UK REIT Segro has appointed CBRE to explore the potential sale of a portfolio of offices in the town of Slough in South East England with a guide price believed to be around £326 mln (€450 mln).
UK REIT Segro has appointed CBRE to explore the potential sale of a portfolio of offices in the town of Slough in South East England with a guide price believed to be around £326 mln (€450 mln).
The portfolio comprises 972,300 sq ft (90,000 m2) of office properties located at the Slough Trading Estate and leased to national and international companies, as well as one building currently being developed on a speculative basis.
It generates £21.6 mln of annualised rent (topped up for rent-free periods and rental guarantees) and has a vacancy rate of 5% as at 31 July 2015 and a weighted average lease length of seven years to the earlier of break or expiry.
Segro said 'there can be no certainty either that any sale will occur, or of the nature or terms of any such transaction'.
The logistics property specialist added that it remains 'fully committed to the continued investment in the remainder of the Slough Trading Estate', the largest industrial estate in the group’s portfolio, with 6.5 million sq ft of office and warehouse space.
'The sale is in line with our company strategy to invest in high quality big box, urban logistics and light industrial warehouses around key transport hubs and population centres in the UK and Continental Europe,' a Segro spokesperson said.
