SEGRO Disposes of €327 Million Logistics Warehouse Portfolio in Italy
July 19 2024 - 2:00AM
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.à 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 Richard Sunderland / Ellie Sweeney / Eve
Kirmatzis Tel: +44 (0) 20 3727 1000