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Segro offloads Italian warehouse portfolio

The real estate firm has agreed to sell six warehouses to asset manager AXA IM Alts for €127.5mln

Segro - SEGRO offloads Italian warehouse portfolio

Segro PLC (LON:SGRO) said it inked a deal to sell a portfolio of six Italian urban warehouses to asset manager AXA IM Alts for €127.5mln (£109mln).

The FTSE 100 real-estate investment trust said the warehouses were developed by its Italian business, Segro-Vailog, for a global online retailer to support the growth of its distribution network in Italy.

READ: SEGRO premium justified as warehouse boom continues says broker

The portfolio has a total floor space of 56,000 square metres with warehouses located in Florence, Burago, Padua, Parma and Verona.

Segro added that five of the sales have already been completed with the sixth to complete later this year following the completion of additional works.

“We developed and delivered these warehouses for one of our key customers to support their expansion plans. Investor demand for prime, modern industrial assets is very strong in Italy as a result of the rapid growth of e-commerce. The warehouses within this portfolio are located outside our core markets so we have chosen to capitalise on buoyant market conditions to sell this portfolio at a price materially ahead of December 2020 book value. We will be recycling the capital into exciting opportunities in other parts of Italy”, said David Proctor, Segro’s managing director of group investment.

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Price: 1254 GBX

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