LONDON (ShareCast) - SEGRO has bought a 38,150 square metre single-let warehouse at Magna Park, Lutterworth, from Picton Property Income through a property swap deal.

The distribution centre, currently leased to Primark until 2026, was acquired for £34m.

Meanwhile, Picton has purchased SEGRO’s 32,810 square metre multi-let industrial estate at Parkbury, Radlett, for £40.5m. The remaining balance of £6.5m has been paid to SEGRO in cash.

SEGRO said Magna Park is “one of the best distribution parks in the UK”, situated within the so-called ‘golden triangle’ which has easy access to a network of motorways including the M1, M69, M6, M40 and M5.

"This is another innovative, off-market property transaction that demonstrates how SEGRO is continuing to reshape its portfolio,” said Chief Investment Officer Phil Redding.

“This acquisition is in line with our strategy to increase our presence in the UK logistics market by acquiring modern, single-let distribution warehouses in prime locations along major transportation hubs and distribution corridors."

SEGRO was trading more or less flat at 332.31p in early trading on Monday.

BC

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