Water company sells property arm to ProLogis

Severn Trent, Britain's second-largest water company, has sold its property division for £71.7 mln (EUR 106.9 mln) to distribution facilities giant ProLogis Development. Birmingham-based Severn Trent, which is slimming down to focus on its core water activities, made a £35 mln aggregate profit on the deal. The portfolio includes land that will support more than 330,000 m[sup]2[/sup] of industrial development in the East and West Midlands, the heartland for distribution and logistics in the UK.

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