LONDON (ShareCast) - Real estate investment trust Segro has sold seven regional German industrial estates and has agreed to dispose of a further three to Hansteen Holdings, for a total of €45.8m (£36.1m).
The firm added the disposal of the three remaining assets, which are worth £3.9m, should be completed within the first three months of 2015.

The total portfolio comprises 128,800 square metres of light industrial space and, at 30 September, had a vacancy rate of 14%, Segro said.

"The disposal marks another step in the continued progress of SEGRO's portfolio re-shaping strategy to focus on modern, sustainable properties in its core light industrial and big box logistics warehouse markets in the UK and Continental Europe," the group said in a statement.

The portfolio of seven properties Hansteen acquired from SEGRO comprises a total lettable area of 105,865 square metres, across sites located in Aachen, Hannover, Darmstadt and Willich.

"We are pleased to have assembled these high-yielding assets at their current vacancy levels and relatively low rents as we believe they offer significant reversionary potential," said Hansteen chief executive Ian Watson.

"Occupier demand in Germany for this type of property remains strong and we are now beginning to see significant capital interest in the sector too."

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