Press Release
THE CROWN ESTATE PURCHASES SIX MULTI-LET INDUSTRIAL ESTATES FROM SEGRO
27 August 2008
The Crown Estate has today announced the completed purchase of a multi-estate industrial portfolio from SEGRO plc for £64.4 m.
The transaction reflects an average initial yield of 7.2% and comprises a total of 63,247 m² (680,786 ft²) gross internal area over six well located estates concentrated in the south east. Three of the properties are located within Greater London in Wimbledon, Croydon and Isleworth. The other properties are in Basildon, Oxford and Swindon. The estates are modern, fully let and contain a blend of good quality tenants, such as Kerry Foods, Cosco and Carlsberg.
Paul Clark, Director of Investment at The Crown Estate said: “These investments add to our portfolio six good quality, fully let assets delivering attractive initial returns as well as providing asset management opportunities and positive rental growth prospects.
Alongside our recent acquisitions in Leeds and Slough, this purchase further demonstrates our commitment to managing our regional portfolio as actively as our central London holdings.”
Drivers Jonas LLP and Burges Salmon represented The Crown Estate and King Sturge and Nabarro represented SEGRO.
Further Information
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