SEGRO has completed its exit from Belgium following the €83.4m (£74m) sale of four big box warehouses and adjacent development land in owned by the SEGRO European Logistics Partnership (SELP) joint venture.
SEGRO, which owns 50 per cent of SELP, will receive €41.7m from the sale. The deal equates to a net initial yield 4.7%.
The warehouses total 995,670 sq ft of space, of which 82% is occupied, with a weighted average unexpired lease length of 6.5 years to break and 7.1 years to expiry having been purpose-built between 2002 and 2011. The portfolio also contains 19.5 acres of potential development land.
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