LONDON (ShareCast) - Segro, the FTSE 250 real estate investment trust, has signed a deal for the sale of Pegasus Park in Brussels for £66.2m.

The group said the proceeds were in line with the book value at the 2013 year-end and represent a yield to Segro of 9%.

Pegasus is the fifth of the six large, non-strategic assets that were previously identified for disposal as part of the company's strategic review to be sold.

The site includes an a 81,500 square metre office park and seven hectares of development land adjacent to Brussels Airport. It generates annualised net rental income of £6.9m.

Chief Investment Officer Phil Redding said: "The disposal of Pegasus Park is a further important milestone in the strategic reshaping of our portfolio, reducing our exposure to regional office parks and providing funds to strengthen our balance sheet and build critical mass in our core products.

"In the year to date, we have invested over £200m in logistics assets in Germany, France, Poland and the UK at an average yield of 7.3%, increasing our focus on more modern, less management-intensive logistics warehouses to drive sustainable, long-term total property returns."

The transaction is expected to complete in the third quarter.

NR

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE