UK real estate investment trust Segro has increased its footprint in Slough with the acquisition of a £32.5m (€35.6m) industrial estate from UBS Asset Management (UBS-AM).
Segro has bought the multi-let Perth Trading Estate, adjacent to the north-east side of the Slough Trading Estate, from UBS-AM Real Estate & Private Markets’ (REPM) UK-focused diversified real estate fund.
The fund bought the property in January 2017 for £19m. Since the acquisition, UBS-AM has deployed an asset management plan, allowing for the subsequent re-gearing of leases, and secured two significant new lettings.
The fully-let asset, which spans over six acres, provides 135,000sqft of warehouse and logistics space across ten units.
James Craddock, managing director, Thames Valley, Segro, said this acquisition further increases Segro’s footprint in Slough, where the company has operated for 100 years.
“The Slough Trading Estate is one of the UK’s leading locations for modern industrial warehousing and data centres and we’re delighted to incorporate this estate into our business, which has the potential to provide further opportunities for our customers.”
Howard Meaney, head of real estate UK at UBS-AM Real Estate & Private Markets, said: “This sale has allowed us to generate substantial returns for our clients, both through the timing of this investment and by unlocking significant value through active asset management of this property.
“We maintain our long-held conviction that high-quality multi-let industrial assets in strategic locations present strong opportunities, but will look to selectively sell assets when we believe we can create stronger returns by shifting capital into other investments.”
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