A joint venture between Canadian investor Public Sector Pension Investment Board (PSP Investments) and real estate investment trust Segro has sold a €327m portfolio of logistics warehouses in Italy.
The Segro European Logistics Partnership (SELP) has sold the four-warehouse portfolio totalling 338,745sqm, with two facilities, in Milan and Rome, to an unnamed buyer.
Segro said the fully leased portfolio generates a passing rent of €19m and has an average weighted average unexpired lease term of 10.5 years.
Luca Sorbara, co-head of Italy at Segro, said: “We developed and delivered these modern, highly sustainable warehouses for some of our largest customers in Italy to support their expansion plans.
“This disposal has enabled us to divest some assets with long leases and limited asset management potential, allowing us to recycle capital into other attractive development and investment opportunities.”
SELP, PSP Investments and Segro’s 50-50 partnership, established in October 2013, owns €6.7bn of big box warehouses and development land in seven continental European countries.
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