(Adds adviser in fifth paragraph, shares in last.)
Dec. 19 (Bloomberg) -- Segro Plc and Moorfield Real Estate Fund II agreed to buy a U.K. fund that owns 14 warehouses for 314.7 million pounds ($488 million) in cash.
The U.K. Logistics Fund will be acquired from Hermes Real Estate Investment Management Ltd., Legal & General and LaSalle Investment Management, according to a statement today. The fund’s properties have 404,100 square meters (4.35 million square feet) of space.
Segro and Moorfield will make the purchase through a joint venture. Segro, the U.K.’s largest owner of business parks and warehouses, will manage the properties.
About 64 percent of the U.K. Logistics Fund’s real estate is in the south of England. The fund, set up in 2006, also owns a development site.
The owners of the logistics fund announced a plan to divest it on Sept. 15 and said Jones Lang LaSalle Inc. would handle the sale.
Segro fell 36 percent in London trading in the last six months, cutting its market value to 1.47 billion pounds. The company in August reported a 57 percent decline in first-half pretax profit and a 6.1 percent drop in net rental income. Underlying pretax profit, which excludes the effect of valuation movements, rose 11 percent to 71.1 million pounds.
--Editors: Ross Larsen, Jeff St.Onge.
To contact the reporter on this story: Andrew Blackman in Berlin at email@example.com.
To contact the editor responsible for this story: Andrew Blackman at firstname.lastname@example.org.