LONDON (ShareCast) - Segro has sold six UK logistics properties and a smaller regional warehouse to Logicor, Blackstone's European logistics platform, for £153.3m.
The property investment company said the sale proceeds were 3% ahead of the most recently reported acquisition and book values at 30 June.

The portfolio is fully let and generates annualised net rent of £9.3m, which will rise to £11.2m once rent-free periods and fixed uplifts over the next five years are taken into account.

The sale includes logistics warehouses formerly part of the Logistics Property Partnership joint venture located in Bardon, Bicester, Maidstone, Sheffield, and Swindon along with a smaller warehouse in Norfolk.

Segro will own £481m of UK big box logistics assets following the disposal. Proceeds will be used to reduce group net debt.

"This disposal enables us to strengthen further our long-term focus on the major logistics hubs and corridors in the UK and Continental Europe which we believe offer the optimal potential to deliver ongoing value and growth for our shareholders," said chief investment officer Phil Redding.

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