SEGRO completes Treforest deal

SEGRO has completed the sale of the Treforest Industrial Estate, near Cardiff, in south Wales, to Hansteen Property Unit Trust (HPUT) for £27.2m. The estate comprises 124 properties with a total lettable area of 627,557 sq ft. It has a 25 percent vacancy rate.

Ian Sutcliffe, SEGRO’s UK managing director, said the disposal in its national markets portfolio continued the company’s strategy of focusing on its identified core clusters where SEGRO was able to add most value. “The sale shows the continued demand for industrial properties even in this uncertain economic climate,” he said.

Morgan Jones, Hansteen’s joint chief executive, said the deal complemented the provider of flexible business space’s other properties in HPUT. “It provides an attractive running yield and with a high void and vacant land presents an opportunity to enhance returns through our intensive approach to management,” he said. King Sturge advised SEGRO on the disposal.