REIT firm SEGRO plc (SGRO.L) Friday announced the acquisition of Zeran Park II in Warsaw for 43.2 million euros, or 36.9 million pounds, from AREA Property Partners and Apollo-Rida Poland. It comprises modern warehouses used for urban distribution and a small office totalling 49,900 sq m of lettable space, located next to the Trasa Torunska ring road, approximately 10 km from Warsaw city centre.
SEGRO said the assets are approximately 85 per cent occupied and currently generating approximately 3.3 million euros or 2.8 million pounds of annualised rental income. The purchase price represents a net initial yield of 7.5 per cent and an equivalent yield of 8.2 per cent. The firm said it expects to be able to increase the Park's occupancy rate and rental income over the mid-term.
Commenting on the development, David Sleath, SEGRO's Chief Executive said, "This is in line with our strategic objective to strengthen our presence in and around selected major conurbations by recycling capital out of non-core assets and taking advantage of attractive acquisition and development opportunities."
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