London-listed Segro, one of Europe's biggest providers of flexible business space, has acquired a 161,000 m[sup]2[/sup] site on the outskirts of Dusseldorf for EUR 18.8 mln. It was purchased from Scandinavian forest products company Stora Enso. The current factory will close by the end of the year and the buildings will be demolished. Segro, which has a total property portfolio of EUR 7.3 bn and operates in ten countries, will develop the site as a modern, light, industrial and logistics facility, due for completion in 2009.
London-listed Segro, one of Europe's biggest providers of flexible business space, has acquired a 161,000 m2 site on the outskirts of Dusseldorf for EUR 18.8 mln. It was purchased from Scandinavian forest products company Stora Enso. The current factory will close by the end of the year and the buildings will be demolished. Segro, which has a total property portfolio of EUR 7.3 bn and operates in ten countries, will develop the site as a modern, light, industrial and logistics facility, due for completion in 2009.
Segro's general manager in Germany, Udo Titz, commented: 'The total project envisages flexible business space with a mix of speculative units and tailor-built solutions. I am pleased to have gained access to the Dusseldorf market through this acquisition at a realistic price'.
