SEGRO sells Italian logistics portfolio

SEGRO has sold a portfolio of logistics warehouses in Italy from its SEGRO European Logistics Partnership joint venture for €327m (£275m). The portfolio consists of four warehouses, two in Milan and two in Rome, and has a total floor space of 3.6m sq ft. All of the warehouses were developed by Vailog SEGRO and the portfolio is fully leased to three different online retail tenants. The portfolio generates a passing rent of €19m and has an average WAULT of 10.5 years. Luca Sorbara, SEGRO’s 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.”