SEGRO continues London expansion

Industrial giant SEGRO has bought a logistics unit in north London for £12.75m as part of a drive to expand it's greater Londo portfolio.

The REIT aquired the vacant 76,000 square foot unit, named Imperial, in Innova Park, Enfield, from Salmon Harvester Property in an off-market deal.

SERGRO currently has a £1.9bn greater London portfolio, which plans to increase to £2.9bn within the next five years.

The builidng, which was completed in february, was developed by Salmon Harvester and Axa Real Estate speculatively after purchasing the 3.2-acre site from Kennet last year.

Other occupiers at Innova Park, which is located 14 miles from central London, include John Lewis, Sony and Iceland.

"The early sale vindicates the decision to develop the building on a speculative basis rather in a marketplace starved of prime product," said Doug Stuart, cheif executive of Salmon Harvester.

Salmon Harvester and AXA were advised by CBRE and Glennys. SEGRO was represented by Doherty Baines.

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David O'Donovan