The support services firm, Hays, is planning to sell over ÃÂ£100m of property in the UK and continental Europe over the next twelve months. Hays is looking to dispose of the what remains of its logistics division. Last Wednesday, the company sold most of the division to the US venture capitalist, Platinum Equity, for ÃÂ£102.4m. Most of the Hays UK warehouses have been leased back to Platinum Equity.
DTZ has now been appointed to manage the disposal of the remaining properties, including a 1.25m sq ft portfolio of 11 UK properties, believed to be worth around ÃÂ£65m. The portfolio includes sites in Dagenham, Glasgow and Theale.
Also up for sale is a 1.15m sq ft portfolio of five properties in Holland and Belgium, and a number of mostly vacant properties in France and Germany.
John Knowles, the DTZ Investment Director who is overseeing the sale, said that the firm would approach a shortlist of 10 UK investors before Christmas.
Hays Chief Executive, Colin Matthews, commented: Ã¢â¬ÅThe board firmly believes that the transaction, taken together with the likely sale proceeds from the retained properties, represents the best way to maximise value for shareholders. We intend to press on with the disposal of the remaining properties.Ã¢â¬Â