SEGRO has exchanged contracts to sell a portfolio of UK big box warehouses totalling £241m to a fund advised by Morgan Stanley Real Estate Investing.
The portfolio comprises of seven separate big box warehouses with a total floor space of 218,937 sq ft, and are located in Warth Park, Raunds; DIRFT, Daventry; Rye Park, Hoddesdon; Hams Hall, Coleshill; Grove Park, Leicester; The Duke, Burton-on-Trent and Magna Park, Lutterworth.
The current passing rent of the portfolio is £10.1m.
Phil Redding, chief investment officer at SEGRO, said: “The sale of these assets marks the end of a successful period of ownership by SEGRO, generating a blended ungeared IRR since acquisition of approximately 11%.
“The proceeds will be recycled into our existing and future development programme, including UK big box logistics parks developed using the Roxhill platform which we acquired last year.”