Industrial owner-developer SEGRO has announced £159m of asset disposals.
This includes the Thales campus in Surrey for £80m and four UK industrial estates for £26m.
While the group’s core industrial portfolio has outperformed the IPD index, non-core and suburban office values have weakened, leading to a £180m drop in overall portfolio valuation in the second half of the year, according to a stock exchange announcement this morning.
SEGRO’s portfolio of predominantly industrial assets is valued at £4.8bn.
Chief executive David Sleath said: “Although challenging investment market conditions have meant a decline in the value of our remaining non-core and suburban office assets, the valuation of our core industrial, logistics and data centre properties has remained resilient. We expect 2013 to be another year of progress, both operationally and with the reshaping of our portfolio.”
sophia.furber@estatesgazette.com
