SEGRO has completed a property swap that has yielded it a 210,000 sq ft warehouse in Northampton.
Valued at £20.5m, the facility is let to global third-party logistics provider Yusen Logistics, which services a contract with Samsung.
Yusen has nine years left on its lease. The price reflects a 5.5% yield.
In exchange it has disposed of two Premier Inn hotels in Uxbridge and Enfield at a price reflecting a yield of 4.7%.
Phil Redding, SEGRO’s chief investment officer, said: “The acquisition of a big-box warehouse in exchange for two hotels is in line with SEGRO’s strategy of building scale in its UK big-box portfolio while also crystallising gains we have generated from the development of higher-value use assets on industrial land.”
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