10th Mar 2015 07:30
LONDON (Alliance News) - SEGRO PLC Tuesday said it has exchanged contract to sell its recently completed Energy Park office campus near Milan to Hines Italia SGR for EUR118.7 million, or about GBP85.4 million, a 5% premium to the property's book value at the end of 2014 and representing a net initial yield of 7.3%.
It expects the deal to complete in the second quarter of 2015.
Energy Park is a fully-let, 61,400 square metre suburban office park built by SEGRO and completed in mid-2014, which generates an annualised net rent of EUR8.8 million, or about GBP6.3 million from Alcatel Lucent and a range of other tenants including DNV, SAP, Nobel Biocare and Stanley Black & Decker.
"Energy Park is the last of the six, large non-strategic assets identified for disposal in November 2011. The portfolio re-shaping programme was a vital element of the SEGRO strategy to improve the quality of its asset base by focusing on modern warehousing and light industrial property," SEGRO Chief Investment Officer Phil Redding said.
By Steve McGrath; [email protected]; @stevemcgrath1
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