MARKETING FOR SALE OF SLOUGH OFFICE PORTFOLIO

RNS Number : 1995Y

SEGRO PLC

07 September 2015

 

7 September 2015

SEGRO COMMENCES MARKETING CAMPAIGN TO SELL

SLOUGH OFFICE PORTFOLIO

SEGRO plc ('SEGRO' or 'the Company'), the FTSE 250 owner, asset manager and developer of modern warehousing and light industrial property, announces that it has appointed CBRE to explore a potential sale of its portfolio of offices on the Bath Road in Slough.

The portfolio contains 972,300 sq ft of office properties leased to companies spanning blue-chip, national and international businesses, and one building currently being developed on a speculative basis. The portfolio generates £21.6 million of annualised rent (topped up for rent-free periods and rental guarantees) and has a vacancy rate of approximately 5 per cent as at 31 July 2015 and a weighted average lease length of 7 years to the earlier of break or expiry.

There can be no certainty either that any sale will occur, or of the nature or terms of any such transaction. A further announcement will be made as appropriate.

SEGRO's stated strategy is to develop, own and manage modern warehousing and light industrial property in and around major conurbations and at key transportation hubs. The Slough Trading Estate is the largest industrial estate in the Group's portfolio, with 6.5 million sq ft of office and warehouse space. As one of Europe's most important business parks, it will continue to be a core part of the Group's ongoing strategy and SEGRO remains fully committed to the continued investment in the remainder of the Slough Trading Estate.

ENDS

For further information, please contact:

SEGRO plc

Harry Stokes (Head of Investor Relations and Research)

Tel: [phone] / [e-mail]

Lizzie Humphreys (External Communications Manager)

Tel: [phone] / [e-mail]

FTI Consulting

Richard Sunderland / Claire Turvey

Tel: [phone]

About SEGRO:

SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, asset manager and developer of modern warehousing and light industrial property. It owns or manages 5.7 million square metres of space in £6.4 billion of assets (at 30 June 2015, SEGRO's share of which totals £5.2 billion), serving 1,200 customers from a wide range of industry sectors. Its properties are located around major conurbations and at key transportation hubs across eight European countries, principally in the UK, France, Germany and Poland.

For further information see www.SEGRO.com/investors.

 

END

 

 

MSCLLFVTAAISIIE