SEGRO has sold Energy Park, its recently completed office development outside Milan to Hines Italia SGR for €118.7m. This price is 5% more than their value at the end of December 2014 and works out at a 7.3% initial yield.
Energy Park is a fully-let, 61,400 sqm suburban office park built by SEGRO and completed in mid-2014, which generates an annualised net rent of €8.8 million from Alcatel Lucent and a range of other international blue chip tenants including DNV, SAP, Nobel Biocare and Stanley Black & Decker.
The campus is located approximately 20 kilometres from the centre of Milan and comprises the office park and associated amenities, including a canteen, kindergarten and multi-storey car park.
An adjacent eight hectare plot of land,containing redundant premises formerly occupied by Alcatel Lucent, will be retained by SEGRO.
SGRO : SEGRO sells Milan office park for €119m