SEGRO has sold a portfolio of big box warehouses and development land in Italy, the Czech Republic and Poland to the SEGRO European Logistics Partnership joint venture for €89.4m (£71m).
The portfolio contains four fully let, modern big box warehouses containing 1.4m sq ft of space, three of which are located in Italy – two assets in Bologna, let to global logistics operators Geodis and One Express respectively, and one in Milan let to retailer Leroy Merlin. They were acquired as part of the Vailog transaction in 2015. The fourth asset is located within the SEGRO Logistics Park in Prague and is let to the Danish pharmaceutical company, Orifarm.
The weighted average lease length of the tenancies is 11 years. The sale price of the built assets reflects an initial yield of 6.3%.
The portfolio also contains 18.1 hectares of land capable of supporting approximately 710,000 sq ft of big box warehouse development in Prague and Tychy, Poland.
In addition, SEGRO has exchanged contracts to sell a 4.7 hectare development site near Schiphol Airport, Amsterdam, to SELP. Completion is expected early in the second half of 2016.
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