26th Sep 2013 11:40
LONDON (Alliance News) - Segro PLC said it has completed the sale of West Cross Industrial Park to Legal & General Property for GBP75.0 million.
West Cross Industrial Park is a 46,000 square metre mixed use park in Brentford, West London, comprising of industrial assets, 64 per cent by value, offices, a retail warehouse and leisure facilities.
There are 28 customers on the Park, including BSkyB, DSG Retail Limited, trading as PC World, NTL and Marsh Wall, trading as Berry BMW.
The park has a vacancy rate of 7.4 per cent and a weighted average unexpired lease term to break of 5.2 years.
The sale price represents a net initial yield of 5.4 per cent, or 6.8 per cent including the benefit of top-ups in relation to lease incentives. The net sale proceeds, after the deduction of top-ups, are 10.2 per cent above the 30 June 2013 book value and 5.4% above the 31 December 2012 value.
Segro shares were trading at 309.80 pence, up 1.50 pence or 0.5%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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