Segro plc (LON:SGRO) has today announced its results for the year ended 31 December 2019. Highlights: · Adjusted pre-tax profit, up 10.8 per cent, reflecting a record year of development completions, high customer retention rates, like-for-like rental growth and a low vacancy rate. · Adjusted EPS of 24.4 pence, an increase of 4.3 per cent compared to 2018 (23.4 pence) or 9.9 per cent excluding …
SEGRO announces a number of senior leadership changes
SEGRO (LON:SGRO) today announced a number of senior leadership changes, with Phil Redding, Chief Investment officer, stepping down from the Board at the end of January and leaving the business at the end of April 2020 following the transitioning of his responsibilities. Responsibility for disciplined capital allocation and portfolio planning will be integrated with a newly formed Strategy, Investment and …
SEGRO Another period of strong operational delivery
SEGRO (LON:SGRO) published a trading update for the period from 1 July 2019 to 15 October 20191. David Sleath, Chief Executive, said: “The third quarter has seen another period of strong operational delivery from SEGRO. We have continued to secure high levels of new rental income both from our existing portfolio and from our active development programme, in which we …
SEGRO PLC Another period of strong performance
Segro plc (LON: SGRO) have today provided results for the six months ended 30 June 2019. Another period of strong performance with good earnings momentum driven by rental growth, active asset management and a record level of developments. Commenting on the results, David Sleath, Segro plc Chief Executive, said: “Momentum has continued throughout our business in the first half of …
SEGRO plc Performed well in Q1, securing £21 million of new headline rent
SEGRO plc (LON:SGRO) today published its trading update for the period from 1 January to 16 April 20191. David Sleath, Chief Executive, said: “Our business has continued to perform well during the first quarter, securing £21 million of new headline rent from a combination of increasing occupancy, uplifts from rent reviews and renewals and our development activity. We currently have …
SEGRO Plc Strong set of operating, financial and portfolio performance metrics
SEGRO Plc (LON:SGRO) announces its results for the year ended 31 December 2018. · SEGRO announces a strong set of operating, financial and portfolio performance metrics, and another record year of development, the majority of which has already been leased. · Adjusted pre-tax profit, up 24.4 per cent, reflects our development success and our focus on customer and portfolio management, …
SEGRO plc Appoint Mary Barnard independent Non-Executive Director
SEGRO plc (LON:SGRO) announced the appointment of Mary Barnard as an independent Non-Executive Director with effect from 1 March 2019. Mary Barnard is currently the Region President of Chocolate Category, Europe, for Mondelēz International Inc., the multinational confectionary, food and beverage corporation, having responsibility for the commercial leadership of operations in the European chocolate market. She is also President of …
SEGRO plc exits Belgium with big box warehouse sales
SEGRO plc (LON:SGRO), in its role as venture adviser to the SEGRO European Logistics Partnership joint venture, has sold four big box warehouses and adjacent development land in Belgium owned by SELP.
SELP has received net proceeds of €83.4 million (SEGRO owns 50 per cent of SELP: its share of the proceeds is €41.7 million), equating to a net initial yield to SEGRO on the land and assets of 4.7 per cent (topped-up net initial yield of 5.6 per cent including a one year rent guarantee on the unoccupied space).
The warehouses total 92,500 sq m of space, of which 82 per cent is occupied (by ERV), with a weighted average unexpired lease length of 6.5 years to break and 7.1 years to expiry as at 30 September 2018.
This disposal successfully concludes SEGRO and SELP’s presence in Belgium, at a modest premium to book value, in line with SEGRO’s strategy to exit markets where it does not have, or does not expect to achieve, a scale position.
SEGRO and SELP wer
SEGRO plc achieved another strong leasing performance
SEGRO plc (LON:SGRO) today published a trading update for the period from 1 July 2018 to 16 October 20181.
David Sleath, Chief Executive, said:
“SEGRO’s business has continued to perform well in the third quarter of 2018. Ongoing favourable occupier market conditions have enabled us to achieve another strong leasing performance for both new and existing space. The development pipeline is strong, with 891,000 sq m approved or under construction, of which 71 per cent has been pre-leased.
“In line with our disciplined approach to capital allocation, we have exchanged or completed disposals totaling over £200 million during the period at a significant premium to book value, taking advantage of strong investor demand and a limited supply of prime, well-located assets.
“The structural trends of e-commerce and urbanisation continue to underpin occupier and investor demand for prime warehouse space, notwithstanding near-term economic and
SEGRO plc agrees to sell 158,000 sq m warehouse in Rome for €118 million
SEGRO plc (LON:SGRO) has exchanged contracts to sell a 158,000 sq m warehouse in Rome for €118 million. The transaction is expected to completed by the end of October 2018.
The warehouse was developed by SEGRO-Vailog in 2017 for a global online retail company on a 15 year lease. It is located in Passo Corese, approximately 35 km north east of Rome, and was designed to cater for the occupier’s specific requirements, with three mezzanine levels on a footprint of 60,518 sq m.
Phil Redding, Chief Investment Officer of SEGRO, said
“Having developed and delivered this state-of-the-art facility for one of our key customers, the largest SEGRO has ever developed, we have taken the opportunity to sell the asset to capitalise on very strong demand from a wide range of international investors.”
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