Segro turns it back on retail property
Segro has quit the retail property market after selling its 50% stake in its shopping centre joint venture with Tesco to British Land for £26.9m.
Focused: the group will now be focusing on industrial business space.
The property group, which earlier this year bought rival Brixton, began offloading its retail assets in 2004 to concentrate on industrial business space such as offices, warehouses and distribution centres.
The sale of its interest in the Surrey Quays Shopping Centre in Rotherhithe and Clifton Moor retail park in York completes its departure from retail property.
Both shopping centres are anchored by Tesco superstores and the deal marks British Land's (up 2.6p at 464.9p) fifth tie-up with the supermarket juggernaut.
Shares in Segro, once known as Slough Estates, were down 0.7p at 343p.
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