19th Jul 2024 07:38
(Alliance News) - Segro PLC on Friday said its Italian joint venture Segro European Logistics Partnership disposed of multiple logistics warehouse assets.
The London-based property investment firm sold four warehouses, two located in Milan and two in Rome, covering 338,745 square metres for a EUR327 million cash consideration.
The portfolio is fully leased to three customers in the online and traditional retail sectors, and generates a passing rent of EUR19 million with an average lease term of 10.5 years.
All four warehouses were developed by Vailog Segro, an Italian developer which Segro fully acquired in April last year after first buying a majority stake in 2015.
Segro Co-Head of Italy Luca Sorbara said: "We developed and delivered these modern, highly sustainable warehouses for some of our largest customers in Italy to support their expansion plans. This disposal has enabled us to divest some assets with long-leases and limited asset management potential, allowing us to recycle capital into other attractive development and investment opportunities."
Segro shares had closed 0.4% higher at 928.49 pence each on Thursday in London.
By Elijah Dale, Alliance News reporter
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