SEGRO Exits Belgium with Sale of Four Warehouses

26th October 2018

Logistics BusinessSEGRO Exits Belgium with Sale of Four Warehouses

Property developer SEGRO plc has exited Belgium with the €83.4 million sale of four big box warehouses and adjacent development land it owned in Belgium.

The warehouses total 92,500 sq m of space, of which 82 per cent is occupied (by ERV), with a weighted average unexpired lease length of 6.5 years to break and 7.1 years to expiry as at 30 September 2018. This disposal successfully concludes SEGRO and SELP’s presence in Belgium, at a modest premium to book value, in line with SEGRO’s strategy to exit markets where it does not have, or does not expect to achieve, a scale position.

Pictured above is a SEGRO property at London’s Heathrow Airport.