SEGRO Acquires retail park with data centre redevelopment potential in Slough
SEGRO plc (“SEGRO” or the “Group”) has acquired Bath Road Shopping Park in Slough, from Royal London Asset Management for £120 million.
The retail park is strategically located next to the Slough Trading Estate and covers approximately 11.4 acres. It includes 10 retail warehouse units, roughly one third of which are currently vacant thereby providing immediate opportunities for asset management or redevelopment initiatives, the remaining leases expire between 2023 and 2028.
Land suitable for industrial development is in high demand and short supply in the Thames Valley and the relatively short lease terms of the retail units creates an opportunity to redevelop the site into modern warehousing suited to a variety of users, including data centres.
SEGRO was represented by Knight Frank and CMS. CBRE and GunnerCooke advised Royal London.
CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA ENQUIRIES:
|SEGRO||Soumen Das (Chief Financial Officer)||Tel: +44 (0) 20 7451 9110|
|Claire Mogford (Head of Investor Relations)||Tel: +44 (0) 20 7451 9048|
|Gary Gaskarth (External Communications Manager)||Tel: +44 (0) 20 7451 9069|
|FTI Consulting||Richard Sunderland / Ellie Sweeney / Eve Kirmatzis||Tel: +44 (0) 20 3727 1000|
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 9.7 million square metres of space (104 million square feet) valued at £23.8 billion (as of 30 June 2022) 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 hubs, to urban warehousing 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.
Forward-Looking Statements: This announcement contains certain forward-looking statements with respect to SEGRO’s expectations and plans, strategy, management objectives, future developments and performance, costs, revenues and other trend information. These statements are subject to assumptions, risk and uncertainty. Many of these assumptions, risks and uncertainties relate to factors that are beyond SEGRO’s ability to control or estimate precisely and which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Certain statements have been made with reference to forecast process changes, economic conditions and the current regulatory environment. Any forward-looking statements made by or on behalf of SEGRO are based upon the knowledge and information available to Directors on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and you are cautioned not to place undue reliance on the forward-looking statements. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this announcement is provided as at the date of this announcement and is subject to change without notice. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), SEGRO does not undertake to update forward-looking statements, including to reflect any new information or changes in events, conditions or circumstances on which any such statement is based. Past share performance cannot be relied on as a guide to future performance. Nothing in this announcement should be construed as a profit estimate or profit forecast. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in SEGRO plc or an invitation or inducement to engage in or enter into any contract or commitment or other investment activities. Neither the content of SEGRO’s website nor any other website accessible by hyperlinks from SEGRO’s website are incorporated in, or form part of, this announcement.