Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Segro Buys Slough Office Portfolio in UK.

Document Cited in Related
Vincent

MANews-(C)2009-2021

UK-based property developer Segro plc (OTC: SEGXF) has acquired a portfolio of offices on the Bath Road, Slough, from clients of AEW for GBP 425m (USD 570.81m), the firm said.

The portfolio represents 89,000 sq m of built space spread across 39 acres of land with a passing rent of GBP 20m, reflecting a net initial yield of 4.6%.

Segro previously developed the office portfolio and sold it as part of its strategy to dispose of non-core assets, with the proceeds reinvested into the group's highly profitable development pipeline.

Since January 2016, when the office portfolio was sold, the Slough Trading Estate has delivered capital value growth of 59% and was valued at GBP 2.2bn as of June 2021.

The ageing nature and relatively short lease terms of some of the offices means that this acquisition will enhance Segro's ability to satisfy growing customer demand for data centres, creative industries, life science occupiers and other potential users of industrial space in Slough.

Segro is a UK Real Estate Investment Trust, 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 8.8m square metres of space (95m square feet) valued at GBP 17.1bn...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT