Segro is selling a multi-let industrial asset for £79.5m (€93m).

The listed UK firm said it is offloading its Heston & Airlinks Industrial Estate near Heathrow Airport to Capital Industrial Four.

Phil Redding, chief investment officer, said the disposal reflects the firm’s desire to focus on “more modern and less management-intensive assets”.

He said there is continuing, strong investor demand for multi-let warehouse assets in London.

“We intend to use the proceeds to help fund the development of new warehousing in our core markets.”

The multi-let industrial estate, to the north-east of Heathrow Airport, includes 481,000sqft of warehouse space across 47 units. The estate has a 1% vacancy rate and weighted average lease length to break of 5.4 years.

The asset is being sold at an initial 5.1% net yield and at a small premium to its 30 June book value.

Completion of the deal is expected by the end of next month.