Segro has sold a portfolio of German industrial assets for €45.8m (£36.1m).

The listed property company said it has sold seven regional German industrial estates – as well as exchanging contracts to sell three other properties – to Hansteen Holdings. 

The remaining three assets, worth €5m, will be sold by the end of the first quarter of next year.

The larger, 128,800sqm portfolio of light industrial space had a vacancy rate of 14% as of September this year.

Segro said the sale price reflects a net initial yield of 8.1% and a 2% discount to the portfolio’s June valuation.

The disposal, the investor added, ”marks another step” in its portfolio re-shaping strategy. Segro is focusing on modern, sustainable properties in core light industrial and big-box logistics-warehouse markets in the UK and continental Europe. 

In July, Segro said it was selling a Brussels office park for €83.4m to US opportunistic fund manager Ares Management. The Pegasus Park asset, near Brussels airport is being sold as part of Segro’s strategy to divest office parks - first announced in 2011.