Tue, 21 Feb 2012 | COMMERCIAL PROPERTY
Property firm Segro has sold off five industrial estates in Southern England for a total of £80.2 million.
The industrial estates are based in Bristol, Crawley, Fareham, Portsmouth and Southampton and they have been sold to two funds controlled by Ignis Asset Management.
In total, the industrial estates offer 74,734 sq m. of lettable space. The portfolio is currently let and has a weighted average unexpired lease term of 6.75 years to earliest expiry.
The move is part of Segro’s strategy, announced in November, to dispose of £1.6 million worth of non-core assets and focus on warehouses in London and the South East.
According to a report in the Telegraph, the commercial properties were sold at around 2 per cent below what they were valued at last summer, reflecting tough economic conditions.
Phil Redding, Segro chief investment officer, said, “We continue to make good progress on our strategic objectives, which includes the reshaping of our portfolio to ensure that we hold the highest quality assets in the strongest markets.”
He added, “The sale of these assets demonstrates that, despite the uncertain economic environment, investor demand for industrial assets remains resilient.”
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