Segro has bought a sale-and-leaseback portfolio of 26 logistics buildings across France for €159.8m from DHL.
The company, which is listed on the London Stock Exchange and on Euronext in Paris, is pursuing a strategy of expansion across Europe. It bought the buildings at a net initial yield of 7%.
90% of the portfolio by value is concentrated in the key economic clusters Segro has earmarked for expansion in France – 60% in the Paris region, 10% in Lyon, 12% in Marseille and over 5% in Lille.
The portfolio totals a built area of around 2.26m sq ft on 173 acres, and comprises distribution and logistics centres used by the DHL Supply Chain and small cross-dock facilities used by DHL Express. All properties will be subject to new, nine-year leases with DHL, representing an annual income of €11.2m.
22.2 acres have been identified as having immediate development potential, representing around 108,000 sq ft.
Larent Horbette, general manager France of Segro, said: ‘Following our conversion to a SIIC early in 2007, Segro’s operationsin France have been growing.
'This transaction is another important step in those expansion plans.’