A 50-50 joint venture of industrial REIT Segro and private equity fund manager Moorfield has completed the acquisition of the UK Logistics Fund (UKLF) for £315 mln (EUR 375 mln). The vendors were Hermes Real Estate Investment Management, Legal & General and LaSalle Investment Management.

The deal was first announced on 19 December last year.

The month before Segro announced it would focus its portfolio on the highest quality assets in the strongest markets, including an intention to expand its portfolio of logistics assets under management.

'The completion of the UKLF acquisition represents a positive step forward in the execution of this strategy,' Segro said on Wednesday.