26th Oct 2018 07:55
LONDON (Alliance News) - SEGRO PLC said Friday it will net EUR41.7 million from the sale of four warehouses and adjacent development land in Belgium.
The real estate investment trust said the disposal successfully concludes the company's exit from Belgium, at a modest premium to book value, in line with a strategy to exit non-core markets.
The four big box warehouses and the land was sold by the company's 50%-owned joint venture, SEGRO European Logistics Partnership, for EUR83.4 million.
Last week, the company reported a strong third quarter leasing performance due to continuation of favourable occupier market conditions.
It also said it remained optimistic about prospects for the remainder of the current year and into 2019 due to strong occupier and investor demand for warehouse space.
The company contracted GBP12.6 million of new headline rent in the three months to September-end, a year-on-year increase of 43%. Total contracted headline rent for the first nine months of 2018 stood at GBP52.0 million, up 43% from GBP36.4 million the year before.
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