(Alliance News) - Segro PLC on Monday said it has acquired a fully let warehouse estate in west London for GBP202.5 million from asset manager Federated Hermes.
Shares in the FTSE 100-listed real estate investment trust were down 1.5% at 879.20 pence each in London.
The company has acquired Perivale Park, a 34-acre urban warehouse estate in Perivale, west London, which generates a topped-up passing rent of GBP6.8 million per annum. The estate provides 55,100 square metres of lettable space across 23 units and eight acres of land which is currently leased as a vehicle compound but has medium term development potential.
"Perivale Park is a perfect fit for Segro, sitting adjacent to the A40 and nestled between our core holdings in Greenford and Park Royal. It offers a rare opportunity to build further scale and drive value in an area where we already have considerable expertise and knowledge of the local market and customer base. It also offers medium-term development and redevelopment potential in one of London's prime, and most supply-constrained, industrial clusters," said Alan Holland, business unit director for Segro's Greater London portfolio.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Segro (SGRO)