Segro is selling a multi-let industrial asset for 拢79.5m (鈧�93m).
The listed UK firm said it is offloading its Heston & Airlinks Industrial Estate near Heathrow Airport to Capital Industrial Four.
Phil Redding, chief investment officer, said the disposal reflects the firm鈥檚 desire to focus on 鈥渕ore modern and less management-intensive assets鈥�.
He said there is continuing, strong investor demand for multi-let warehouse assets in London.
鈥淲e intend to use the proceeds to help fund the development of new warehousing in our core markets.鈥�
The multi-let industrial estate, to the north-east of Heathrow Airport, includes 481,000sqft of warehouse space across 47 units. The estate has a 1% vacancy rate and weighted average lease length to break of 5.4 years.
The asset is being sold at an initial 5.1% net yield and at a small premium to its 30 June book value.
Completion of the deal is expected by the end of next month.
