Asset manager Harbert Management Corporation and Canmoor Asset Management have acquired four multi-let industrial estates in Southeast England from Segro, the pan-European industrial property REIT, for almost £104 mln (about EUR 118 mln).
Asset manager Harbert Management Corporation and Canmoor Asset Management have acquired four multi-let industrial estates in Southeast England from Segro, the pan-European industrial property REIT, for almost £104 mln (about EUR 118 mln).
The deal was announced in the week that Segro finalised the takeover of its UK peer Brixton.
Harbert carried out the transaction via affiliates of Harbert European Real Estate Fund II (LP) and Harbert European Real Estate Fund II (Parallel). The purchasers were advised by CBRE Wragge & Co. Harbert acquired five distribution centres facilities from Prologis for about EUR 73 mln in June.
Harbert said the latest properties acquired from Segro comprise 195,000 m2 of existing space and land allowing for up 17,000 m2 of additional space. The properties include the Woodside Industrial Estate in Dunstable containing 140,000 m2 and properties in Luton, Park Royal and Heathrow (Poyle). The portfolio will be managed by Canmoor.
Scott O’Donnell, senior managing director of HMC Europe, said: ‘The combination of having a solid base of existing cash flow through a multi-let portfolio over a weighted average remaining lease term in excess of seven years and with the opportunity to enhance value over time through the reconfiguration of certain existing and underutilized buildings and the possibility to build additional square feet is very appealing.'
Harbert Management Corporation is an alternative asset investment management firm that manages 12 different investment strategies. The European real estate investment team has offices in London, Luxembourg, Amsterdam, Paris and Madrid.
