Logistics REIT Segro said on Thursday that Airport Property Partnership (APP), its 50-50 joint venture with Aviva Investors, has sold the Gatwick International Distribution Centre for £31 mln (€40 mln) to Royal London Asset Management.
GIDC, a 29-unit industrial estate which was largely constructed during the 1980s, is located in Crawley, approximately two miles south of Gatwick Airport. It comprises 20,680 m2 of space and generates £1.4 mln of passing rent per annum, with a current vacancy rate of 5.7%.
The disposal price, which is in excess of 10% above the asset's book value at 31 December 2015, reflects a topped-up net initial yield of 5.3%.
APP said it is retaining Gatwick Cargo Centre, the airport’s only on-airport cargo facility offering direct airside access.
