UK REIT Segro, the largest listed real estate company in the country, has exchanged contracts to sell a 158,000 m2 warehouse in Rome to logistics specialist Tritax EuroBox for €118 mln, reflecting a net initial yield of 5.0%.
The warehouse, which is occupied by Amazon, was developed by Segro-Vailog in 2017 for a global online retail company on a 15-year lease. At the end of the 15-year lease there are two six-year extension options in favour of the tenant.
The property is located on Passo Corese, approximately 35 km north east of Rome, and was designed to cater for the occupier's specific requirements, with three levels and a gross internal area of 158,000 m2.
The transaction is expected to complete by the end of October 2018.
Phil Redding, chief investment officer of Segro, said: 'Having developed and delivered this state-of-the-art facility for one of our key customers, the largest Segro has ever developed, we have taken the opportunity to sell the asset to capitalise on very strong demand from a wide range of international investors.'
Logistics Capital Partners is the exclusive asset manager to Tritax Eurobox and for the asset.
