.0 million square metres of lettable area. SEGRO 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 seven million square metres of space valued at £11 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 eight other European countries.

Matthew Tobin Partner