SEGRO has sold a portfolio of six UK sheds to Blackstone’s Logicor business for a £153.3m yield.
The fully-let portfolio generates a net income of £9.3m, rising to £11.2m once rent-free periods and fixed uplifts over the next five years are taken into account.
The 2m sq ft portfolio comprises logistics warehouses that were formerly part of the Logistics Property Partnership joint venture.
It includes two warehouses in Swindon, Berkshire, and one each in Bardon, Leicestershire; Bicester, Oxfordshire; Maidstone, Kent; and Sheffield.
It also includes a smaller warehouse in Norfolk purchased by SEGRO in July as part of a portfolio.
SEGRO’s portfolio of big-box sheds is now valued at £481m in total.
The proceeds of the sale will be used to pay down the group’s debt.
Phil Redding, SEGRO’s chief investment officer, said: “This disposal enables us to strengthen further our long-term focus on the major logistics hubs and corridors in the UK and Continental Europe, which we believe offer the optimal potential to deliver ongoing value and growth for our shareholders.”
