British landlord Segro plc said it sold a portfolio of five non-core industrial estates to funds owned by Ignis Asset Management for 80.2 million pounds.
The sale is part of the company's plan to focus its UK multi-let industrial portfolio on London and South East.
The sale of these assets demonstrates that, despite the uncertain economic environment, investor demand for industrial assets remains resilient, Phil Redding, Segro's chief investment officer, said in a statement.
The sold portfolio -- with estates located in Fareham, Southampton, Bristol, Crawley and Portsmouth -- has total lettable space of 74,734 square metres, said Segro.
UK Commercial Property Trust Ltd, one of Ignis' funds that is buying the properties from Segro, said it continues to look for acquisitions to boost its industrial portfolio.
Segro, whose portfolio comprises 5.4 billion pounds of predominantly industrial and warehouse assets, was advised by JLL for the transaction, while UK Commercial Property was represented by GVA. (Reporting by A. Ananthalakshmi; Editing by Don Sebastian)