SEGRO, in its role as venture adviser to the SEGRO European Logistics Partnership (“SELP”) joint venture, today announces on behalf of SELP, the disposal of a portfolio of logistics warehouses in Italy. The total cash consideration for the disposal was €327 million.
The portfolio consists of four warehouses, two located in Milan and two in Rome, and has a total floor space of 338,745 sq m. All of the warehouses were developed by Vailog SEGRO and the portfolio is fully leased to three different customers active in the online and traditional retail sectors. The portfolio generates a passing rent of €19 million and has an average WAULT of 10.5 years.
Luca Sorbara, Co-Head of Italy at SEGRO, said:
“We developed and delivered these modern, highly sustainable warehouses for some of our largest customers in Italy to support their expansion plans. 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.”
