Segro offloads non-core industrial assets

Segro, the real estate investment trust focused on industrial properties, has sold four 'non-core' assets in the north and Midlands.

The portfolio being disposed includes four multi-let industrial estates: Heywood Distribution Park in Rochdale; Trafford Park in Manchester; the Kings Norton Business Centre; and Meteor Park in Birmingham.

The sale is set to raise £204.5m but will also see the closure of Segro's two regional offices in Manchester and Birmingham. The transactions is still dependent on "finalisation of the purchaser's bank funding arrangements".

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Commenting, Phil Redding, SEGRO's Chief Investment Officer, said: "In the year to date, assuming the completion of this transaction, we have announced non-core asset disposals of £377m, with further disposals expected during the remainder of the year. This latest announcement is another important step forward in the process of re-shaping our portfolio to focus on core markets."

Segro's share price has declined by 97% in the last five years but today's news had lifted the stock 0.45% by 08:23

BS