Segro and Hermes complete industrial asset swap

Segro has completed a property swap transaction with Hermes Property Unit Trust.

The London-listed industrial property investor has bought a 9,800 sq metre single-let modern distribution warehouse in Hayes, West London, for £21.9m, while Hermes has purchased from Segro two multi-let industrial estates totalling 29,300 sq m, both close to Heathrow airport, for £47m.

Hermes has paid the balance of £25.1m to Segro.

Segro’s chief executive officer, Phil Redding, said: "This off-market transaction represents Segro’s second property swap in three months and has allowed us to acquire a modern, well-specified distribution warehouse let to a strong single occupier on a long lease in an area of West London critically short of modern space."