Segro confirmed the sell-off of its US arm to US REIT HCP Group for $2.9bn (£1.4bn).

The staff of the US arm, which focuses on biotech property, will be become part of the HCP Group, which is the largest healthcare property company in the US.

£250m from the sale will be returned to shareholders via a special dividend of 53p a share. The remainder of the proceeds from the sale will be used to reduce the company’s level of debt and reinvested in its UK and European growth programme.

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