Segro, the real estate investment company headquartered in London, has agreed to sell a portfolio of six Italian urban warehouses for £127.5m to AXA Investment Managers, on behalf of its clients.
According to the company, the warehouses were developed by Segro-Vailog for a global online retail company to support the growth of its distribution network in Italy.
The portfolio has a total floor space of 56,000 square metres and the warehouses are located in Florence, Burago, Padua, Parma and Verona. Five of the sales have completed, and the sixth will complete later this year.
David Proctor, managing director, Group Investment at SEGRO, said:
We developed and delivered these warehouses for one of our key customers to support their expansion plans. Investor demand for prime, modern industrial assets is very strong in Italy as a result of the rapid growth of e-commerce.
The warehouses within this portfolio are located outside our core markets so we have chosen to capitalise on buoyant market conditions to sell this portfolio at a price materially ahead of December 2020 book value. We will be recycling the capital into exciting opportunities in other parts of Italy.