Segro shrinks

Segro continues to divest its portfolio of assets with an announcement of a further series of sales totalling a total of £159 million.

An industrial site in Crawley, a site in Munich, and four industrial estates in Runcorn, Lymedale, Pucklechurch and East Midlands airport make up the latest assets to be disposed of as part of a £1.6 billion divestment programme designed to turn round the fortunes of the company.  In the last 12 months assets values at £680million have been sold, but the current harsh climate has still seen £180 million fall from the value of the remaining portfolio.

James Alexander can help your organisation review your property and land portfolio and develop strategies for better usage and utilisation, as well as determining strategies for asset divestment, or acquisition.  Get in touch and see how we could help.  innovation@jaltd.co.uk

Storm clouds over Segro

Segro, the industrial landlord with property in the UK and Europe, have reported income down 6.1% at £135.5 million ( 2010: £144.3 million), with pre-tax profit down 56.6% to £64.6 million (2010: £148.9 million).

Having taken over the ailing Brixton two years ago, Segro has been offloading the lower quality properties from the portfolio.  The UK accounts for about 65% of the remaining portfolio value, of which 92% is in London and the South, with 44% of the UK portfolio value in London, predominantly around Park Royal and Heathrow.  A recent disposal of 6 ex Brixton Estates multi-let freehold industrial estates at various locations across London has netted Segro £38.2 million.  The purchaser is the Industrial Property Investment Fund (IPIF), managed by Legal & General Property and the deal includes Brent Crescent, Park Royal and Abbeydale Road, Park Royal as well as properties in Poplar and Haringey