Segro Sells West Cross Industrial Park
Mixed use offices and retail warehouses to change hands for £75 million
The property investor, which has its UK office at Slough in Berkshire, has arranged to sell West Cross Industrial Park in Brentford to Legal & General Property in an all-cash transaction.
This 459,000 sq ft mixed-use park features offices, leisure facilities and retail warehouses and currently houses 28 clients, including BSkyB, NTL and DSG Retail which trades as PC World.
Segro reported the park had a vacancy rate of 7.4 per cent and an average unexpired lease term to break of 5.2 years as of 30 June 2013.
Phil Redding, chief investment officer at Segro, said: "We are pleased to have made further progress with our strategic portfolio reshaping programme.
"This disposal is consistent with our strategy of focusing our portfolio on more modern and generic warehouse properties in our key markets."
September 26, 2013