Tritax EuroBox has agreed to a takeover bid from Canadian investment firm, Brookfield, for just over £1.1bn.

The property company invests in distribution centres across Europe and is a constituent of the FTSE 250 on the London Stock Exchange.

The offer from the Canada-based firm, which has approximately $1trn (£770bn) of assets under management, is valued at 69 pence per share, beating the proposal made by Segro, which submitted a bid at just under 68 pence per share in early September.

Brookfield’s bid values Tritax EuroBox’s shares at £557m, representing a 28% premium over the firm’s valuation on 31 May.

The investment firm said that it had been tracking the logistics portfolio at Tritax EuroBox, believing that the "high-quality portfolio of assets" the property firm owns, which totals 1.5 million square feet and valued at approximately €1.5bn (£1.26bn), would fit well with its "diverse global logistics portfolio".

Chair at Tritax EuroBox, Robert Orr, said: "The board of Tritax EuroBox remains intensely focused on delivering value for Tritax EuroBox shareholders. The cash offer from Brookfield represents a premium to the current value of the Segro offer and ensures that Tritax EuroBox shareholders will benefit from a significant uplift over the undisturbed value of their investment with flexibility to reinvest as they see fit."

Head of real estate in Europe at Brookfield, Brad Hyler, added: "Tritax EuroBox has a high-quality portfolio of logistics assets in strategic locations across Europe. These assets are complementary to our existing portfolio and, using our global real estate expertise, we will actively manage these assets, provide access to capital, help build new relationships with our network of tenants and support the overall growth of the platform."

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