Segro Said to Seek More Than $302 Million for U.K. Office Park
Segro Plc (SGRO), the U.K.’s largest publicly traded owner of industrial properties, is seeking to sell an office park with tenants including Intel Corp. (INTC) and Virgin Media Inc. (VMED) for more than 200 million pounds ($302 million), two people with knowledge of the matter said.
Jones Lang LaSalle Inc. has been hired to manage the sale of IQ Winnersh on the outskirts of Reading, England, said the people, who asked not to be identified because the plan is private. Segro intends to use the proceeds to buy logistics properties around major ports and airports in Europe, one of the people said. Eleanor Johnson, a spokeswoman for London-based Segro, declined to comment.
Segro in January said it had raised 700 million pounds from property sales since announcing a plan in November 2011 to divest 1.6 billion pounds of real estate to help repay debt and focus on more profitable properties. The company said it expects to sell 300 million pounds to 500 million pounds of properties this year.
Segro’s real estate lost about 180 million pounds of its value in the second half of last year, the company said, citing weaker markets in the U.K. and mainland Europe. Offices in southeast England accounted for 75 million pounds of the decline.
To contact the reporter on this story: Patrick Gower in London at email@example.com