UK REIT Segro has sold a portfolio of four logistics warehouses in Italy for a total of €327 mln.
The properties, totaling 338,745 m2, are located in Milan (two) and Rome (two).
The warehouses were developed by Vailog Segro and are currently fully leased to three major online and traditional retailers. The sale is expected to generate an annual rental income of €19 mln and has an average lease term of 10.5 years.
Segro acted as venture adviser for the Segro European Logistics Partnership (SELP), which owned the portfolio.
Luca Sorbara, co-head of Italy at Segro, said: ‘We developed and delivered these modern, highly sustainable warehouses for some of our largest customers in Italy to support their expansion plans. This disposal has enabled us to divest some assets with long-leases and limited asset management potential, allowing us to recycle capital into other attractive development and investment opportunities.’
Segro owns or manages 10.4 million m2 of modern warehouses and industrial property valued at £20.7 bn (€24.6 bn) at 31 December 2023. The portfolio is located in and around major cities and at key transportation hubs across the UK and seven other European countries.
