15th Dec 2015 07:34
LONDON (Alliance News) - Industrial property investor SEGRO PLC on Tuesday said it has completed an asset swap deal with Hermes Property Unit Trust.
Under the agreement, SEGRO has acquired a 9,800 square metre, single-let, modern distribution warehouse in Hayes in west London for GBP21.9 million.
Meanwhile, Hermes has acquired two multi-let industrial estates from SEGRO totalling 29,300 square metres for GBP47.0 million. Both are located close to Heathrow Airport.
The balance of GBP25.1 million has been paid to SEGRO by Hermes.
"This off-market transaction represents SEGRO's second property swap in three months and has allowed us to acquire a modern, well-specified distribution warehouse let to a strong single occupier on a long lease in an area of West London critically short of modern space," said Phil Redding, chief investment officer at SEGRO.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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