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“SEGRO, Europe’s leading provider of flexible business space, announces it has sold its 50% stake in its shopping centre joint venture with Tesco to British Land for £26.9m. The consideration for the 50% stake is based upon a gross asset value of approximately £174m.
SEGRO and Tesco created the joint venture twenty years ago in 1989. This deal relates to SEGRO’s holdings in the two shopping centres located at Surrey Quaysin Rotherhithe and Clifton Moor in York.
This sale completes SEGRO’s exit from its interests in retail property. Since 2004 it has been actively divesting its retail property holdings to focus on flexible business space. In June 2008 it completed the sale of one of its major retail estates, the Bath Road Retail Park, Slough to the Crown Estate.
DTZ advised SEGRO on this transaction.” (CS di SEGRO).
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