SEGRO PLC SEGRO TO SELL £241M OF UK BIG BOX WAREHOUSES (2763W)
December 10 2019 - 1:00AM
UK Regulatory
TIDMSGRO
RNS Number : 2763W
SEGRO PLC
10 December 2019
10 December 2019
SEGRO EXCHANGES CONTRACTS TO SELL GBP241 MILLION OF STAND-ALONE
UK BIG BOX WAREHOUSES
SEGRO plc ("SEGRO") has exchanged contracts to sell a portfolio
of UK big box warehouses for GBP241 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 GBP10.1 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 GBP11.7 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.
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END
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