SEGRO, the FTSE 250 European industrial property firm, has offloaded a portfolio of five "non-core" UK industrial estates to Ignis Asset Management for £80.2m.
The sales represents a net initial yield of 6.3%, 7% including the benefit of rent top-ups and guarantees.
The disposal of the five estates is in line with the group's strategy announced in November 2011 to focus its UK multi-let industrial portfolio on London and the South East - "this disposal marks a positive step forward in the execution of these plans," the statement said.
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The industrial estates - Trilogy in Fareham, Southern Cross Distribution Park in Southampton, Emersons Green in Bristol, Gatwick Gate in Crawley and Motor Park in Portsmouth - have a total lettable space of 74,734 square metres and is currently fully let.
"We continue to make good progress on our strategic objectives, which includes the reshaping of our portfolio to ensure that we hold the highest quality assets in the strongest markets," said Chief Investment Officer Phil Redding.
"With this disposal, our plans have taken a further, positive step forward following the recently-completed acquisition of the prime UKLF logistics warehouse units. The sale of these assets demonstrates that, despite the uncertain economic environment, investor demand for industrial assets remains resilient," he said.
BC
