2nd Jun 2015 09:42
LONDON (Alliance News) - SEGRO PLC Tuesday said the SEGRO European Logistics Partnership joint venture has acquired a logistics facility in Dusseldorf for EUR66.6 million, reflecting a net initial yield of 4.7%
The FTSE 250-listed property company has acquired the site from Habacker Property 32 GmbH & Co KG, a subsidiary of Habacker Holding GmbH & Co KG, the developer, and from DSV Road GmbH, the logistics transport services provider which occupies the building.
The facility has a total floor area of 78,300 square metres, including warehouse space, a cross-dock facility and office space.
SEGRO has a 50% interest in SEGRO European Logistics, a joint venture with Public Sector Pension Investment Board that was formed in 2013.
"This acquisition is in line with our strategy to build scale in big box logistics warehouses in the core Continental European distribution markets and demonstrates our ability to find attractive, off-market deals," said Phil Redding, SEGRO's chief investment officer.
SEGRO shares were down 0.8% to 425.9 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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