Segro raises 204.5m pounds from non-core sale

25th Jun 2012 07:46

Industrial property specialist, Segro, has sold four "non-core" industrial estates for 204.5m sterling.The buyer, a fund advised by Harbert Management Corporation, now owns the Heywood Distribution Park in Rochdale, Trafford Park in Manchester, Kings Norton Business Centre and Meteor Park in Birmingham.The sale proceeds, net of lease incentive top-ups, are 2.9% below the book value as of December 31st last year.Segro has also cancelled two committed debt facilities formerly provided to the group by one of its 13 lending banks. The facilities amounted to £82m and matured in 2014.BS