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«SEGRO plc, the leading provider of Flexible Business Space in Europe, has agreed the sale of two industrial portfolios, one to The Crown Estate for £64.4m, and the other to a client of Protego Real Estate Investors LLP for £45.8m.
The Crown Estate transaction reflects an initial yield of 7.2% and comprises a total of 63,247 sq m (680,786 sq ft) of space located within estates in Basildon, Croydon, Isleworth, Oxford, Swindon and Wimbledon. The Protego transaction reflects an initial yield of 7.1% and comprises a total of 44,505 sq m (479,046 sq ft) located within estates in Chelmsford, Croydon, Epsom and Welwyn Garden City. The two portfolios had a vacancy of 4% and a combined rental income of £8.2m pa.
Ian Sutcliffe, SEGRO Managing Director, UK Property, said;
“SEGRO’s UK operations today are focused on major trading estates and on business “clusters” where we have real critical mass. These 11 individually small estates were located outside our core locations, withlittle scope for further development.
I am pleased to say that these transactions bring to over £200m the cash generated from UK disposals this year, money which will initially be used to reduce borrowings and will then be reinvested in the future growth of the business.
About SEGRO
SEGRO is the leading provider of Flexible Business Space in Europe. Headquartered in the UK, SEGRO is listed on the London Stock Exchange and on Euronext in Paris. The Company is a UK Real Estate Investment Trust (REIT) with operations in ten countries, serving a diversified customer base of 1,700 customers operating in a wide range of sectors, representing both small and large businesses, from start-ups to global corporations. With property assets of £5.1 billion and around 5.0 million sq m of business space, SEGRO has an annual rent roll of approximately £290 million – these metrics include trading properties, development assets and the Group’s share of joint ventures» (CS della Società)
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