SEGRO has brought to market the latest £100m portfolio of sheds that it plans to sell as part of its £1bn light industrial disposal strategy.
A total of six estates are included in the Orbital portfolio, all of which are in Greater London and the South East.
The industrial REIT has tasked Dowley Turner Real Estate with the disposal.
Orbital includes parks in Hemel Hempstead, Woodford Green, Heathrow, Frimley, West Thurrock and Camberley.
SEGRO announced plans to sell £1.6bn of “non-core” property three years ago, including £1bn of light industrials and £600m of other property including offices.
At the same time it has been targeting larger logistics assets.
The strategy is designed to reduce the company’s exposure to manufacturing while increasing its weight in distribution.
So far SEGRO has sold around £1.3bn of its non-core assets, reinvesting much of the capital in development projects.
Chief investment officer Phil Redding said: “South East industrial estates are very sought-after at the moment. The sector is seen by many of the institutions as an area they want to get into.
“And particularly in the South East there’s a much more attractive development market. It seems a little smarter, instead of trying to buy investments, to put that money into development.”
The company has also hung a “for sale” sign over £250m office estate Bath Road in Slough, Berkshire, in recent weeks.
But there are no plans to sell its most profitable light industrial parks including Park Royal, Heathrow and Slough.
chris.berkin@estatesgazette.com
