Segro disposes of retail stakes

30th Dec 2009 09:24

Industrial property group Segro has sold its stake in two shopping centres, Surrey Quays in London and Clifton Moor in Yorkshire, to British Land for £26.9m. Segro invested in the centres 20 years ago in a joint venture with Tesco, which is the main tenant at both sites.In a statement, Ian Sutcliffe, Segro's UK managing director, said: "These centres were developed a number of years ago and do not represent the current focus of our business." The deal marks the fifth joint venture between British Land and Tesco. British Land said that the property value and annual passing rents attributable to the venture are £87m and £5.65m, respectively.