SEGRO PLC: SEGRO sells portfolio of warehouses in Italy
July 16 2021 - 1:00AM
UK Regulatory
TIDMSGRO
SEGRO plc ("SEGRO") has agreed the sale of a portfolio of six
Italian urban warehouses for EUR127.5([1]) million to AXA IM Alts,
on behalf of clients.
The warehouses were developed by SEGRO-Vailog for a global
online retail company to support the growth of its distribution
network in Italy. The portfolio has a total floor space of 56,000
square metres and the warehouses are located in Florence, Burago,
Padua, Parma and Verona. Five of the sales have already completed
and the sixth will complete later this year following practical
completion of additional works.
David Proctor, Managing Director, Group Investment at SEGRO,
said:
"We developed and delivered these warehouses for one of our key
customers to support their expansion plans. Investor demand for
prime, modern industrial assets is very strong in Italy as a result
of the rapid growth of e-commerce. The warehouses within this
portfolio are located outside our core markets so we have chosen to
capitalise on buoyant market conditions to sell this portfolio at a
price materially ahead of December 2020 book value. We will be
recycling the capital into exciting opportunities in other parts of
Italy."
ENDS
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), listed on the
London Stock Exchange and Euronext Paris, and is a leading owner,
manager and developer of modern warehouses and industrial property.
It owns or manages 8.8 million square metres of space (95 million
square feet) valued at GBP15.3 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
seven other European countries.
For over 100 years SEGRO has been creating the space that
enables extraordinary things to happen. From modern big box
warehouses, used primarily for regional, national and international
distribution, to urban warehousing and light industrial property
located close to major population centres and business districts,
it provides high-quality assets that allow its customers to
thrive.
A commitment to be a force for societal and environmental good
is integral to SEGRO's purpose and strategy. Its Responsible SEGRO
framework focuses on three long-term priorities where the company
believes it can make the greatest impact: Championing Low-Carbon
Growth, Investing in Local Communities and Environments and
Nurturing Talent.
See www.SEGRO.com for further information.
(1) This price refers to the total price inclusive of additional
works for one asset that will complete later in 2021.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210715005827/en/
CONTACT:
SEGRO plc
SOURCE: Segro PLC
Copyright Business Wire 2021
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