Segro Plc (SGRO), Europe’s largest publicly traded industrial property specialist by value, agreed to buy 13 logistics buildings near Paris and Lyon for 160.8 million euros ($203 million) to bolster its position in France.
The company bought the properties from Fonciere Europe Logistique SCA (FEL), a unit of Fonciere des Regions SA, London-based Segro said in a statement today. The properties are spread across eight estates, five of them near Paris, and generate 14.2 million euros of annual rental income, Segro said.
Chief Executive Officer David Sleath announced in November a 1.4 billion-pound ($2.2 billion) disposals program to focus on prime assets across Europe. He has used part of the proceeds to make acquisitions, including December’s 315 million-pound purchase of a 50 percent stake in the U.K. Logistics Fund.
The purchase announced today “provides us with a rare opportunity to acquire some of the best logistics assets in the two strongest markets in France,” Segro Chief Investment Officer Phil Redding said in the statement.
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