SEGRO is offloading Italian warehouse assets to focus on other developments and investment opportunities.
A portfolio of four logistics warehouses in Italy has been sold for €327 million in cash, according to an announcement made today. The disposal was carried out by the SEGRO European Logistics Partnership (SELP) joint venture, with SEGRO acting as the venture adviser.
The transaction involves two warehouses in Milan and two in Rome, totaling 338,745 square meters of floor space. All four facilities were originally developed by Vailog SEGRO and are currently fully leased to three different customers in the online and traditional retail sectors.
The portfolio generates an annual passing rent of €19 million and boasts an average weighted unexpired lease term (WAULT) of 10.5 years, indicating its strong potential for long-term returns for the purchaser.
“We developed and delivered these modern, highly sustainable warehouses for some of our largest customers in Italy to support their expansion plans,” said Luca Sorbara, Co-Head of Italy at SEGRO.
“This disposal has enabled us to divest some assets with long-leases and limited asset management potential, allowing us to recycle capital into other attractive development and investment opportunities.”