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16 Jul 2021 | 07:21

Segro sells six warehouses in Italy for EUR 128m

(Sharecast News) - Segro has agreed the sale of a portfolio of six Italian urban warehouses for €127.5m (£108.91m) to AXA IM Alts, it announced on Friday, on behalf of clients. The AIM-traded firm said the warehouses were developed by SEGRO-Vailog for a "global online retail company", to support the growth of its distribution network in Italy.

It said the portfolio has a total floor space of 56,000 square metres, with the warehouses located in Florence, Burago, Padua, Parma and Verona.

Five of the sales had already completed, and the sixth would complete later in the 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," said managing director of group investment David Proctor.

"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."

At 0800 BST, shares in Segro were up 0.64% at 1,175.5p.
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