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The portfolio comprises six multi-let freehold industrial estates at various locations across London, providing a total lettable space of 43,114 sq m. The portfolio currently has a vacancy rate of 15.4% by ERV and a weighted average unexpired lease term of 2.7 years to earliest expiry. The sale price represents a net initial yield of 6.2% or 8.5% including the benefit of rent top ups and guarantees.

To date in 2011, SEGRO has disposed of £89 million of assets (including SEGRO's share of joint venture disposals). The Eversheds team was led by partner Anthony Van Hoffen assisted by solicitor Alanna Bullock. Anthony commented:

“It is a pleasure to have advised SEGRO on this disposal, which is part of their strategy to concentrate on larger holdings and higher quality assets in their core markets. We look forward to working closely with the SEGRO team on future deals.”

David Sleath, SEGRO’s Chief Executive, said,

“The sale demonstrates that despite uncertain economic conditions, there is still good demand from investors for industrial properties. As part of our team, Eversheds made a significant contribution to completing this disposal, through providing a timely and comprehensive service.”