Industrial property specialist, Segro, has sold four "non-core" industrial estates for 204.5m sterling.
The buyer, a fund advised by Harbert Management Corporation, now owns the Heywood Distribution Park in Rochdale, Trafford Park in Manchester, Kings Norton Business Centre and Meteor Park in Birmingham.
The sale proceeds, net of lease incentive top-ups, are 2.9% below the book value as of December 31st last year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Segro has also cancelled two committed debt facilities formerly provided to the group by one of its 13 lending banks. The facilities amounted to £82m and matured in 2014.
Trading terms: The Santa Rally
Glossary Will the Santa Rally result in its traditional December effect on global markets?
By Dr Matthew Partridge Published
Lock in high yields on savings, before they disappear
As interest rates peak, time to lock in high yields on your savings, while they are still available.
By Ruth Jackson-Kirby Published