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

The park is the former first location of the Royal Aircraft Establishment, built in 1946 to build aircraft and test jets. The property is being redeveloped as a 1.7-million-square-foot office park. Currently, the park has 411,000 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 company has identified as non-strategic assets. "The disposal of IQ Farnborough marks further progress with our strategic objectives, which includes the reshaping of our portfolio to ensure that we hold the highest quality assets in the strongest markets,” he said. “Following our sale of five multi-leased industrial estates in February, today's announcement takes disposal proceeds announced so far in 2012 to $274 million, with further disposals expected over the balance of the year."