SEGRO PLC SEGRO EXITS BELGIUM WITH BIG BOX WAREHOUSE SALES (2522F)
26 October 2018 - 5:00PM
UK Regulatory
TIDMSGRO
RNS Number : 2522F
SEGRO PLC
26 October 2018
26 October 2018
SEGRO EXITS BELGIUM WITH SALE OF FOUR BIG BOX WAREHOUSES
SEGRO plc ("SEGRO"), in its role as venture adviser to the SEGRO
European Logistics Partnership ("SELP") joint venture, has sold
four big box warehouses and adjacent development land in Belgium
owned by SELP.
SELP has received net proceeds of EUR83.4 million (SEGRO owns 50
per cent of SELP: its share of the proceeds is EUR41.7 million),
equating to a net initial yield to SEGRO on the land and assets of
4.7 per cent (topped-up net initial yield of 5.6 per cent including
a one year rent guarantee on the unoccupied space).
The warehouses total 92,500 sq m of space, of which 82 per cent
is occupied (by ERV), with a weighted average unexpired lease
length of 6.5 years to break and 7.1 years to expiry as at 30
September 2018.
This disposal successfully concludes SEGRO and SELP's presence
in Belgium, at a modest premium to book value, in line with SEGRO's
strategy to exit markets where it does not have, or does not expect
to achieve, a scale position.
SEGRO and SELP were advised by Knight Frank.
ENDS
For further information, please contact:
SEGRO plc
Harry Stokes (Commercial Finance Director)
Tel: +44 (0) 20 7451 9124 / harry.stokes@segro.com
Lizzie Humphreys (External Communications Manager)
Tel: +44 (0) 20 7451 9129 / lizzie.humphreys@segro.com
Richard Sunderland / Claire Turvey / Eve Kirmatzis (FTI
Consulting)
Tel: +44 (0) 20 3727 1000
Notes to Editors:
ABOUT SEGRO
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 6.9 million square metres
(74 million square feet) of space valued at over GBP10 billion,
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 eight other European
countries.
See www.SEGRO.com for further information.
ABOUT SEGRO EUROPEAN LOGISTICS PARTNERSHIP ('SELP'):
SELP is a joint venture in which SEGRO owns a 50 per cent
interest. It was established in October 2013 and owns over EUR3.0
billion of big box warehouses and development land across seven
Continental European countries. SEGRO acts as asset, property and
development manager for SELP.
For further information see www.SELP.lu.
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contact rns@lseg.com or visit www.rns.com.
END
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