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SEGRO : SGRO – acquisition

SEGRO has acquired a portfolio of four UK logistics properties from Harbert European Real Estate Fund III, L.P for £49.5m, equivalent to a net initial yield of 6.3 per cent (the annual net rent is £3.2m). The portfolio is fully let for an average lease length of 6.2 years to the earlier of break or expiry.
The portfolio comprises four Grade A warehouses totalling 53,100 sq m all constructed since 2001: three big box distribution warehouses located within the UK logistics “golden triangle” in the Midlands and a light industrial warehouse on a business park in Norfolk.
—     Hams Hall Distribution Park, Birmingham: Hams Hall Distribution Park is situated close to junctions with the M42 and M6 motorways and also benefits from a rail freight terminal. SEGRO acquiring two warehouses on the Park: a 16,500 sq m logistics unit built in 2001, let to Exel Europe, a subsidiary of Deutsche Post; and a 14,900 sq m logistics unit let to Beko PLC, built in 2003.
—     Grove Park, Leicestershire: Grove Park is situated close to junctions with the M1 and M69 motorways. SEGRO has acquired a 14,600 sq m distribution warehouse, built in 2006, and let to British Gas Holdings Ltd.
—     Gateway 11 Business Park, Norfolk: Gateway 11 Business Park is situated on the outskirts of Norwich, and SEGRO is acquiring a 7,100 sq m high-spec warehouse built in 2006 and let to Williams Lea Ltd, a subsidiary of Deutsche Post.

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