Monday, 8 December 2014
SEGRO agrees to the disposal of a €45.8 mln portfolio of regional German industrial estates (DE)
SEGRO plc has completed the disposal of seven regional German industrial estates and exchanged contracts to dispose of a further three to Hansteen Holdings PLC, for a total of €45.8 mln.
Disposal of the remaining three assets (representing €5.0 million) should complete, subject to conditions, by the end of the first quarter of 2015. The total portfolio comprises 128,800 m² of light industrial space and, at 30 September 2014, had a vacancy rate of 14% (based on ERV at 30 June 2014).
The price reflects an EPRA net initial yield2 of 8.1% and a 2% discount compared to the portfolio’s valuation at 30 June 2014. The disposal marks another step in the continued progress of SEGRO’s portfolio re-shaping strategy to focus on modern, sustainable properties in its core light industrial and big box logistics warehouse markets in the UK and Continental Europe.