The property investment and development company Segro has announced its acquisition of a warehouse in Barking, East London.
The company purchased the site for £30m, and the purchase price of the warehouse represents a 6.9 per cent net initial yield. Segro view East London as an area with strong potential for expansion, given the vast regeneration in the area.
Commenting on the acquisition, Phil Redding, SEGRO's chief investment officer, commented:
This is an excellent opportunity to acquire a modern and well specified warehouse in a key location close to central London...
The purchase fits with our strategic objective of expanding our big box logistics platform in major transportation hubs and corridors.