SEGRO Acquires €222 Million of Logistics Warehouses in the Netherlands
27 June 2024 - 7:00AM
Business Wire
Regulatory News:
SEGRO plc (“SEGRO” or the “Group”) has acquired three fully
leased, highly reversionary logistics warehouses in The Netherlands
for a total cash consideration of €222 million.
Undertaken via three separate transactions, the assets are all
in attractive locations and help to build on SEGRO’s scale in a
region which acts as a key logistics hub for Continental Europe, as
well as the Dutch domestic market.
They total 172,300 sq m of additional space and are in-line with
SEGRO’s investment criteria in terms of returns, location and
quality, including:
- A 98,000 sq m modern logistics estate in Eindhoven, which was
acquired from Nuveen. It was built in 2020 and is rated BREEAM
In-Use ‘Good’. It consists of three units, currently fully leased
to GXO and Rhenus.
- A 37,800 sq m newly-built logistics warehouse in Heerlen in the
De Beitel industrial estate. It was acquired from VolkerWessels
& Vestum and is rated BREEAM ‘Excellent’. It is currently
leased to B&R Premium Logistics B.V., a third-party logistics
company specialising in the soft drinks industry.
- A 36,500 sq m logistics warehouse in the Vossenberg industrial
estate, Tilburg, which was acquired from abrdn. The warehouse was
built in 2018 and is rated BREEAM ‘Very Good’. It is currently
leased to Tesla, which is an existing customer of SEGRO in both the
Netherlands and Germany.
The assets currently generate approximately €10 million of
headline rent, which will almost double the headline rent
attributed to SEGRO’s portfolio (at share) in The Netherlands. They
also offer a significant amount of reversionary potential, the
majority of which is expected to be realised over the next four
years, as well as the potential to increase rental values through
improvements in the sustainability features of the Tilburg and
Eindhoven assets, in line with the Responsible SEGRO commitment to
Champion low-carbon growth.
The blended topped-up net initial yield of these assets on
acquisitions is 4.6 per cent and the equivalent yield is 5.8 per
cent.
Eelco Ouwerkerk, Head of the Netherlands at SEGRO,
said:
“These warehouses are in some of the most attractive and
supply-constrained industrial and logistics markets in The
Netherlands. The acquisitions are a very positive step forward in
the delivery of our plan to build scale in this important region,
adding three high quality assets with reversionary potential and
significantly increasing the size of our Dutch portfolio.”
Marco Simonetti, Managing Director, Continental Europe at
SEGRO, said:
“We have been able to leverage our market-leading operating
platform and strong local networks to create these opportunities
and profitably deploy some of the capital raised in our recent
equity placing, at a time when investment markets show signs of
stabilisation and the supply of new sustainable warehousing remains
constrained.”
About SEGRO
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the
London Stock Exchange and Euronext Paris, and is a leading owner,
manager and developer of modern warehouses and industrial property.
It owns or manages 10.4 million square metres of space (112 million
square feet) valued at £20.7 billion at 31 December 2023, serving
customers from a wide range of industry sectors. Its properties are
located in and around major cities and at key transportation hubs
in the UK and in seven other European countries.
For over 100 years SEGRO has been creating the space that
enables extraordinary things to happen. From modern big box
warehouses, used primarily for regional, national and international
distribution hubs, to urban warehousing located close to major
population centres and business districts, it provides high-quality
assets that allow its customers to thrive.
A commitment to be a force for societal and environmental good
is integral to SEGRO’s purpose and strategy. Its Responsible SEGRO
framework focuses on three long-term priorities where the company
believes it can make the greatest impact: Championing low-carbon
growth, Investing in local communities and environments and
Nurturing talent.
See www.SEGRO.com for further information.
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CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA
ENQUIRIES:
SEGRO Soumen Das (Chief Financial Officer) Tel: +44 (0) 20 7451
9110 Claire Mogford (Head of Investor Relations) Tel: +44 (0) 20
7451 9048 Gary Gaskarth (External Communications Manager) Tel: +44
(0) 20 7451 9069
FTI Consulting Richard Sunderland / Ellie Sweeney / Eve
Kirmatzis Tel: +44 (0) 20 3727 1000