SEGRO PLC, a London-based real estate investment trust, will acquire the management platform of Roxhill Management Rugby Ltd. from Roxhill Development Group Ltd.
The deal comes under the terms of a 2016 partnership between SEGRO and Roxhill Development that gave SEGRO phased access through option agreements to a portfolio of development sites in the U.K.'s Midlands and Southeast regions. After 30 months, SEGRO gained the right to purchase the management platform.
The transaction, expected to close later this year, will create a unified team in the Midlands for SEGRO's management and development of U.K. big-box warehouses.
The terms of the transaction were not disclosed.
Since the original agreement was signed, the U.K. REIT has begun construction of the SEGRO Logistics Park East Midlands Gateway and is assessing the potential development of five more sites.