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
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
BS
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
