SEGRO PLC: SEGRO and Schroders Complete UK Industrial Asset Swap
04 October 2021 - 5:00PM
UK Regulatory
TIDMSGRO
SEGRO plc ("SEGRO") and Schroders have completed a property swap
transaction in which SEGRO has acquired from Schroders a 256,000 sq
ft urban warehouse estate in West London for GBP140 million and
Schroders has acquired from SEGRO a portfolio of UK big box and
urban assets totalling 880,000 sq ft for GBP205 million. The
balance of GBP65 million has been paid by Schroders to SEGRO.
SEGRO has acquired Matrix Park, a fully let urban warehouse
estate in Park Royal, West London, close to existing SEGRO assets
and the A40. The estate also includes a 1.4 acre development site.
Based on current passing rent and lease reviews and renewals under
discussion the estate generates a passing rent of GBP4.1 million
and has an average WAULT of 5 years.
The portfolio acquired by Schroders consists of two stand-alone,
fully let big box assets in Hams Hall, Birmingham and Brackmills,
Northampton as well as four urban assets including multi-level
warehouse X2 close to Heathrow Airport, Oakwood in Park Royal,
Advent Way in North London and a cross-dock warehouse in Radlett.
Based on current passing rent and lease reviews and renewals under
discussion the portfolio generates a passing rent of GBP7.5 million
and has an average WAULT of 6 years.
David Proctor, Managing Director of Group Investment at SEGRO,
commented:
"This off-market transaction has allowed us to acquire a
significant multi-let industrial estate in one of our core markets,
offering strong rental growth potential as well as a medium to long
term redevelopment opportunity. At the same time we have been able
to divest a number of relatively small holdings, all of which were
ear-marked for disposal in the near to medium term."
SEGRO was advised by Montagu Evans and Gerald Eve acted on
behalf of Schroders.
ABOUT SEGRO
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 8.8 million square metres of space (95 million
square feet) valued at GBP17.1 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
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.
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 / Claire Turvey / Eve Kirmatzis
Tel: +44 (0) 20 3727 1000
View source version on businesswire.com:
https://www.businesswire.com/news/home/20211003005070/en/
CONTACT:
SEGRO plc
SOURCE: Segro plc
Copyright Business Wire 2021
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