Segro and Hermes complete industrial asset swap
Segro has completed a property swap transaction with Hermes Property Unit Trust.
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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."