Segro confirms bid approach to Brixton

22nd May 2009 12:13

Property group Segro, formerly Slough Estates, has approached Brixton regarding a possible all-share offer.Earlier, Brixton said it is in discussions with 'a small number of parties' after receiving approaches about a possible bid for the business. The company, which specialises in industrial, warehouse and office buildings in the South East of England, said it currently remains focused on mitigating the risk of any covenant breach.Last week Brixton, which has seen its cash position deteriorate sharply during the property slump, said it was considering an equity raising and sold four industrial units to AEW Europe for £70.25m.Segro said today it reserved the right to vary the form of any consideration.