SEGRO and UK Commercial Property Trust have agreed a property swap, with the former acquiring the big-box hub of George clothing in return for an industrial estate and cash consideration.
SEGRO will take ownership of a 300,000 sq ft single-let shed on the Brackmills Industrial Estate, Northampton, for £1m, with UKCPT purchasing the 590,000 sq ft multi-let Ventura Park in Radlett, Hertfordshire, for £67.1m and paying £36.1m in cash to SEGRO.
SEGRO’s new shed was built in 1997 and refurbished in 2007, it is let to Asda until 2028.
UKCPT was advised by Standard Life Investment.
SEGRO chief investment officer Phil Redding said: “This off-market transaction is in line with our strategy to grow our logistics portfolio by acquiring a modern, well-specified distribution unit, in a prime Midlands location, on a long lease to a single occupier of undoubted covenant strength.”
