SEGRO has confirmed the sale of its 1.6m sq ft business park IQ Farnborough, Hampshire, for £90.1m – a 6.5% net initial yield.
The two-part sale sees the joint venture between US investor Harbert Management and XLB Property pay £79.7m for the existing built assets and 18 acres of development land.
In January, Estates Gazette revealed Harbert had beaten others thought to have included Blackstone and Moorfield to be named preferred buyer of the site.
The remaining 11 acres is to be sold to two future owner occupiers for £10.4m, upon the receipt of planning permission for development by the end of the year.
Phil Redding, SEGRO’s chief investment officer, said: “Following our sale of five multi-let industrial estates in February, today’s announcement takes disposal proceeds announced so far in 2012 to £170m, with further disposals expected over the balance of the year.”
Drivers Jonas Deloitte and Dowley Turner Real Estate advised Harbert; CBRE represented SEGRO.
joanna.bourke@estatesgazette.com
