Segro sells warehouse portfolio for £241m

SEGRO said it had sold a portfolio of UK big box warehouses for £241m to a fund advised by Morgan Stanley Real Estate Investing in joint venture with Thor Equities Group.

The transaction was expected to complete by the end of the year, Segro said on Tuesday. The portfolio comprises seven stand-alone big box warehouses with a total floor space of 203,400 sq metres.

Chief executive Phil Redding said: proceeds of the sale would be recycled into Segro's existing and future development programme, including UK big box logistics parks developed using the Roxhill platform bought last year.