SEGRO has bought out KBC Real Estate’s 50% stake in its Belgian logistics property joint venture for £28.1m.
The JV consisted of two assets totalling 990,000 sq ft. Occupiers include DHL, Cummins and two medical supply distributors.
The buyout follows SEGRO’s forming an £840m logistics property JV in Europe, known as SEGRO European Logistics Partnership.
The Belgian assets will be injected into the SELP vehicle at a net initial yield of 7.7%.
SEGRO is now actively seeking to dispose of KBC’s 50% stake in two small land holdings at Zaventum and Kortenberg.
chris.berkin@estatesgazette.com
