Le mie ricette per la real estate communitySEGRO plc has exchanged contracts to sell a portfolio of UK big box warehouses for £241 million to a fund advised by Morgan Stanley Real Estate Investing, acting through a controlled subsidiary in joint venture with Thor Equities Group. The transaction is expected to complete by the end of the year.
The portfolio comprises seven stand-alone big box warehouses with a total floor space of 203,400 sq m. The assets being sold are located in Warth Park, Raunds; DIRFT, Daventry; Rye Park, Hoddesdon; Hams Hall, Coleshill; Grove Park, Leicester; The Duke, Burton-on-Trent and Magna Park, Lutterworth. The combined vacancy rate is 18.5 per cent and unexpired lease term to the earlier of break or expiry is 6 years. The current passing rent of the portfolio is £10.1 million.
SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, manager and developer of modern warehouses and light industrial property. It owns or manages 7.8 million square metres of space valued at £11.7 billion, serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in eight other European countries.
Source : SEGRO