SREF and SEGRO agree to landmark €404m industrial swap deal

Schroder UK Real Estate Fund (SREF) has completed a significant swap deal with SEGRO plc that involves seven industrial assets based across the United Kingdom.

The recently completed transaction consisted of the sale of Matrix Park in Park Royal London and a £65 million (€76 million/$88 million) capital payment in exchange for the simultaneous purchase of a portfolio of six multi-let industrial and logistics assets located across the United Kingdom, worth a collective £205 million (€240 million/$279 million).

SEGRO, a British property investment and development company, will acquire Matrix Park, which was developed by SREF in the early 2000s, for £140 million (€164 million/$190 million). It comprises 256,000 square feet of multi-let industrial accommodation and a 1.4-acre development site. The estate is fully let to seven tenants across 11 units, and the sale reflects a capital value of £546 per square foot (€639 per square foot/$743 per square foot).