Segro has completed the sale of an industrial asset near Heathrow airport for £79.5 mln (€93 mln).
The deal for the Heston & Airlinks Industrial Estate was inked with Capital Industrial at the end of August.
'This disposal reflects both our desire to focus our portfolio on more modern and less management-intensive assets, as well as the continuing, strong investor demand for multi-let warehouse assets in London. We intend to use the proceeds to help fund the development of new warehousing in our core markets,' commented Phil Redding, chief investment officer at Segro.
The asset is a multi-let industrial estate, located to the northeast of Heathrow Airport, comprising 44,686 m2 of warehouse space across 47 units. The estate has a vacancy rate of around 1% and a weighted average lease length to break of 5.4 years.
The disposal price reflects a topped-up net initial yield of 5.1% and a small premium to the book value at 30 June 2016.
