SEGRO has confirmed plans to form a 50-50 logistics joint venture with a major international institutional investor to develop and operate three major U.K. logistics parks.
The joint venture will include logistics parks in Radlett, Coventry and Northampton, which are expected to deliver approximately 925,000 square meters (10 million square feet) of space when fully leased. The assets are expected to generate approximately £135 million ($179 million) in headline rent and have a fully developed gross asset value of approximately £3 billion ($4 billion), based on customary assumptions.
SEGRO plans to seed the joint venture with the three logistics parks, which include 225,000 square meters (2.4 million square feet) of fully leased income-producing assets with headline rent of £25 million ($33 million), as well as 380 acres of developable land. The parks will be sold to the joint venture for approximately £1 billion ($1.3 billion), in line with the latest reported boo
