Disposals

SEGRO announces the sale of a portfolio of six industrial estates in Greater
London to Legal & General Property for £38.2 million

SEGRO, Europe's leading industrial REIT, announces that it has agreed the sale
of a portfolio of six industrial estates in Greater London to the Industrial
Property Investment Fund (IPIF) managed by Legal & General Property for £38.2
million.

The portfolio comprises six multi-let freehold industrial estates at various
locations across London, providing a total lettable space of 43,114 sq m. The
portfolio currently has a vacancy rate of 15.4% by ERV and a weighted average
unexpired lease term of 2.7 years to earliest expiry. The sale price represents
a net initial yield of 6.2% or 8.5% including the benefit of rent top ups and
guarantees.

The six estates that make up the portfolio are:

  * Abbeydale Road, Park Royal
   
  * Bush Industrial Estate, Park Royal
   
  * Brent Crescent, Park Royal
   
  * David Road and Willow Road, Poyle
   
  * Crusader Industrial Estate, Haringey
   
  * Blackwall Trading Estate, Poplar
   
To date in 2011, SEGRO has disposed of £89 million of assets (including SEGRO's
share of joint venture disposals). 

David Sleath, SEGRO's Chief Executive, said,

"This disposal is part of our strategy to concentrate on larger holdings and
higher quality assets in our core markets. The sale demonstrates that despite
uncertain economic conditions, there is still good demand from investors for
industrial properties."

Jonathan Holland, Senior Fund Manager at Legal & General Property, said,

"This transaction provides the IPIF with the opportunity to acquire a portfolio
of management intensive London assets, which we believe offer added value
opportunities over the long term. Industrial property in London has seen a
stronger recovery than the rest of the UK and, whilst occupier demand across
the UK looks set to continue to be weak, London, boosted by international trade
and tourism as well as an improving finance and business sector, should support
downstream demand for smaller industrial occupiers. As a result of this
transaction, the Fund's London weighting increases from 29.7% to 32.3%."

Dohertybaines advised SEGRO on the disposal and Jones Lang LaSalle advised
Legal & General Property.

For further information please contact:

SEGRO                   [phone]   Alex Shorland-Ball               
                                                                               
Tulchan Communications  [phone]   John Sunnucks/ David Shriver     

About SEGRO:

SEGRO is Europe's leading developer and owner of industrial space. The Group is
a Real Estate Investment Trust (REIT), listed on the London Stock Exchange.
SEGRO's portfolio comprises £5.4 billion of predominantly industrial and
warehouse assets concentrated in and around major business centres and
transportation hubs such as ports, airports and motorway intersections. The
Group serves over 1,600 customers spread across many geographies and different
industry sectors. It has 5.5 million sq m of built space and a passing rent
roll of £340 million (as at 30 June 2011). For further information see 
www.SEGRO.com