Brixton, the UK's largest industrial property landlord and owner of 2.5m sq ft in Trafford Park, Greater Manchester, has completed an all-share deal from Segro to buy the company.
Peter Dawson, chief executive of Brixton, along with directors Steven Owen and Steven Lee have all resigned from the company.
They have been replaced by Segro chief executive Ian Coull, David Sleuth and Ian Sutcliffe.
Chairman Louise Patten resigned from the Brixton board last night. Other Brixton board members Nicholas Fry, Stephen Harris, Mark Moran and David Scotland from the Brixton board also resigned last night.
The combined assets of Segro, which already owns 2.6m sq ft at Heywood Distribution Park in Rochdale, and Brixton will now total 62m sq ft valued at around £5.5bn.
The acquisition valued Brixton at £165.5m and each Brixton share at 60.92p.
This represents a premium of 22.4% to the closing price of 49.74p for each Brixton share on 21 May, and a premium of 109.3% to Brixton's three month average share price of 29.1p.
JP Morgan Cazenove acted with UBS and Merrill Lynch as joint financial advisor, bookrunner, sponsor and underwriter for Segro in the takeover.
Merrill Lynch and UBS acted as joint brokers for Segro.
Citigroup Global Markets and Nomura acted as joint financial advisor to Brixton.