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".
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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
One-year savings accounts beat the Bank of England’s base rate - should you fix your cash?
Several savings providers have upped their one-year rates meaning you can now earn more than the bank rate for the first time in over a month. Is now a good time to fix?
By Vaishali Varu Published
How likely are Spring Budget tax cuts? What the economists say
Chancellor Jeremy Hunt is expected to announce some tax cuts in the Spring Budget. But analysts warn they may come at a price for the UK
By Henry Sandercock Published