02. August 2012 
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Segro completes sale of £111.0m of UK regional assets
Segro has completed the sale of a portfolio of 10 non-core UK regional industrial estates for £111.0 million to a large institutional UK fund. The portfolio being disposed of comprises 10 predominantly older, secondary, multi-let industrial estates located in Portsmouth, Bristol, Yate, South Feltham, Sunbury, Crawley and Bishops Stortford.
The estates comprise approximately 160,000 sq m of lettable space. At 30 June 2012, the portfolio had a vacancy rate of 11.2 per cent by ERV and a weighted average unexpired lease term of 3.2 years to earliest break.
The sale price represents a net initial yield of 8.4 per cent, or 8.9 per cent with the benefit of lease incentive top-ups. The sale proceeds, net of lease incentive top-ups, are approximately 3.0 per cent above the 30 June 2012 book value.
Including this transaction, Segro has announced or completed disposals of £503 million in the year to date, at the top end of our £300-500 million guidance range for non-core disposals during 2012.
The estates comprise approximately 160,000 sq m of lettable space. At 30 June 2012, the portfolio had a vacancy rate of 11.2 per cent by ERV and a weighted average unexpired lease term of 3.2 years to earliest break.
The sale price represents a net initial yield of 8.4 per cent, or 8.9 per cent with the benefit of lease incentive top-ups. The sale proceeds, net of lease incentive top-ups, are approximately 3.0 per cent above the 30 June 2012 book value.
Including this transaction, Segro has announced or completed disposals of £503 million in the year to date, at the top end of our £300-500 million guidance range for non-core disposals during 2012.
