Schroders’ UK Real Estate Fund said this morning it has completed a significant swap deal with Segro which involves seven industrial assets based across the UK.
The recently completed transaction consisted of the sale of Matrix Park, in Park Royal London and a £65m capital payment in exchange for the simultaneous purchase of a portfolio of six multi-let industrial and logistics assets located across the UK, worth a collective £205m.
The swap deal is the latest transaction involving the two companies after Segro agreed to purchase SREF’s east London urban logistics park, Electra Business Park in Canning Town, in October 2020 for £133m.
Segro, a British property investment and development company, will acquire Matrix Park, which was developed by SREF in the early 2000s, for £140m.
It comprises 256,000 sq ft of multi-let industrial accommodation and a 1.4-acre development site. The estate is fully let to seven tenants across 11 units, and the sale reflects a capital value of £546 per sq ft.
The industrial portfolio SREF is acquiring from Segro consists of three multi-let industrial estates and one urban logistics unit located in Greater London and two national logistics assets in the West Midlands.
The London assets include X2 in Hatton Cross, 14 Advent Way in Edmonton, and Oakwood Business Park in Park Royal, as well as the DPD distribution facility in Radlett.
The Midlands logistics units include the DHL at Hams Hall in Birmingham and the Asda distribution centre at Brackmills in Northampton.