LONDON--(BUSINESS WIRE)--Regulatory News:
SEGRO, in its role as venture adviser to the SEGRO European Logistics Partnership (SELP) joint venture, today announces on behalf of SELP, the disposal of a portfolio of logistics warehouses in Italy. The total cash consideration for the disposal was €327 million.
The portfolio consists of four warehouses, two located in Milan and two in Rome, and has a total floor space of 338,745 sq m. All of the warehouses were developed by Vailog SEGRO and the portfolio is fully leased to three different customers active in the online and traditional retail sectors. The portfolio generates a passing rent of €19 million and has an average WAULT of 10.5 years.
Luca Sorbara, Co-Head of Italy at SEGRO, said:
We developed and delivered these modern, highly sustainable warehouses for some of our largest customers in Italy to support their expansion plans. This disposal has enabled us to divest some assets with long-leases and limited asset management potential, allowing us to recycle capital into other attractive development and investment opportunities.
About SEGRO
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property. It owns or manages 10.4 million square metres of space (112 million square feet) valued at £20.7 billion at 31 December 2023, serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries.
For over 100 years SEGRO has been creating the space that enables extraordinary things to happen. From modern big box warehouses, used primarily for regional, national and international distribution hubs, to urban warehousing located close to major population centres and business districts, it provides high-quality assets that allow its customers to thrive.
A commitment to be a force for societal and environmental good is integral to SEGRO's purpose and strategy. Its Responsible SEGRO framework focuses on three long-term priorities where the company believes it can make the greatest impact: Championing low-carbon growth, Investing in local communities and environments and Nurturing talent.
See www.SEGRO.com for further information.
About SEGRO European Logistics Partnership S.Ã r.l. (SELP)
SELP is a joint venture in which SEGRO owns a 50 per cent interest. It was established in October 2013 and owns €6.7 billion of big box warehouses and development land across seven Continental European countries. SEGRO acts as asset, property and development manager for SELP.
For further information see www.SELP.lu.
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CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA ENQUIRIES:
SEGRO
Soumen Das (Chief Financial Officer) Tel: +44 (0) 20 7451 9110
Claire Mogford (Head of Investor Relations) Tel: +44 (0) 20 7451 9048
Gary Gaskarth (External Communications Manager) Tel: +44 (0) 20 7451 9069
FTI Consulting (NYSE:FCN)
Richard Sunderland / Ellie Sweeney / Eve Kirmatzis Tel: +44 (0) 20 3727 1000
Source: SEGRO plc