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Segro, Moorfield to buy UK Logistics Fund for USD488m  Join our daily free Newsletter

MENAFN - - 20/12/2011

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(MENAFN) Segro Plc and Moorfield Real Estate Fund II will pay USD488 million in cash to acquire a UK fund that owns 14 warehouses, Bloomberg reported.

Segro and Moorfield will establish a new entity to make the purchase. Segro, UK's largest owner of business parks and warehouses, will manage the properties.

The UK Logistics Fund was set up in 2006, and has 404,100 square meters of space, and also owns a development site.

About 64 percent of the U.K. Logistics Fund's real estate is in the south of England.

Segro reported in August a 57 percent decline in first-half pretax profit and a 6.1 percent drop in net rental income.

 






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