SEGRO disposes of six industrial estates in Germany for €54.2 million
SEGRO plc (‘SEGRO’, or ‘the Company’) has sold a portfolio of six industrial estates in Germany for €54.2 million (£45.5 million based on an exchange rate of €1.19:£1) to funds managed by BEOS AG. The price reflects a 6.5 per cent net initial yield
Four of the estates are located close to Düsseldorf (Monchengladbach, Neuss, Essen and Krefeld), with one in Glinde (on the outskirts of Hamburg) and one in Koblenz (between Frankfurt and Cologne).
The estates comprise 59,000 sq m of warehouse and office space and have a vacancy rate of 10 per cent and an average unexpired lease term of just over 3 years.
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 6.4 million square metres (69 million square feet) of space valued at £8 billion (as at 31 December 2016), 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 nine other European countries.