23rd Nov 2015 07:42
LONDON (Alliance News) - SEGRO PLC Monday said it has acquired a portfolio of three fully-let logistics buildings in the Netherlands for EUR92.7 million from a private Dutch developer Dok Vast.
The portfolio totals 104,000 square meters of space. Two of the buildings, accounting for 95,400 square meters, are less than three years old and are let to Nokia Solutions and Networks OY and Tesla Motors Netherlands BV. SEGRO said the price it paid equates to a net initial yield of 6.1% for a combined weighted average lease term of five years to first break.
"The off-market acquisition of these properties is in line with our strategy to build scale in modern, big box warehouses in core logistics locations in the UK and Continental Europe. Tilburg is a prime logistics market with a shortage of quality supply, low vacancy and strong occupier demand, and should benefit further from future expansion of the port," said Chief Investment Officer Phil Redding in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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