12th Nov 2014 08:18
LONDON (Alliance News) - SEGRO PLC on Wednesday said it has agreed a deal to sell a portfolio of six logistics properties and a smaller regional warehouse in the UK to Logicor.
Logicor, the European logistics arm of US private equity group Blackstone Group LP, will pay GBP153.3 million for the portfolio, which includes logistics warehouses in Bardon, Bicester, Maidstone, Sheffield and Swindon and a smaller warehouse in Norfolk.
The proceeds are to be used to reduce SEGRO's debt, it said.
"This disposal enables us to strengthen further our long-term focus on the major logistics hubs and corridors in the UK and Continental Europe which we believe offer the optimal potential to deliver ongoing value and growth for our shareholders," said SEGRO Chief Investment Officer Phil Redding.
SEGRO shares were down 0.3% to 384.8 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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