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Pin to quick picksSegro Regulatory News (SGRO)

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SEGRO TO SELL £241M OF UK BIG BOX WAREHOUSES

10 Dec 2019 07:00

RNS Number : 2763W
SEGRO PLC
10 December 2019
 

 

 

10 December 2019

 

SEGRO EXCHANGES CONTRACTS TO SELL £241 MILLION OF STAND-ALONE UK BIG BOX WAREHOUSES

SEGRO plc ("SEGRO") has exchanged contracts to sell a portfolio of UK big box warehouses for £241 million to a fund advised by Morgan Stanley Real Estate Investing, acting through a controlled subsidiary in joint venture with Thor Equities Group. The transaction is expected to complete by the end of the year. The price is in line with June 2019 book value.

The portfolio comprises seven stand-alone big box warehouses with a total floor space of 203,400 sq m. The assets being sold are located in Warth Park, Raunds; DIRFT, Daventry; Rye Park, Hoddesdon; Hams Hall, Coleshill; Grove Park, Leicester; The Duke, Burton-on-Trent and Magna Park, Lutterworth. The combined vacancy rate is 18.5 per cent and unexpired lease term to the earlier of break or expiry is 6 years. The current passing rent of the portfolio is £10.1 million.

Phil Redding, Chief Investment Officer of SEGRO, said:

"The sale of these assets marks the end of a successful period of ownership by SEGRO, generating a blended ungeared IRR since acquisition of approximately 11 per cent. The proceeds will be recycled into our existing and future development programme, including UK big box logistics parks developed using the Roxhill platform which we acquired last year."

ENDS

For further information, please contact:

 

SEGRO plc

Claire Mogford (Head of Investor Relations)

Tel: +44 (0) 20 7451 9048 / claire.mogford@segro.com

 

Gary Gaskarth (External Communications Manager)

Tel: +44 (0) 20 7451 9130 / gary.gaskarth@segro.com

 

Richard Sunderland / Claire Turvey / Eve Kirmatzis (FTI Consulting)

Tel: +44 (0) 20 3727 1000

 

Notes to Editors:

 

ABOUT SEGRO

SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, manager and developer of modern warehouses and light industrial property. It owns or manages 7.8 million square metres (84 million square feet) of space valued at £11.7 billion, serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in eight other European countries.

See www.SEGRO.com for further information.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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