Last checked at 23 Nov 2015 07:00
23 November 2015
SEGRO ACQUIRES €93 MILLION NETHERLANDS LOGISTICS PORTFOLIO
SEGRO plc ('SEGRO' or 'the Company') has acquired a portfolio of three, fully-let logistics buildings in the Netherlands, totalling 104,000 sq m of space, for €92.7 million from the private Dutch developer, Dok Vast. The price equates to a net initial yield of 6.1 per cent for a combined weighted average lease term of five years to first break.
Two of the buildings, which together account for 95,400 sq m, are less than three years old and are let to Nokia Solutions and Networks OY and to Tesla Motors Netherlands BV. They are located in Tilburg, which is a prime logistics location in the Netherlands due to its inland port. The remaining building, which comprises 8,600 sq m, is located in 's-Hertogenbosch, an established industrial and logistics location.
Phil Redding, SEGRO's Chief Investment Officer, said:
"The off-market acquisition of these properties is in line with our strategy to build scale in modern, big box warehouses in core logistics locations in the UK and Continental Europe. Tilburg is a prime logistics market with a shortage of quality supply, low vacancy and strong occupier demand, and should benefit further from future expansion of the port."
ENDS
For further information, please contact:
SEGRO plc
Harry Stokes (Head of Investor Relations and Research)
Tel: +44 207 451 9124 / harry.stokes@segro.com
Lizzie Humphreys (External Communications Manager)
Tel: +44 (0) 20 7451 9129 / lizzie.humphreys@segro.com
FTI Consulting
Richard Sunderland / Claire Turvey
Tel: +44 (0) 20 3727 1000
About SEGRO:
SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, asset manager and developer of modern warehousing and light industrial property. It owns or manages 5.7 million square metres of space in £6.4 billion of assets (at 30 June 2015, SEGRO's share of which totals £5.2 billion), serving 1,200 customers from a wide range of industry sectors. Its properties are located around major conurbations and at key transportation hubs across nine European countries, principally in the UK, France, Germany and Poland.
For further information see www.SEGRO.com/investors.