COMPLETION OF UK ASSET SWAP AND BALANCING PAYMENT

21 September 2015

SEGRO COMPLETES UK ASSET SWAP AND RECEIVES £36.1M BALANCING PAYMENT

· Acquisition of fully-let big box logistics unit in a prime Midlands location

· Disposal of light industrial estate in Radlett

SEGRO plc ('SEGRO' or the 'Group') and UK Commercial Property Trust Limited ('UKCPT'), which is advised by Standard Life Investments, have completed a property swap transaction through which SEGRO has acquired from UKCPT a 27,800 sq m single-let, modern distribution warehouse in Brackmills, Northampton, for £31.0 million. UKCPT has purchased from SEGRO a 54,800 sq m multi-let industrial estate at Ventura Park, Radlett for £67.1 million. The balance of £36.1 million has been paid by UKCPT to SEGRO in cash.

The property acquired by SEGRO is on the Brackmills Industrial Estate which is situated in a prime distribution location in the Midlands, approximately three miles from the M1 motorway. The building is a high specification, cross-docked distribution warehouse, built in 1997 and extensively refurbished in 2007. The warehouse is leased to Asda Stores until 2028 with a tenant option to extend the lease for a further five years and is used for the distribution of the George clothing range. The net initial yield on acquisition is 4.7 per cent and the rental income of the asset is currently reversionary.

UKCPT has acquired Ventura Park in Radlett, which is adjacent to the M25 and comprises 15 multi-let units, fully occupied, totalling 54,800 sq m. The topped up net initial yield is 6.0 per cent, representing a small premium to the book value at 30 June 2015.

Phil Redding, SEGRO's Chief Investment Officer, commented:

"This off-market transaction is in line with our strategy to grow our logistics portfolio by acquiring a modern, well-specified distribution unit, in a prime Midlands location, on a long lease to a single occupier of undoubted covenant strength."

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 eight European countries, principally in the UK, France, Germany and Poland.

For further information see www.SEGRO.com/investors.