FARNBOROUGH, ENGLAND-Segro announced today thatit has sold the IQ Farnborough business park for$145 million to three separate firms. The existing buildings and 18acres were sold to a joint venture of Harbert ManagementCorp. and XLB Property for $127 million,and two future owner-occupiers have taken the rest.

The park is the former first location of the RoyalAircraft Establishment, built in 1946 to build aircraftand test jets. The property is being redeveloped as a1.7-million-square-foot office park. Currently, the park has411,000 square feet, and tenants include Autodesk, Agusta Westland,Blue Coat Systems, Defense Strategy &Solutions (formerly RAE), Orcare Ltd.,Red Hat and a hotel. The park is 13.1% vacant.

Phil Redding, Segro chief investment officer,said in statement that the property is one of six that the companyhas identified as non-strategic assets. "The disposal of IQFarnborough marks further progress with our strategic objectives,which includes the reshaping of our portfolio to ensure that wehold the highest quality assets in the strongest markets,” he said.“Following our sale of five multi-leased industrial estates inFebruary, today's announcement takes disposal proceeds announced sofar in 2012 to $274 million, with further disposals expected overthe balance of the year."