UK industrial REIT Segro has divested three multi-let industrial park assets to the UK Commercial Property Trust Limited, managed by Ignis Asset Management, for a total of £60.5 (EUR 73 mln), reflecting a net initial yield of 7.34%.
UK industrial REIT Segro has divested three multi-let industrial park assets to the UK Commercial Property Trust Limited, managed by Ignis Asset Management, for a total of £60.5 (EUR 73 mln), reflecting a net initial yield of 7.34%.
UKCPT said it will finance the acquisition through the use of part of the £150 mln facility agreed with Barclays Bank in May 2011.
The three sites - Emerald Park East in Bristol, Gatwick Gate Industrial Estate in Crawley and Motor Park in Portsmouth - provide a combined total floor area of 549,000 sq ft (51,000 m2) and a total income of £4.67 mln per annum. They are 98%-let, with tenants including Smiths News Trading, UPS and Volkswagen. The average weighted lease length across the portfolio is nine years and one month.
'The new financing facility that we agreed with Barclays last year provides us with comfortable headroom to make acquisitions when we find an attractive opportunity such as this, and we continue to look for transactions to grow and enhance our portfolio further,' said Christopher Hill, Chairman of UKCPT.
UKCPT was represented by GVA and JLL represented Segro in the transaction.
