Logistics real estate specialist Segro has exited the Belgian market after selling €83.4m of assets to another London-listed company, Tritax EuroBox.

The sale of the four ‘big box’ warehouses and adjacent development land means Segro European Logistics Partnership no longer has exposure to Belgium.

Segro said the sale was in line with its “strategy to exit markets where it does not have, or does not expect to achieve, a scale position”.

Tritax Eurobox, which raised £300m (€338m) in an intitial public offering in July, has been building up a portfolio of continental European logistics assets, so far in Spain and Italy.

The Belgian assets encompass 92,500sqm of space and are in Rumst and Bornem, located in the logistics corridor between Antwerp and Brussels.

Tritax said the price reflected a net initial yield of 5.6%.

Nick Preston, fund manager of Tritax EuroBox, commented: “These modern, well specified standing assets are critical to the operations of the tenants with leases subject to annual indexation.

“Belgium is a strategically important location within the European logistics market, due to its central geographic position between international ports and major population centres.”

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