SEGRO has sold the Heston & Airlinks Industrial Estate near Heathrow Airport to Capital Industrial for £79.5m.
The 481,000 sq ft warehouse was sold at a 5.1% net initial yield.
Heston Industrial Estate, which has 47 units, has a vacancy rate of about 1% and a weighted average lease length of 5.4 years.
SEGRO said it will use proceeds from the sale to fund the development of new warehousing in its core markets.
Phil Redding, chief investment officer at SEGRO, said: “This disposal reflects both our desire to focus our portfolio on more modern and less management-intensive assets, as well as the continuing, strong investor demand for multi-let warehouse assets in London.”
JLL acted on behalf of the buyers.
From July: SEGRO NAV edges up 2.6% >>
From June: SEGRO sells big box portfolio in Europe >>
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