A joint venture between Canadian investor Public Sector Pension Investment Board (PSP Investments) and real estate investment trust Segro has sold a 鈧�327m portfolio of logistics warehouses in Italy.

The Segro European Logistics Partnership (SELP) has sold the four-warehouse portfolio totalling 338,745sqm, with two facilities, in Milan and Rome, to an unnamed buyer.

Segro said the fully leased portfolio generates a passing rent of 鈧�19m and has an average weighted average unexpired lease term of 10.5 years.

Luca Sorbara, co-head of Italy at Segro, said: 鈥淲e developed and delivered these modern, highly sustainable warehouses for some of our largest customers in Italy to support their expansion plans. 

Milan Casirate warehouse

Source: Segro

鈥淭his disposal has enabled us to divest some assets with long leases and limited asset management potential, allowing us to recycle capital into other attractive development and investment opportunities.鈥�

SELP, PSP Investments and Segro鈥檚 50-50 partnership, established in October 2013, owns 鈧�6.7bn of big box warehouses and development land in seven continental European countries.

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Raz joined the 麻豆映画 editorial team in 2017 as news editor of 麻豆映画 Real Assets. He has over 15 years of experience as a financial journalist, having worked for Dow Jones Newswires and The Wall Street Journal where he worked as an equities reporter covering corporate news. He later covered consumer finance and moved on to become a leisure reporter and helped manage the London corporate news and small-cap desk.View full Profile

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