SEGRO has announced that it has appointed CBRE to explore a potential sale of its portfolio of offices on the Bath Road in Slough.
The portfolio contains 972,300 sq ft of office properties leased to companies spanning blue-chip, national and international businesses, and one building currently being developed on a speculative basis. The portfolio generates £21.6m of annualised rent (topped up for rent-free periods and rental guarantees) and has a vacancy rate of approximately 5% as at 31 July 2015 and a weighted average lease length of 7 years to the earlier of break or expiry.
There can be no certainty either that any sale will occur, or of the nature or terms of any such transaction. A further announcement will be made as appropriate.
SEGRO’s stated strategy is to develop, own and manage modern warehousing and light industrial property in and around major conurbations and at key transportation hubs. The Slough Trading Estate is the largest industrial estate in the Group’s portfolio, with 6.5 million sq ft of office and warehouse space. As one of Europe’s most important business parks, it will continue to be a core part of the Group’s ongoing strategy and SEGRO remains fully committed to the continued investment in the remainder of the Slough Trading Estate.
SGRO : SEGRO selling Slough office portfolio