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Segro PLC on Thursday reported ‘favourable’ market dynamics, supporting strong rent roll growth in the first quarter. Segro is an owner, asset manager and developer of warehouse and industrial properties. ‘Market data is showing signs of stabilisation in asset values, although investment activity remains subdued,’ it said. For the first quarter of 2023, total new headline rent signed was £24 million, down from £25 million a year before. Occupancy rate decreased to 95.7% from 96.7%. Chief Executive David Sleath said: ‘2023 has started well for Segro. Occupier demand continues to be high and is coming from a diverse range of customers, whilst supply remains limited across all our markets. These favourable dynamics, combined with the active asset management of our prime portfolio, have enabled us to drive strong rent roll growth from the leasing of recently completed space and the capture of reversion and indexation from our standing assets. ‘We have also added to our profitable development pipeline through further pre-lets and have projects equivalent to £84 million of additional rent under construction or due to start shortly.’ Segro said it will publish half-year results on July 27. Shares were up 3.0% at 794.60 pence each on Thursday morning in London Copyright 2023 Alliance News Ltd. All Rights Reserved.
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