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SEGRO disposes of Heathrow properties for £79m

SEGRO has sold its Westcore Industrial Portfolio to the British Telecom Pension Scheme for £79.25m.

The Westcore Industrial Portfolio comprises six multi-let freehold industrial estates around Heathrow with a total lettable area of 71,600 sq m. The Portfolio currently has a vacancy rate of 10.5% and a weighted average unexpired lease term of 4.7 years to earliest expiry.

Ian Sutcliffe, SEGRO's UK Managing Director comments: "We have been looking to rebalance our portfolio in the UK following the successful Brixton and APP deals and this disposal reflects our strategy of focusing on prime real estate where SEGRO is able to add value.

"This sale follows the sale of Great Western Industrial Park last year for £110.4m and shows the continued demand from investors for industrial properties despite the uncertain economic climate".

Story provided by StockMarketWire.com

13/12/2010