28 September 2007
SEGRO plc has entered into a purchase contract with Stora Enso for a prominent industrial site on the outskirts of Düsseldorf. The site is in the south of Düsseldorf, well connected to motorways and the major industrial areas, and will be developed by SEGRO as an industrial and logistics facility.
SEGRO has acquired around 161,000 sq m at a price of €18.79m. Stora Enso will close down its factory by the end of 2007, and will then demolish the buildings.
SEGRO will start the first of four phases of the development in 2009. After full completion of the four phases, Düsseldorf-Benrath will add around 80,000 sq m of modern light industrial/logistic space to SEGRO’s portfolio.
Dr Udo Titz, SEGRO’s general manager in Germany, said: “I am pleased that we have gained access to the Düsseldorf market through this acquisition, at a realistic price, of a site well suited to development as a business park. The total project envisages flexible business space, with a mix of speculative units and tailor-built solutions.”
For further information please contact:
|
SEGRO plc |
The Maitland Consultancy |
|
Michael Waring
Tel: +44 (0)7775 788 628 |
Colin Browne/Peter Ogden
Tel: +44 (0)20 7379 5151 |
About SEGRO
SEGRO is the leading provider of Flexible Business Space in Europe. Headquartered in the UK, SEGRO is listed on the London Stock Exchange and on Euronext in Paris. The company is a UK Real Estate Investment Trust (“REIT”) with operations in ten countries (it completed the exit from its US business in August 2007), serving a diversified customer base of over 1,600 customers operating in a wide range of sectors, representing both small and large businesses, from start ups to global corporations. With investment property assets of £5.1 billion (including trading properties and development assets) and around 3.9 million sq m of business space, SEGRO has an annual rental income in excess of £200 million. www.segro.com
Please click here for the full press release in PDF format.