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SEGRO raises whopping £680m in placing

SEGRO to pay final dividend

Logistics landlord SEGRO has raised £680m in a share placing “to take advantage of ecommerce trends that are accelerating as a result of the covid-19 pandemic”.

A total of almost 83 million shares were placed at a price of 820 pence, representing a discount of 4.5% to the closing price on 9 June 2020.

The share represent 7.5% of the existing share capital of SEGRO.

In a separate update to investors, SEGRO outlined its intention to declare a 2020 interim dividend of 6.9p per share, up from 6.3p in 2019.

At the end of May the group held £3bn in debt, including joint ventures. Cash and equivalents totalled £81m, with net debt at £2.95bn. Average debt maturity is nine years and the firm has no major maturities until 2023. Based on December valuations, SEGRO has a loan-to-value ratio of 27%.

New lettings and pre-lettings are “tracking ahead of pre-crisis expectations”, it said, with £20.9m of new headline rent contracted over the six months to 8 June 2020. Just over 40% of pre-lettings were agreed at the height of lockdown in April and May.

SGRO : SEGRO raises whopping £680m in placing

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