SEGRO sells first of six non-core assets
Industrial property owner SEGRO is planning to sell IQ Farnborough, a mixed-use business park and the first of its six large non-strategic assets to have been sold since being highlighted as non-core at the end of last year.
Industrial property owner SEGRO is planning to sell IQ Farnborough, a mixed-use business park and the first of its six large non-strategic assets to have been sold since being highlighted as non-core at the end of last year.
The park will be sold for £90.1m in two parts. The build assets, along with 18 acres of development land, have been sold to a joint venture for £79.7m, while 11 acres have been bought by two future owner-occupiers for £10.4m.
Phil Redding, SEGRO's Chief Investment Officer, said: "The disposal of IQ Farnborough marks further progress with our strategic objectives, which includes the reshaping of our portfolio to ensure that we hold the highest quality assets in the strongest markets.
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
"Following our sale of five multi-let industrial estates in February, today's announcement takes disposal proceeds announced so far in 2012 to £170 m, with further disposals expected over the balance of the year."
IQ Farnborough currently provides a total lettable space of 411,000 sq ft.
The combined sale and owner-occupiers reflects a net initial yield of 6.5%, or 7.0% with the benefit of lease incentives/rental guarantees. The total sale proceeds, net of lease incentives/rental guarantees, are around 0.8% below the December 31st 2011 book value, the firm said.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap