16th Sep 2013 09:06
LONDON (Alliance News) - Segro PLC Monday said it has completed the GBP30 million acquisition of an East London warehouse from Gemini (Propinvest) that will give it fast access to Central London and the national motorway network.
The logistics warehouse was developed in 2004 and is an area of 25,500 square metres. It will be let to London City Bond Limited, a bonded warehousing and distribution company servicing the wines and spirits industry, until 2028. Segro said the GBP30 million purchase price represents a 6.9% net initial yield.
"This is an excellent opportunity to acquire a modern and well specified warehouse in a key location close to Central London, where the supply of this type of product is limited, and with good national transport links. The purchase fits with our strategic objective of expanding our big box logistics platform in major transportation hubs and corridors, both in the UK and via our new joint venture, SEGRO European Logistics Partnership, in Continental Europe," Phil Redding, chief investment officer, said in a statement.
Segro shares were Monday morning quoted at 309.8 pence, up 5.4 pence, or 1.8%.
By Samuel Agini; [email protected]; @samuelagini
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