SEGRO Reports Higher First-Half Earnings Amid Strong Leasing Activity
SEGRO reported higher first-half earnings and rental income, driven by improved occupier sentiment across its industrial, logistics, and data-center operations. CEO David Sleath highlighted a strong performance with increased leasing activity, development pre-lets, and rent reviews contributing to the results. The company signed £53 million in new headline rents during the period, including significant contributions from both existing portfolio lettings and developments. Pre-letting activity surged compared to last year's first half, driven by agreements across various sectors such as logistics, data centers, and food-and-beverage businesses. SEGRO also noted a 5.3% increase in like-for-like net rental income due to asset management activities and rent indexation. Despite slight declines in occupancy levels, the company remains optimistic about second-half improvements, particularly in the UK market where over one-third of vacant space is under offer or negotiation. SEGRO's development pipeline continues to expand with £441 million in potential new industrial and logistics rents.
Topics: industrial_sectors logistics real_estate