Segro, formerly known as Slough Estates, has completed the divestment of its American division, Slough Estates USA, for $2.9 bn (EUR 2 bn). The sale of Slough Estates USA was the culmination of a strategic repositioning of the group which began in 2004. Segro is a specialised investor and developer of business space in Europe. 'The complete exit from life sciences real estate in the US will enable Segro to concentrate its resources on building upon this core strategic position,' the company said in a statement .
Segro, formerly known as Slough Estates, has completed the divestment of its American division, Slough Estates USA, for $2.9 bn (EUR 2 bn). The sale of Slough Estates USA was the culmination of a strategic repositioning of the group which began in 2004. Segro is a specialised investor and developer of business space in Europe. 'The complete exit from life sciences real estate in the US will enable Segro to concentrate its resources on building upon this core strategic position,' the company said in a statement .
The price of $2.9 bn represents a 26% premium over the book value of the Us division's property assets as at 31 December 2006, and a surplus of 44% over the net assets at that date.
Segro also confirmed it will return approximately £250 mln (equivalent to 53 pence per existing ordinary share) to shareholders by means of a special dividend. The remaining proceeds will be used to temporarily reduce the group's net indebtedness, prior to being re-invested to fund continued growth in Continental Europe and the UK, the statement said.
