Segro sells Great Western Industrial Park for £110.4m

6th Nov 2009 07:55

Property group Segro has sold Great Western Industrial Park in Southall, West London to Universities Superannuation Scheme, the second largest private pension scheme in the UK, for £110.4m.The figure represents a net initial yield of 6.9%, which rises to over 7% once outstanding reviews are settled. It's also a 10% premium over the book value at June 2009.Great Western covers 773,379 sq ft and comprises 27 production and warehouse units. Included are a pre-sold a future development of 36,575 sq ft at Western Point which forms part of the industrial park. "When we bought the Brixton portfolio, we knew there would be opportunities for us to pursue our strategy of pro-actively recycling assets. This sale confirms the attractive price at which we acquired the whole of the Brixton portfolio," said Segro chief Ian Coull. "The Brixton portfolio has been successfully integrated within SEGRO's UK business and despite the challenging markets we are currently facing we believe that a number of further positive opportunities will emerge from the combination of such high quality and well located UK industrial portfolios."