SEGRO has acquired Legal & General’s single let warehouse at G Park, Crick, and Legal & General has acquired SEGRO’s Kingsland Business Park multi-let industrial estate in Basingstoke in a property swap transaction.
The 390,000 sq ft warehouse acquired by SEGRO is located in Crick and is let to Butcher’s Pet Care Limited for a further 19 years without break.
The transaction price of £41.3 million reflects a net initial yield of 5.0 per cent and offers reversionary potential compared to current rental levels for modern warehousing in the area. As part of the transaction SEGRO will also receive a balancing cash payment.
Kingsland Business Park comprises 50 buildings totalling 676,300 sq ft and is located two miles from Basingstoke town centre and three miles from the M3 motorway.
DTRE acted for SEGRO and JLL acted for Legal & General.