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Segro collects 85% of quarterly rent; buys London warehouse estate for £133m
StockMarketWire.com
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Property investor Segro said it had collected 85% of rent due in the fourth quarter.
The company also announced that it had acquired the Electra Park urban warehouse estate in Canning Town, London from Schroders for £133 million.
The rate of rental collection for the three months through December was currently higher than at the equivalent date in the second and third quarters.
A further 13% of rent had been deferred by agreement with customers, most of which was now payable monthly, meaning that the majority would have been received by the end of the year.
Segro said it had collected 96% and 95% of rents for the second and third quarters, respectively, in line with payment plans agreed with customers.
Of the remaining £9 million, the company said it expected to collect £6 million by the end of the year and the remainder in 2021.
Segro said it signed contracts worth £15.8 million of new headline rent in the third quarter, up from £15.3 million year-on-year.
Rent roll growth from existing space, net of take-backs was £5.6 million, up from £2.1 million, and the vacancy rate was stable at 5.2%.
The 13-acre Electra Park was close to Canary Wharf and London City Airport as well as being bordered by the A12 and A13 main roads, connecting it directly to central London.
Electra Park provided 21,200 square meters of lettable space across 10 units of which nine were let, with the final unit currently under offer.
Story provided by StockMarketWire.com
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