SEGRO plc,Europe’s leading owner-manager and developer of industrial property, has appointed CBRE as valuers to its wholly owned portfolio.
As part of its normal business practice, SEGRO reviews all key advisory appointments on a periodic basis. CBRE, who value assets worth over €200 billion acrossEurope, was successful following a competitive tender.
CBRE will commence its new mandate with the 30th June 2012 valuation of the Company’s wholly owned portfolio.
SEGRO’s total portfolio, including joint ventures at share, was valued at £5.1 billion at 31 December 2011.
David Sleath, SEGRO’s Chief Executive said, “Given SEGRO’s operations in eight countries across Europe, it was very important that we appointed a firm with the expertise, skills and depth of resource to provide a high quality and independent view on our portfolio in all of our key markets. CBRE is the market leader in providing valuation services in the markets in which we operate.”
Michael Brodtman, Head of Valuation at CBRE said, “Robust valuations have never been more important than in today’s complex world. SEGRO occupies a unique position in the European industrial property market, and we are delighted that they have selected us after a rigorous selection process.”
Valuations for the major joint venture properties within SEGRO’s portfolio continue to be carried out by Jones Lang La Salle for Airport Property Partnership and UK Logistics Fund and by CBRE for Big Box Industrial Partnership.