23rd Dec 2021 15:24
Segro PLC - FTSE 100-listed London-based commercial property investor and developer - Buys portfolio of offices on the Bath Road, Slough, from clients of real estate asset manager AEW for GBP425 million.
Portfolio represents 89,000 square metres of built space spread across 39 acres of land with a passing rent of GBP20 million, reflecting a net initial yield of 4.6%.
Segro previously owned the offices but sold them off as part of a strategy to dispose of non-core assets. Since January 2016, when the office portfolio was sold, the Slough Trading Estate has delivered capital value growth of 59% and was valued at GBP2.2 billion as of June 2021.
"The ageing nature and relatively short lease terms of some of the offices means that this acquisition will enhance Segro's ability to satisfy growing customer demand for data centres, creative industries, life science occupiers and other potential users of industrial space in Slough," company says.
Current stock price: 1,390.38 pence
Year-to-date change: up 47%
By Paul McGowan; [email protected]
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