Disposal

RNS Number : 5979Y

SEGRO PLC

24 December 2010

 



24 December 2010

DISPOSAL OF TREFOREST INDUSTRIAL ESTATE FOR £27.7 MILLION

SEGRO, Europe's leading provider of flexible business space, announces that it has completed the disposal of the Treforest Industrial Estate near Cardiff to Hansteen Property Unit Trust (HPUT) 33% owned and managed by Hansteen Holdings PLC for a total consideration of £27.7 million.

The Treforest Industrial Estate comprises 124 properties with a total lettable area of 85,300 sq m.  The Estate currently has a vacancy rate of 25% and a weighted average unexpired term certain of 4.2 years. 

King Sturge advised SEGRO on the disposal.

Ian Sutcliffe, SEGRO's UK Managing Director said, "This disposal in our National Markets portfolio further progresses our strategy of focusing on our identified core clusters where SEGRO is able to add most value. The sale shows the continued demand for industrial properties even in this uncertain economic climate."

Morgan Jones, Hansteen's Joint Chief Executive commented "This acquisition complements the other properties in HPUT.  It provides an attractive running yield and with a high void and vacant land presents an opportunity to enhance returns through our intensive approach to management."

For further information please contact:

SEGRO	[phone]	Eleanor Johnson
Maitland	[phone]	Liz Morley
Hansteen Holdings PLC	[phone]	Morgan Jones / Ian Watson
Tavistock Communications	[phone]	Jeremy Carey / Amy Walker

About SEGRO

SEGRO is Europe's leading provider of flexible business space. The Group is a Real Estate Investment Trust (REIT), listed on the London Stock Exchange.  SEGRO's portfolio comprises £5.3 billion of predominantly industrial and warehouse assets concentrated in and around major business centres and transportation hubs such as ports, airports and motorways intersections.  The Group serves over 1,900 customers spread across many geographic and different industry sectors.  It has 5.9 million sq m of built space and a passing rent roll of £334 million as at 30 June 2010.  For more information: www.SEGRO.com

About Hansteen

Hansteen Holdings PLC (LSE: HSTN) is a European industrial REIT that invests in properties with high yields, low financing costs and opportunity for value improvement across the Netherlands, Germany, Belgium, France and the UK.

In 2010 Hansteen increased its portfolio to 189 assets with a value of around £721.9 million through the acquisition of a German industrial property portfolio from HBI for approx. €330 million and the acquisition of the 1.2 million sq ft multi-sector Kilmartin portfolio of UK properties for £80.37 million.

 

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