11th Oct 2018 15:20
LONDON (Alliance News) - Segro PLC on Thursday said it has sold a 158,000 square metre warehouse near Rome for EUR118 million.
Segro did not reveal to whom it has sold the warehouse, which is in Passo Corese, 35 kilometres north-east of the Italian capital.
In a separate announcement, Tritax EuroBox PLC said it has bought a 158,000 square warehouse in Passo Corese for EUR118 million, but did not reveal the seller.
Segro said the warehouse was developed for a "global" retailer, on a 15-year lease which started in 2017.
Tritax Fund Manager Nick Preston said: "We are delighted to announce the second investment for Tritax EuroBox, with the acquisition of this regional fulfilment centre, which provides the company with 14 years of core foundation income, let at a market level to a world leading online retail company.
"This purpose-built asset is situated in a prime logistics location just north of Rome, Italy's largest urban conurbation. Benefiting from excellent transport connectivity, the property plays a key role in the occupier's network in Italy and across Europe and has benefited from significant capital investment."
He added: "Central Italy's logistics market continues to see strong and growing demand from occupiers with limited availability of large-scale, modern, grade A logistics buildings and development land. Supply/demand dynamics evident in the Rome/Central Italy logistics market provide good income growth potential for this property."
Segro shares were 0.5% lower Thursday at 605.60 pence each, while Tritax shares were 0.9% down at 99.83p.
Related Shares:
SegroTritax Eurobox