16th Jul 2021 09:34
(Alliance News) - Segro PLC on Friday said it has sold a portfolio of Italian warehouses for EUR127.5 million.
The portfolio consists of six warehouses with a total floor space of 56,000 square metres. They are located in Florence in central Italy, in Burago in the northwest of the country, and in Padua, Parma and Verona, all in northern Italy.
The warehouses, developed for a "global online retail company", were sold to AXA IM Alts, part of AXA SA.
"We developed and delivered these warehouses for one of our key customers to support their expansion plans. Investor demand for prime, modern industrial assets is very strong in Italy as a result of the rapid growth of e-commerce. The warehouses within this portfolio are located outside our core markets so we have chosen to capitalise on buoyant market conditions to sell this portfolio at a price materially ahead of December 2020 book value. We will be recycling the capital into exciting opportunities in other parts of Italy," Segro Group Investment Managing Director David Proctor said.
Shares in the London-based property investment and development firm were marginally higher at 1,168.50 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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