Segro buys three Dutch warehouses for €222m

27th Jun 2024 08:59

(Sharecast News) - Industrial real estate group Segro announced on Thursday it has snapped up three logistics warehouses in the Netherlands for €222m to expand its presence in a key logistics hub for Continental Europe.

The assets acquired are fully leased, highly reversionary logistics warehouses in Heerlen, Eindhoven and Tilburg totalling 172,300 square metres.

They generate €10m in headline rent each year, nearly double the current rental income of Segro's current portfolio in the country.

Segro also said the warehouses offer a "significant amount of reversionary potential", the majority of which is expected to be realised over the next four years, as well as potential future rental growth through sustainability improvements.

"These warehouses are in some of the most attractive and supply-constrained industrial and logistics markets in The Netherlands," said Segro's Netherlands head Eelco Ouwerkerk.

"The acquisitions are a very positive step forward in the delivery of our plan to build scale in this important region, adding three high quality assets with reversionary potential and significantly increasing the size of our Dutch portfolio."

The stock was more or less flat at 892p by 0936 BST.