Segro has bought KBC Real Estate鈥檚 50% stake in its Belgian logistics property joint venture for a total of just over 鈧�33 mln, reflecting a net initial yield of 7.7%.
Segro has bought KBC Real Estate鈥檚 50% stake in its Belgian logistics property joint venture for a total of just over 鈧�33 mln, reflecting a net initial yield of 7.7%.
Segro's joint venture with KBC consisted of two logistics assets totalling 92,000 m2 of built space; one at Bornem comprising 30,000 m2 where the occupiers are DHL and two distributors of medical supplies, Alcon and Pharma Distri Center, and the other at Rumst where 62,000 m2 is occupied by Cummins.
The buy-out follows Segro's announcement in June that it is forming a 鈧�1 bn logistics property joint venture in Continental Europe with Canada's Public Sector Pension Investment Board. The partnership, known as SELP, includes the two Belgian assets along with land banks totalling 81,000 m2.
'Given their attractive locations within the logistics Golden Triangle of Brussels, Antwerp and Gent, there is good potential for further logistics development on this land, which is in line with the strategic objectives to grow the SELP portfolio over time through both development and acquisitions,' Segro said in a statement.
The transaction also includes the purchase of KBC鈥檚 50% stake in two small land holdings at Zaventum and Kortenberg, which will not be injected into the SELP vehicle. Segro plans to dispose of this land and has already exchanged contracts to sell over a third of it.
