Segro acquires Hams Hall warehouses as part of £49.5m deal
PROPERTY owner and manager Segro has bought two warehouses at the Hams Hall Distribution Park in Coleshill as part of a £49.5m portfolio acquisition.
It has bought four UK logistics properties from Harbert European Real Estate Fund III, a fund advised by Harbert Management Corporation (Europe). The other properties are in Leicestershire and Norfolk.
At Hams Hall it has bought a 16,500 sq m logistics unit built in 2001, let to Exel Europe, and a 14,900 sq m logistics unit let to Beko, built in 2003.
The purchase price, to be funded from existing resources, reflects a net initial yield of 6.3%, generating annual net rent of £3.2m.
The portfolio is fully let for an average lease length of 6.2 years to the earlier of break or expiry.
Segro’s chief investment officer Phil Redding, said: “This transaction was a great opportunity to acquire four modern UK logistics warehouses in an off-market deal.
“It meets our strategic objectives of increasing our presence in the UK logistics market through the acquisition of high-quality, income generating assets that offer the potential for growth.”
Segro, which has its UK base in London, is a real estate investment trust (REIT).
It owns own or manages more than 5.3m sq m of space in £5.2bn of assets. Its properties are located principally in the UK, France, Germany and Poland.
