SEGRO AGREES TO SELL ENERGY PARK MILAN
10 March 2015
SEGRO AGREES TO SELL ENERGY PARK MILAN FOR €118.7 MILLION
SEGRO plc ('SEGRO') has exchanged contracts to dispose of Energy Park, the recently completed office campus near Milan, to Hines Italia SGR for €118.7 million (£85.4 million, based on an exchange rate of €1.39:£1). The sale price represents a five per cent premium to book value at 31 December 2014 and a net initial yield of 7.3per cent. The transaction is expected to complete in the second quarter of 2015.
Energy Park is a fully-let, 61,400 sqm suburban office park built by SEGRO and completed in mid-2014, which generates an annualised net rent of €8.8 million (£6.3 million) from Alcatel Lucent and a range of other international blue chip tenants including DNV, SAP, Nobel Biocare and Stanley Black & Decker.
The campus is located approximately 20 kilometres from the centre of Milan and comprises the office park and associated amenities, including a canteen, kindergarten and multi-storey car park.
An adjacent eight hectare plot of land,containing redundant premises formerly occupied by Alcatel Lucent, will be retained by SEGRO.
Phil Redding, SEGRO's Chief Investment Officer, said:
"Energy Park is the last of the six, large non-strategic assets identified for disposal in November 2011. The portfolio re-shaping programme was a vital element of the SEGRO strategy to improve the quality of its asset base by focusing on modern warehousing and light industrial property."
ENDS
For further information, please contact:
SEGRO plc
Harry Stokes (Head of Investor Relations and Research)
+44 (0) 20 7451 9124 / harry.stokes@segro.com
Lizzie Humphreys (External Communications Manager)
+44 (0) 20 7451 9129 / lizzie.humphreys@segro.com
FTI Consulting
Richard Sunderland / Claire Turvey
+44 (0) 20 3727 1000
About SEGRO:
SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner, asset manager and developer of modern warehousing and light industrial property. It owns or manages 5.7 million square metres of space in £6.0 billion of assets (at 31 December 2014, SEGRO's share of which totals £4.8 billion), serving 1,200 customers from a wide range of industry sectors. Its properties are located around major conurbations and at key transportation hubs across eight European countries, principally in the UK, France, Germany and Poland.
For further information see www.SEGRO.com/investors.
This information is provided by RNS
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