SEGRO capitalises on strong property conditions in Italy, sells 6 warehouses
Real Estate Investment Trust (REIT) SEGRO plc has agreed to sell a portfolio of six Italian urban warehouses for 127.5 million euros to AXA IM Alts, on behalf of clients.
The warehouses were developed by SEGRO-Vailog for a global online retail company to support the growth of its distribution network in Italy. The portfolio has a total floor space of 56,000 square metres and the warehouses are located in Florence, Burago, Padua, Parma and Verona. Five of the sales have already completed and the sixth will complete later this year following practical completion of additional works.
“We developed and delivered these warehouses for one of our key customers to support their expansion plans. Investor demand for prime, modern industrial assets is very strong in Italy as a result of the rapid growth of e-commerce," says David Proctor, Managing Director, Group Investment at SEGRO.
"The warehouses within this portfolio are located outside our core markets so we have chosen to capitalise on buoyant market conditions to sell this portfolio at a price materially ahead of December 2020 book value. We will be recycling the capital into exciting opportunities in other parts of Italy,” he adds.
SEGRO is listed on the London Stock Exchange and Euronext Paris, as it owns, manages and develops warehouses and industrial property. It owns or manages 8.8 million square metres of space (95 million square feet) valued at £15.3 billion serving customers from a wide range of industry sectors. Its properties are located in and around major cities and at key transportation hubs in the UK and in seven other European countries.