SEGRO plc, the commercial property company formerly known as Slough Estates, today said it would have the potential to spend over £1 billion on building a broad portfolio of assets across Continental Europe following the sale of its Californian life sciences business parks to Health Care Property Investors Inc.
The group, which signalled the sale of the parks some months ago as part of a strategic review of its mainstream UK and European property business, said the gross proceeds of the $2.9b (£1.5b) sale would allow it to reduce debt and speed-up its current development programme while taking advantage of "new growth opportunities" -- both by acquisition and organic means.
"We're on the lookout for acquisitions and land development opportunities," SEGRO's chief executive Ian Coull told journalists on a conference call this morning. "Some of the proceeds will go towards funding our current development pipeline where we'll be looking to invest £400m this year," he added.
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