Questor share tip: Segro's sheds worth opening Phil Redding, Segro's chief investment officer, said: "This transaction provides us with a rare opportunity to acquire some of the best logistics assets in the two strongest markets in France." The transaction reinforces Questor's view that Segro is one of the most active and exciting listed property companies at present. Exciting is not a word often associated with Segro. The company used to be known as Slough Trading Estates and specialises in sheds, industrial estates and distribution warehouses. However, not only do Segro's assets position it at the heart and legs of local economies - making it a useful economic bellwether - but since the financial crisis it has conducted a flurry of deals. Former chief executive Ian Coull bought arch-rival Brixton at a rock-bottom price in 2009 and also acquired a 50pc stake in a portfolio of warehouses next to Heathrow airport called the Airport Property Partnership. Then, after replacing Mr Coull last year, new boss David Sleath announced he would sell £1.6bn of assets identified as non-core and reinvest in European industrial hubs such as Paris. The non-core assets include suburban offices, manufacturing campuses and estates where Segro does not have 100pc control. So far this year, £377m of property has already been sold, including Segro's interest in Trafford Park next to Old Trafford in Manchester. Mr Sleath has embarked on this strategy because he believes Segro has underperformed on the stock market over the past few years. However, the market response has been mixed. Segro shares are well below the 331.30p hit in March 2011 and in 2012 have risen 5pc compared to a FTSE 250 up 9pc. Investors are concerned that Segro is conducting these sales during a time of economic crisis. In March, Mr Sleath was forced to write off £187m from the value of the non-core assets Segro will sell. However, Questor likes the focus and rigour that Mr Sleath has brought to Segro. Not only is he ensuring the company works in market-leading sectors, but he is revitalising tired assets. For example, Slough Trading Estate, still Segro's primary asset, is set for a major overhaul with a £500m business park development called IQ Slough. Segro shares also look cheap. It is trading at 12.5 times estimated 2012 earnings and offers an attractive dividend yield of 7pc. This looks a good time to a buy.