Segro sells £66m Brussels office park to US investment firm Ares
Segro said yesterday that it had exchanged contracts to sell Pegasus business park in Brussels for €83.4m (£66.2m) as part of its strategy to scale back its exposure to regional offices.
The FTSE 250-listed office and warehouse developer said funds managed by the US investment firm Ares Management had snapped up the business park, which was home to companies such as Cisco Systems, Deloitte and DHL Worldwide Network.
Sale proceeds were in line with the book value at the end of 2013, and reflected a yield of nine per cent, Segro said.
Segro’s chief investment officer Phil Redding said the deal was a “further important milestone in the strategic reshaping of our portfolio, reducing our exposure to regional office parks and providing funds to strengthen our balance sheet”.
He said the group had spent over £200m on buying logistics assets in Germany, France, Poland and the UK and increasing its focus on “less management-intensive logistics warehouses”.