Segro commits to £600 million investments in 2020
Slough-based property giant, Segro, has posted strong results in its centenary anniversary year, revealing an impressive 8.9% increase in net asset value per share and a commitment to a capital expenditure programme in excess of £600 million.
Segro, the UK’s largest listed property company by market value has said that it expects to invest more than £600 million in development capex and land, including approximately £50 million of infrastructure expenditure. The company added that it has 826,200 sqm of development projects underway for 2020, which are capable of generating a further £50m of new headline rent, of which 60% has already been secured.
The future earnings prospects of the business are underpinned by 1.2m sqft of development projects already under construction or in advance pre-let discussion. This will equate to an additionally 15% of space and potential for an extra £70m of rent.
“2019 was another successful year for Segro, with our clear strategy delivering excellent financial and operational results. Our high-quality, well-located portfolio of urban and big box warehouses continues to attract a broad range of customers, benefitting from the structural drivers of e-commerce and urbanisation. As anticipated, these trends are now having an increasing impact on the Continent as well as in the UK.”
David Sleath, CEO of Segro
Read more, HERE.