Tuesday 24 April 2012
SEGRO SELLS IQ FARNBOROUGH FOR £90.1M
DB Real Estate can confirm that property company SEGRO, has sold the entire IQ Farnborough, which is a mixed-use business park immediately adjacent to the Farnborough Airport, home to the Farnborough Airshow, for £90.1M
IQ Farnborough is the first of SEGRO’S six large non-strategic assets to have been sold since being highlighted as non-core at SEGRO’S Investor Day in November 2011.
The disposal has been structured in two parts. The existing built assets and 18 acres of development land have been sold to a joint venture between funds advised by Harbert Management Corporation and XLB Property as asset manager, for £79.7M.
In addition the sale of 11 acres of development land to two future owner-occupiers for £10.4M has been agreed. These latter sales are conditional upon receipt of planning approval and are expected to be finalised by the end of the year.