SEGRO have announced that the Airport Property Partnership, the 50-50 joint venture it has with Aviva Investors, has sold the Gatwick International Distribution Centre for £31m (€39m) to Royal London Asset Management. GIDC, a 29 unit industrial estate which was largely constructed during the 1980s, is located in Crawley, approximately two miles south of Gatwick Airport. It comprises 20,680m² of space and generates £1.4m (€1.8m) of passing rent per annum, with a current vacancy rate of 5.7%. The disposal price, which is in excess of 10% above book value at 31 December 2015, reflects a topped-up net initial yield of 5.3%.
APP retains Gatwick Cargo Centre, the airport’s only on airport cargo facility offering direct airside access.
Source: Segro
