SEGRO : SGRO

Research History

• 15 May 2024 14 min read

  QuotedData’s Real Estate Monthly Roundup – May 2024

  Real Estate Roundup Performance data March’s biggest movers in price terms are shown in the charts below. As the interest rates waiting game continues, the real estate sector was flat during April, with the mean average share price at 0.0% and the median average down 1.4%. Self-storage specialist Lok’n Store’s share price jumped on news […]

• 26 Apr 2024 8 min read

  QuotedData’s Real Estate Quarterly Review – First Quarter 2024

  Real estate quarterly report Desperately seeking a catalyst The real estate investment trust (REIT) and listed property sector seems to have been cut adrift and is desperately seeking a positive macroeconomic outlook on which investors can hang their hat and from which sentiment can grow. The first quarter of 2024 started as 2023 left off […]

• 11 Mar 2024 12 min read

  QuotedData’s Real Estate Monthly Roundup – March 2024

  Real Estate Roundup Kindly sponsored by abrdn Performance data February’s biggest movers in price terms are shown in the charts below. It was another month of disappointing share price performance for the real estate sector, as the timing of the fabled interest rate cuts that could kick start a recovery in the sector remains unclear […]

• 22 Jan 2024 10 min read

  QuotedData’s Real Estate Annual Review – 2023

  Real Estate Annual Review Kindly sponsored by abrdn Things can only get better The real estate sector endured a tough 2023, with much of the year characterised by falling values amid the high interest rate landscape. Values have since stabilised across sub-sectors. Optimism returned in the final couple of months of the year, on promising […]

• 13 Dec 2023 15 min read

  QuotedData’s Real Estate Monthly Roundup – December 2023

  Real Estate Roundup Kindly sponsored by abrdn Performance data November’s biggest movers in price terms are shown in the charts below. Property stocks bounced back in November after a difficult few months, with the median share price across the sector up 8.2%. Investor sentiment towards the sector improved as hopes that interest rates have hit […]

• 11 Aug 2023 10 min read

  QuotedData’s Real Estate Monthly Roundup – August 2023

  Real Estate Roundup Kindly sponsored by abrdn Performance data July’s biggest movers in price terms are shown in the charts below. Better than expected inflation figures in the UK raised hope that interest rates had peaked, and that commercial property values may have bottomed out. Improving investor sentiment towards the sector was reflected in an […]

• 14 Jul 2023 12 min read

  QuotedData’s Real Estate Monthly Roundup – July 2023

  Real Estate Roundup Kindly sponsored by abrdn Performance data June’s biggest movers in price terms are shown in the charts below. Sticky inflation in the UK and the Bank of England’s 0.5% hike in interest rates, which now sit at 5.0%, their highest level in 15 years, saw uncertainty return to the property market. The […]

• 25 Apr 2023 8 min read

  QuotedData’s Real Estate Quarterly Review – First Quarter 2023

  Real estate quarterly report Kindly sponsored by abrdn Headwinds mount up The headwinds facing commercial real estate continued to mount up in the first quarter of 2023, reflected in an 8.9% average share price fall across the sector. Already reeling from the impact of higher interest rates on valuations, the collapse of Silicon Valley Bank […]

• 09 Mar 2023 15 min read

  QuotedData’s Real Estate Monthly Roundup – March 2023

  Real Estate Roundup Kindly sponsored by abrdn Performance data February’s biggest movers in price terms are shown in the charts below. It was a mixed month in terms of share price performance for property companies, with a mean average share price fall of 0.3% across the sector. On the positive side, shopping centre behemoth Hammerson […]

• 64 min read

  QuotedData’s Economic and Political Monthly Roundup March 2023

  Economic and Political Monthly Roundup Investment companies | Monthly | March 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]

• 24 Jan 2023 10 min read

  QuotedData’s Real Estate Annual Review – 2022

  Real Estate Annual Review Kindly sponsored by abrdn The year the rug was pulled out 2022 will be remembered as the year that the rug was pulled from under the property sector. Having benefitted from decades of low interest rates, which had fuelled debt-ladened deals and piqued the appetite of global investors looking for more […]

• 07 Dec 2022 12 min read

  QuotedData’s Real Estate Roundup – December 2022

  Real Estate Roundup Kindly sponsored by abrdn Performance data November’s biggest movers in price terms are shown in the charts below. Valuation declines in the property sector are starting to feed through in NAV announcements and interim results (see page 2) as higher cost of debt continues to put pressure on pricing. Having seen dramatic […]

• 24 Oct 2022 8 min read

  What the logistics is going on?

  Has logistics been oversold? The sell-off of real estate investment trusts (REITs) has been breathtaking, with industrial and logistics-focused funds taking their fair share of pain. The major concern is that borrowing costs are now higher than the initial yields on their portfolios, implying an upward re-basing of property yields and a decline in portfolio […]

• 8 min read

  What the logistics is going on?

  Has logistics been oversold? The sell-off of real estate investment trusts (REITs) has been breath-taking, with industrial and logistics-focused funds taking their fair share of pain. The major concern is that borrowing costs are now higher than the initial yields on their portfolios, implying an upward re-basing of property yields and a decline in portfolio […]

• 14 Oct 2022 8 min read

  QuotedData’s Real Estate Quarterly Review – Third Quarter 2022

  Real estate quarterly report Kindly sponsored by abrdn Choppy waters ahead High interest rates is a killer for real estate, and so the chancellor’s disastrous ‘mini budget’ at the end of September – which spooked gilt markets and saw interest rate forecasts for next year top 6% – had a catastrophic impact on the listed […]

• 07 Sep 2022 11 min read

  QuotedData’s Real Estate Roundup – September 2022

  Real Estate Roundup Kindly sponsored by abrdn Performance data August’s biggest movers in price terms are shown in the charts below. AIM-listed small cap fund manager and investor First Property Group tops the list of best performing property companies in August. It was the only company to see a double-digit rise in its share price, […]

• 04 Aug 2022 10 min read

  QuotedData’s Real Estate Roundup – August 2022

  Real Estate Roundup Kindly sponsored by abrdn Performance data July’s biggest movers in price terms are shown in the charts below. Many of the logistics and office focused companies that have suffered in the past few months saw somewhat of a recovery in July, as the substantial discounts that their share prices trade at relative […]

• 15 Jul 2022 8 min read

  QuotedData’s Real Estate Quarterly Review – Second Quarter 2022

  Real Estate Quarterly Review Kindly sponsored by abrdn Storm clouds gather Fears that a perfect storm is brewing has weighed on the real estate sector. Central banks’ move to raise interest rates to curb spiralling inflation has stoked concerns that investors will turn away from real estate to less risky alternatives, such as bonds. Meanwhile […]

• 07 Jul 2022 15 min read

  QuotedData’s Real Estate Roundup – July 2022

  Real Estate Roundup Kindly sponsored by abrdn Performance data June’s biggest movers in price terms are shown in the charts below. There were only a handful of property companies that saw share price growth in the month of June as interest rate rises and concerns of an impending recession took hold. Top of the list […]

• 10 Jun 2022 16 min read

  QuotedData’s Real Estate Roundup – June 2022

  Real Estate Roundup Kindly sponsored by abrdn Performance data May’s biggest movers in price terms are shown in the charts below. A perpetual theme in the listed property sector over the last few years has been the persistent discount to net asset value that many companies’ share prices have traded on. Some have succumbed to […]

• 12 Apr 2022 7 min read

  QuotedData’s Real Estate Quarterly Review – First Quarter 2022

  Real Estate Quarterly Review Kindly sponsored by Abrdn Value to be found in topsy-turvy market The first three months of 2022 have been full of significant events. Investor caution followed Russia’s invasion of Ukraine and put paid to a London-listed property company with a portfolio of Russian assets (see page 6 for details). The cost-of-living crisis […]

• 06 Apr 2022 15 min read

  QuotedData’s Real Estate Roundup – April 2022

  Real Estate Roundup Kindly sponsored by abrdn Performance data March’s biggest movers in price terms are shown in the charts below. Property stocks generally rallied in March, perhaps due to the relative inflation hedge they can provide. There were two outliers in Dublin office specialist Hibernia REIT and small-cap South East of England landlord McKay […]

• 09 Mar 2022 11 min read

  QuotedData’s Real Estate Roundup – March 2022

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data February’s biggest movers in price terms are shown in the charts below. The geopolitical uncertainty caused by the Russian invasion of Ukraine has hit markets hard. On the whole, the property sector suffered losses during February, but there were a few companies that saw […]

• 04 Feb 2022 7 min read

  QuotedData’s Real Estate Roundup – February 2022

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data January’s biggest movers in price terms are shown in the charts below. Perhaps reflecting optimism around the strength of the economy coming out of COVID restrictions, a shift to value stocks was triggered in January, with property generalists and retail-focused companies the beneficiaries. Hammerson […]

• 24 Jan 2022 10 min read

  QuotedData’s Real Estate Annual Review – 2021

  Real Estate Annual Review Kindly sponsored by Aberdeen Standard Investments Bouncebackability Over the course of 2021, the property sector certainly rebounded from the depths of the pandemic-induced slumps of 2020, with the average share price of listed property companies up 14.2%. That didn’t mean there were not some ups and downs along the way. The […]

• 07 Jan 2022 9 min read

  QuotedData’s Real Estate Roundup – January 2022

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data December’s biggest movers in price terms are shown in the charts below. The year of 2021 ended with positive news that the Omicron variant was less serious than first thought, resulting in a lockdown over the Christmas-trading period being avoided. It was Home REIT […]

• 06 Dec 2021 13 min read

  QuotedData’s Real Estate Roundup – December 2021

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data November’s biggest movers in price terms are shown in the charts below. November ended under a cloud of uncertainty, with the discovery of the Omicron coronavirus variant threating a return of restrictions that have wreaked havoc in the property sector over the past two […]

• 08 Nov 2021 8 min read

  QuotedData’s Real Estate Roundup – November 2021

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data October’s biggest movers in price terms are shown in the chart below. The best performing real estate funds in October were mainly sector specialists, however, the property generalists had a good month too, led by BMO Real Estate Investments. The company saw its share […]

• 15 Oct 2021 8 min read

  QuotedData’s Real Estate Quarterly Review – Third Quarter 2021

  Real Estate Quarterly Review Kindly sponsored by Aberdeen Standard Investments Rate rise fears dampens bounce back The quarter started with much promise, as activity picked up with the full opening of the economy. This was reflected in the valuation of commercial properties and in turn investor sentiment to the listed real estate sector. However, supply chain […]

• 06 Aug 2021 10 min read

  QuotedData’s Real Estate Roundup – August 2021

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data July’s biggest movers in price terms are shown in the chart below. It was no surprise that GCP Student Living topped the table for best performing property companies in July after it received a takeover bid 30% above its share price during the month. […]

• 15 Jul 2021 8 min read

  QuotedData’s Real Estate Quarterly Review – second quarter 2021

  Value hunters boost property The easing of lockdown restrictions throughout the quarter saw property companies stage somewhat of a comeback from the depths of the pandemic, despite ‘freedom day’ being delayed into July. The potential for an economic bounce in the second half of the year is growing and generalist real estate investment trusts (REITs), […]

• 09 Jul 2021 10 min read

  QuotedData’s Real Estate Roundup – July 2021

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data June’s biggest movers in price terms are shown in the chart below. In a month when Boris Johnson announced the easing of restrictions would be pushed back as COVID cases rose, only a handful of property companies saw share price gains. Topping the list […]

• 19 Apr 2021 8 min read

  QuotedData’s Real Estate Quarterly Review – first quarter 2021

  Lockdown cloud begins to lift The success of the vaccine rollout in the UK and the implementation of a roadmap out of lockdown saw the share prices of listed property companies – most of which had been decimated during the last year – make somewhat of a recovery. The economy is on firmer footing and […]

• 08 Mar 2021 10 min read

  QuotedData’s Real Estate Roundup – March 2021

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data February’s biggest movers in price terms are shown in the chart below. The roadmap out of lockdown and the impressive vaccination programme in the UK has lifted confidence in a swift economic recovery and triggered a shift to value stocks. Property companies on significant […]

• 22 Jan 2021 12 min read

  QuotedData’s Real Estate Annual Review – 2020

  Real Estate Annual Review Kindly sponsored by Aberdeen Standard Investments Riding out the COVID rollercoaster The 2020 rollercoaster saw more downs than ups and at times felt like a pandemic induced freefall. Lockdowns, tiers and plenty of U-turns meant investing in property was not for the faint hearted. Positivity returned at the end of the […]

• 14 Jan 2021 9 min read

  QuotedData’s Real Estate Roundup – January 2021

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data December’s biggest movers in price terms are shown in the chart below. The boost of coming out of the second national lockdown in early December was short lived as Christmas was cancelled for most of the UK with COVID-19 cases spiking. It did little […]

• 17 Dec 2020 12 min read

  QuotedData’s Real Estate Roundup – December 2020

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data November’s biggest movers in price terms are shown in the chart below. The eagerly awaited news of a successful vaccine candidate came at the start of November, boosting the stock market. Property companies that had seen their share price battered over the past eight […]

• 12 Nov 2020 9 min read

  QuotedData’s Real Estate Roundup – November 2020

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data October’s biggest movers in price terms are shown in the chart below. October finished with the threat of a second lockdown looming over the UK as COVID-19 cases continued to rise. However, this did not dampen demand for shares in some of the companies […]

• 10 Sep 2020 8 min read

  QuotedData’s Real Estate Roundup – September 2020

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data August’s biggest movers in price terms are shown in the chart below. There were some interesting price rises during the month of August as investors’ search for returns took them to property companies that have seen their share prices severely depressed during the Covid-19 […]

• 13 Aug 2020 9 min read

  QuotedData’s Real Estate Monthly Roundup – August 2020

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments  Performance data July’s biggest movers in price terms are shown in the chart below. A number of REITs and property companies saw big share price gains over the month of July as covid-19 restrictions started to ease across the UK and greater economic stimulus was revealed. […]

• 16 Jul 2020 7 min read

  QuotedData’s Real Estate Quarterly Review – Q2 2020

  Real Estate Quarterly Roundup Kindly sponsored by Aberdeen Standard Investments  A polarised lens The covid-19 pandemic continued to wreak havoc in the real estate in the second quarter, but a polarisation of sectors and funds has started to become apparent. Companies focused on the retail, leisure and hospitality property sectors had already seen huge negative […]

• 07 Jul 2020 12 min read

  QuotedData’s Real Estate Roundup – July 2020

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments  Performance data June’s biggest movers in price terms are shown in the chart below. Uncertainty caused by the covid-19 pandemic continued to weigh on property stocks in June and we had the first real casualty in Intu Properties, which collapsed into administration. A number of companies […]

• 07 Apr 2020 11 min read

  QuotedData’s Real Estate Roundup – April 2020

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments  Performance data March’s biggest movers in price terms are shown in the chart below. Property stocks took a hammering in March as the covid19 pandemic took hold. The UK was put on lockdown to stop the spread of the coronavirus resulting in the enforced closure of […]

• 10 Mar 2020 12 min read

  QuotedData’s Real Estate Roundup – March 2020

  Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments  Performance data February’s biggest movers in price terms are shown in the chart below. Property stocks tumbled in February as fears over the spread of Covid-19 spooked financial markets around the world and resulted in the largest sell-off since the 2008 financial crisis. There were just […]

• 07 Feb 2020 9 min read

  QuotedData’s Real Estate Roundup – February 2020

  Real Estate Roundup  Performance data January’s biggest movers in price terms are shown in the chart below. The sluggish start to the year for listed property companies is hardly surprising given they were coming off a high base after the “Boris-bounce” following the general election in December. Topping the list was Triple Point Social Housing […]

• 30 Jan 2020 12 min read

  QuotedData’s Real Estate Annual Review – 2019

   Property’s alternative theory The year was dominated by political and economic uncertainty, with Brexit negotiations casting a shadow over the market and the general election adding a further layer of doubt for much of the year. For a market that is staunchly aligned with political and economic sentiment, listed property companies and REITs performed well, […]

• 20 Dec 2019 15 min read

  Industrial property market – The gift that keeps on giving

   Industrial property market – the gift that keeps on giving The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many […]

• 15 min read

  Industrial property market – The gift that keeps on giving

   Industrial property market – the gift that keeps on giving The industrial and logistics sector has been on a tremendous run over the past five years or so. It is hard to think now, given the current dynamics in the property industry, that retail and offices were the sectors of choice for investors for many […]

News

• 10 Oct 2024 2 min read

  Bidding war hots up for Tritax EuroBox

  Tritax EuroBox has received a cash offer for the company from Canadian private equity giant Brookfield that usurps SEGRO’s bid for the company. Brookfield’s bid is 69.0p per share (equivalent to 82.4 cents at the current exchange rate) and values Tritax EuroBox at around £557m (which based on Tritax EuroBox’s net debt implies an enterprise […]

• 18 Sep 2024 2 min read

  QuotedData’s morning briefing 18 September 2024 – SGRO, FSFL, MGCI

  In QuotedData’s morning briefing on 18 September 2024: SEGRO (SGRO) announced the pricing of a €500m senior unsecured bond issue for an eight-year term priced at 123 basis points above euro mid-swaps with an annual coupon of 3.5%. The bond issuance was over six times subscribed at peak. The proceeds of the issue will principally […]

• 06 Sep 2024 1 min read

  QuotedData’s weekly news show 6th September 2024

  Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: PRS REIT (0:41) SEGRO / Tritax EuroBox (4:02) Balanced Commercial Property Trust (6:41) Artemis Alpha / Aurora (8:10) JPMorgan Core Real Assets (10:33) Digital 9 Infrastructure (11:51) Andrew McHattie covered: Major rises over the […]

• 04 Sep 2024 4 min read

  SEGRO snaps up Tritax Eurobox

  SEGRO and Tritax EuroBox (EBOX) have announced that their boards have reached agreement on the terms of a recommended all-share offer by SEGRO for EBOX, under which EBOX shareholders will receive 0.0765 new SEGRO shares per EBOX share. Based on the closing price per SEGRO share of 880.0p as at 3 September 2024, the proposed […]

• 19 Jul 2024 2 min read

  QuotedData’s morning briefing 19 July 2024 – IPU, SGRO, RGL, NRR/CAL

  In QuotedData’s morning briefing 19 July 2024: Following an announcement on 22 May 2024 that it intended to offer its shareholders an “elective return of capital” for up to 10% of its issued share capital, Invesco Perpetual UK Smaller Companies (IPU) has now published a circular in relation to the provision of an elective Special […]

• 27 Jun 2024 2 min read

  SEGRO goes Dutch with €222m triple buy

  SEGRO has acquired three fully leased logistics warehouses in The Netherlands for €222m. Undertaken via three separate transactions the assets build on SEGRO’s scale in a region, which acts as a key logistics hub for Continental Europe as well as the Dutch domestic market. They total 172,300 sqm of additional space and are in-line with […]

• 01 Mar 2024 1 min read

  QuotedData’s weekly news show 1st March 2024

  Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • HICL Infrastructure (1:10) • Renewables – Bluefield Solar Income (4:48), TRIG (9:46), Greencoat UK Wind (10:31) • Property – SEGRO (11:11), Hammerson (12:14) Andrew McHattie reflected […]

• 28 Feb 2024 2 min read

  SEGRO raises £907m in placing

  SEGRO has raised £907m in a placing of shares – a real vote of confidence in the real estate behemoth, its growth plans and the logistics sector. The company increased the size of the raise from around £800m to £900m due to demand. It also raised £7m from retail investors via the PrimaryBid platform. I […]

• 16 Feb 2024 2 min read

  SEGRO capturing strong rental growth

  SEGRO reported rental growth across its portfolio of 6.5% during 2023, as occupier demand for logistics space remained strong. Net rental income grew 12.5% to £587m, including new developments and the rental growth within its existing portfolio. This was achieved in the backdrop of falling property values in the high interest rate environment. The group’s […]

• 30 Jun 2023 2 min read

  SEGRO acquires £120m Radlett Aerodrome site for rail freight terminal

  SEGRO has completed the acquisition of 419 hectares of land at the former Radlett Aerodrome in Hertfordshire for £120m, where it plans to develop a rail freight terminal with 3.6m sq ft of logistics warehouse. The land is located close to the M1, M25 and A1(M) and sits alongside the Midland Main Line railway. The […]

• 17 Feb 2023 2 min read

  QD view – Nadir point close for property values

  The headline numbers reported by real estate investment trusts (REITs) make for scary reading. NAV down 13.9% at AEW UK REIT in the final quarter of 2022, 21.5% at UK Commercial Property REIT, and several others posting similar declines. These falls (and more) were widely anticipated and priced into most companies late last year at […]

• 1 min read

  SEGRO reports sharp valuation decline and rental uplifts

  SEGRO’s results for the year to 31 December 2022 reflect the current state of the logistics sector, with valuations falling 11.0% and estimated rents increasing 10.9%. The group reported adjusted NAV had fallen 15.0% over the year to 966p per share, driven by the 11.0% portfolio valuation decline to £17.925bn. The portfolio equivalent yield expanded […]

• 21 Oct 2022 2 min read

  QD view – has logistics been oversold?

  They say a week is a long time in politics, try a day. Wednesday was a breathtakingly embarrassing day for the government, with the calamitous Liz Truss finally falling on her sword of uncosted tax cuts on Thursday. This will mean that the UK will have its third prime minister in less than two months […]

• 05 Aug 2022 2 min read

  QD view – The logistics paradox

  The logistics sector is in a curious place right now. Comments from Amazon (the market leader in occupier take-up of logistics space over the last few years) about slowing the pace of its warehouse expansion have freaked the market. Meanwhile interest rate rises will almost certainly see investment yields erode as the cost of capital […]

• 28 Jul 2022 2 min read

  QuotedData’s morning briefing 28 July 2022

  In QuotedData’s morning briefing 28 July 2022: Ecofin US Renewables (RNEW) says that its end June NAV was 97.32 cents, down slightly from the figure of 97.64 cents at end March. The main infuences on the NAV over the quarter were an inflation/interest related increase in discount rates used to value the portfolio (-$3.5m) offset […]

• 06 May 2022 2 min read

  QD view – Is logistics a house of cards?

  Amazon’s gloomy earnings call last week has taken the wind out of the sails of some of the biggest listed property companies focused on logistics. The profit warning and caution on online sales growth saw 12.7% and 12.6% wiped off SEGRO’s and Tritax Big Box REIT’s market cap in a week (Thursday 28 April to […]

• 24 Dec 2021 2 min read

  QuotedData’s morning briefing 24 December 2021

  In QuotedData’s morning briefing 24 December 2021: Octopus Renewables Infrastructure Trust (ORIT) has completed its purchase of two onshore wind farms in Finland for about €140m. The Saunamaa and Suolakangas wind farms have a combined installed capacity of 71.4MW, and are in the final stages of commissioning, but the risks associated with the residual construction […]

• 04 Oct 2021 1 min read

  Schroders and SEGRO swap property

  Schroders and SEGRO swap property – SEGRO and Schroders have completed a property swap transaction in which SEGRO has acquired from Schroders a 256,000 sq ft urban warehouse estate in West London for £140m and Schroders has acquired from SEGRO a portfolio of UK big box and urban assets totalling 880,000 sq ft for £205m. The […]

• 07 May 2021 2 min read

  QD view – Spotlight on logistics development

  As predicted, merger and acquisition (M&A) activity has taken off in the listed property sector in 2021. Friday’s announcement that St Modwen Properties (SMP) had received an unsolicited approach from US private equity giant Blackstone regarding a possible cash offer of £1.2bn for the company feels a bit different to recent M&A news. This week […]

• 08 Apr 2021 1 min read

  QuotedData’s morning briefing 8 April 2021

  In QuotedData’s morning briefing 8 April 2021: Schroder UK Public Private has slashed the value of its Rutherford Health investment to £34m from £81m. The statement says “The valuation of Rutherford Health has been reduced to reflect slower than expected commercial progress and increased risk to the business outlook for equity holders.” This offsets good news […]

• 18 Feb 2021 1 min read

  QuotedData’s morning briefing 18 February 2021

  In QuotedData’s morning briefing 18 February 2021: SEGRO (SGRO) says its French subsidiary is making a tender offer for the 5.6% of Sofibus Patrimoine that it doesn’t already own. SEGRO’s offer is €313.71 per share. Grainger (GRI – the residential property company) has made Robert Hudson its chief financial officer. Rob is currently chief finance and operations […]

• 15 Jan 2021 2 min read

  QD view – Don’t discount the property generalists

  A host of rent collection figures for the first quarter of 2021 have been announced by property companies and, once again, it is the logistics-focused companies leading the way. It is not that surprising given the well-documented rise in online retailing and the positive impact on demand for logistics space, but it does underline the strength of […]

• 1 min read

  SEGRO collected 98% of rent in 2020

  Industrial and logistics giant SEGRO has revealed it has collected 98% of all rent billed for 2020, reflecting the strength of the sector. Broken down into UK and European portfolios, SEGRO has collected 97% of the £245m billed on its UK assets and 98% of the £172m billed in Europe. The group said it had […]

• 15 Dec 2020 1 min read

  SEGRO acquires Paris urban logistics property company

  SEGRO has acquired a controlling stake in Euronext Paris listed company Sofibus Patrimoine, which owns a portfolio of urban logistics assets in Paris. SEGRO already owned a 19.5% stake in the company and today has bought a further 74.9% for €178.6m – valuing the company at €238.5m. When the transaction completes SEGRO will own 94.4% […]

• 27 Nov 2020 2 min read

  QD view – Black Friday boon for logistics

  It is that time of year again – Black Friday. The US export has quickly become one of the biggest shopping days in the UK. But with shops closed due to lockdown, it will almost entirely take place online this year. It is estimated that £6bn will be spent on Black Friday this year versus […]

• 24 Nov 2020 1 min read

  QuotedData’s morning briefing 24 November 2020

  In QuotedData’s morning briefing 24 November 2020: Gore Street Energy Storage says its Drumkee project, a 50MW installed capacity project located in Northern Ireland, has been energised on schedule. Drumkee is now the largest energy storage project in Ireland. Mullavilly, Gore Street’s second 50MW Northern Irish project, is expected to be energised in December. Both Drumkee and […]

• 21 Oct 2020 2 min read

  SEGRO buys London logistics scheme at a staggeringly low 2.3% yield

  SEGRO has acquired Electra Park, a 13-acre urban warehouse estate in Canning Town, London from Schroders for £133m, representing a net initial yield of 2.3%. The acquisition yield for Electra Park, which provides 21,200 sqm of lettable space across 10 units of which nine are let, is thought to be the lowest ever paid for […]

• 05 Aug 2020 2 min read

  QuotedData’s morning briefing 5 August 2020

  In QuotedData’s morning briefing 5 August 2020: SEGRO (SGRO), the £11.5bn market cap REIT focused on modern warehouses and light industrial property, announced results covering the interim period to 30 June 2020. Adjusted pre-tax profit of £140.4m, represented an increase of 6.5% year-on-year. Adjusted NAV per share increased by 2.6% over the six-month period, helped by an […]

• 24 Jul 2020 2 min read

  SEGRO announces both debt redemption and new debt finance

  SEGRO has made three separate announcements this morning which, when taken together, comprise the redemption of €118m of existing (debt during August and September), while raising €450m of new debt finance in a private placement that is split across three tranches. The announcements can be summarised as follows: SEGRO is redeeming the last of its […]

• 1 min read

  QuotedData’s morning briefing 24 July 2020

  In QuotedData’s morning briefing 24 July 2020: Stenprop has provided the market with a trading update for the second quarter of 2020 to the market. It says that it has now collected 93% of the rent due at the end of March, and 84% of the rent due at the end of June. We have also […]

• 12 Jun 2020 2 min read

  Varying fortunes of property sectors presents covid opportunities

  There is no doubt that the biggest news story in the property sector this week was SEGRO’s whopping £680m equity raise. The over-subscribed placing, that will be used to fund development opportunities in the booming logistics sector, put an exclamation mark on the severe disconnection that is in play between the different property sectors. If […]

• 10 Jun 2020 1 min read

  SEGRO raises whopping £680m in placing

  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 […]

• 09 Apr 2020 2 min read

  Will lenders be sympathetic to the plight of property companies?

  As another week of lockdown comes to an end, property companies continue to update the market on the impact on their businesses. The latest slew of rent collection updates reveal that it isn’t just the retail, leisure and hospitality sectors that have been hit. Almost all companies have seen an impact on income (apart from […]

• 02 Apr 2020 2 min read

  SEGRO to pay final dividend

  Industrial and logistics giant SEGRO will pay its final dividend, the company confirmed today. The group said it was in a strong position financially and has collected 71% of the rent due for the first quarter of the year. It is in discussion with tenants representing 25% of total headline rent regarding appropriate relief, primarily through […]

• 14 Feb 2020 2 min read

  SEGRO posts 8.9% NAV uplift

  The UK’s largest listed property company SEGRO reported an 8.9% uplift in its net asset value (NAV) for 2019, alongside a 10.1% jump in its dividend. In full-year results to the end of December 2019, the industrial property specialist revealed a NAV per share of 708p, up from 650p a year earlier. Meanwhile the full […]

• 28 Jan 2020 1 min read

  SEGRO’s chief investment officer to step down

  SEGRO’s chief investment officer has stepped down from the board and will leave the business in April 2020. Phil Redding, who has been at the group for 24 years and on the board since 2013, had been an instrumental part in SEGRO’s portfolio re-positioning exercise which saw the group sell, acquire or develop more than £8bn […]

• 10 Dec 2019 1 min read

  SEGRO sells £241m portfolio of big box warehouses

  SEGRO has exchanged contracts to sell a portfolio of UK big box warehouses for £241m, in line with book value. The company said it would recycle the capital into its existing and future development programme. The portfolio, which comprises seven assets, has generated a blended ungeared IRR of approximately 11% since SEGRO acquired them. Morgan Stanley Real […]

• 16 Oct 2019 2 min read

  SEGRO updates on third quarter trading

  SEGRO, the industrial and logistics developer, has updated on third quarter trading reporting positive letting and development progress. The company signed contracts worth £15.3m of new headline rent during the third quarter, taking the total for the nine months to 30 September 2019 to £48.6m. Rental growth from existing space, net of take-backs, was £2.1m – taking […]

• 25 Jul 2019 1 min read

  QuotedData’s other news 25 July 2019

  In QuotedData’s other news 25 July 2019: FastForward Innovations (FFWD), which typically invests in companies that it perceives as having significant intellectual property rights, has agreed to an extension (to 31 July 2019) of the terms of its simple agreement for future equity (SAFE) with Factom, an Austria-based blockchain technology company. FFWD describes Factom as specialising […]

• 24 Jul 2019 2 min read

  SEGRO posts impressive 19% hike in profits

  SEGRO posts impressive 19% hike in profits – SEGRO, the UK’s biggest REIT, has posted a 19% jump in profits and 3.5% growth in its UK and European industrial portfolio in half-year results. The company reported adjusted pre-tax profit of £131.8m in the six months to 30 June (H1 2018: £110.6m) reflecting record development completions in […]

• 26 Oct 2018 3 min read

  SEGRO sells Belgian warehouses to Tritax EuroBox

  SEGRO sells Belgian warehouses to Tritax EuroBox – SEGRO, in its role as venture adviser to the SEGRO European Logistics Partnership joint venture, has sold four big box warehouses and adjacent development land in Belgium to Tritax EuroBox. The partnership has received net proceeds of €83.4m (SEGRO owns 50 per cent of the partnership so its share […]

• 12 Oct 2018 2 min read

  SEGRO sells Rome warehouse to Tritax EuroBox

    SEGRO sells Rome warehouse to Tritax EuroBox – SEGRO has exchanged contracts to sell a 158,000 sq m warehouse in Rome for EUR118 million. The transaction is expected to complete by the end of October 2018. The warehouse was developed by SEGRO-Vailog in August 2017 for a global online retail company on a 15 year lease. […]

• 16 Feb 2018 1 min read

  SEGRO announces final results

  SEGRO announces final results. SEGRO, a leading owner, asset manager and developer of modern warehousing, light industrial and data centre properties, principally concentrated in London’s Western Corridor (including the Thames Valley) and in key conurbations in France, Germany and Poland, has announced its annual results for the year ended 31 December 2017. The company has […]

• 17 Jan 2018 1 min read

  SEGRO buys stake in Sofibus Patrimoine

  SEGRO buys stake in Sofibus Patrimoine – SEGRO plc, through its subsidiary SEGRO France has acquired 19.39 per cent of the share capital of Sofibus Patrimoine from Harwanne Compagnie de Participations Industrielles et Financières for EUR20.5 million. The price is in line with the average share price over the past three months. Sofibus is a French […]

• 09 Jan 2018 1 min read

  Aberdeen Standard European Logistics invests in Frankfurt

  Aberdeen Standard European Logistics invests in Frankfurt – Aberdeen Standard European Logistics Income has announced that it has exchanged contracts to acquire Flörsheim Logistics Park, Frankfurt for a net value of EUR20.1 million from SEGRO Zehnte Grundbesitz GmbH. The acquisition will be funded from existing cash, following the successful launch of the company on Friday 15 […]

• 01 Nov 2017 1 min read

  SEGRO swaps an industrial estate for a Big Box warehouse

  SEGRO swaps an industrial estate for a Big Box warehouse – SEGRO has acquired a fully let 390,000 sq ft big box warehouse in the Midlands region of the UK from LGIM Real Assets (“Legal & General”), in exchange for Kingsland Business Park, which is a multi-let industrial estate in Basingstoke, and a balancing cash […]

• 10 Mar 2017 2 min read

  SEGRO using rights issue to fund acquisition and developments

  SEGRO is proposing to raise approximately GBP556 million (net proceeds) by way of a Rights Issue, the issue is fully underwritten. 1 for 5 rights issue of 166,033,133 ordinary shares of 10 pence each in the capital of the Company at a price of 345 pence per New Ordinary Share. The issue price of 345 pence per New […]

• 20 Feb 2017 2 min read

  SEGRO eyes £1.2bn of potential developments

  SEGRO says its EPRA NAV per share up was 8.0 per cent to 500 pence over the course of 2016. They say this was driven by a 4.8 per cent like-for-like increase in the value of the portfolio, reflecting development gains, UK rental growth and asset management activities. The 4.8% increase comprises a 4.5 per […]

• 26 Aug 2016 1 min read

  SEGRO sells industrial estate near Heathrow

  SEGRO plc has exchanged contracts to sell the Heston & Airlinks Industrial Estate near Heathrow Airport to Capital Industrial Four BV for GBP79.5 million. Heston Industrial Estate is a multi-let industrial estate, located to the north-east of Heathrow Airport close to junction 3 of the M4 motorway, comprising 481,000 sq ft of warehouse space across 47 […]

• 26 Jul 2016 2 min read

  SEGRO focuses on developments

  SEGRO has announced results for the six months ended 30 June 2016. Its EPRA NAV per share is up 2.6 per cent to 475 pence, driven by a 1.9 per cent increase in the value of the portfolio, due primarily to development gains and active asset management. Adjusted EPS is up 6.5 per cent to […]

• 15 Jun 2016 1 min read

  SEGRO transfers big box warehouses and development land into the SELP JV

  SEGRO has announced that it has transferred a portfolio big box warehouses and development land into its SELP joint Venture (SELP or the SEGRO European Logistics Partnership is a 50:50 joint venture between SEGRO and a Canadian Pension Fund) for €89.4m. SEGRO’s strategy is to hold Continental European big box warehouses and development land primarily […]

• 11 May 2016 1 min read

  SEGRO secures €780m bank facilities

  SEGRO plc has announced that it has agreed amended bank facilities totalling EUR780 million (GBP614 million). The facilities comprise a EUR610 million  syndicated revolving credit facility and two bi-lateral revolving credit facilities of EUR100 million and EUR70 million each. The net impact of the changes is a EUR110 million (GBP87 million) increase in the unsecured committed […]

• 18 Feb 2016 2 min read

  SEGRO announces 10 year Big Box partnership with Roxhill

  SEGRO has announced that it has entered into an exclusive partnership with Roxhill to potentially develop more than 10 million square feet of big box logistics warehousing, over 10 years, in the South East and Midlands. This will allow SEGRO to add significant scale to its UK big box logistics portfolio. SEGRO says that Roxhill is […]

• 12 Feb 2016 1 min read

  SEGRO mulling big box logistics tie up with Roxhill

  SEGRO plc says it has noted the recent media comment regarding a possible transaction with Roxhill Developments. SEGRO confirms that it is in discussions regarding a possible arrangement with Roxhill that, should it be agreed, will enable SEGRO to strengthen its presence in the UK big box logistics market. The arrangement would involve SEGRO and Roxhill working […]

• 24 Dec 2015 1 min read

  SEGRO sells Slough Office portfolio for £325m

  SEGRO has announced that it has exchanged contracts to sell its portfolio of offices on the Bath Road, Slough, for £325m to clients of AEW Europe. The portfolio fronts the Slough Trading Estate and contains 972,300 square feet of office properties leased to companies spanning blue-chip, national and international businesses, and one office building currently […]

• 15 Dec 2015 1 min read

  SEGRO in asset swap with Hermes

  SEGRO plc and Hermes Property Unit Trust have completed a property swap transaction. SEGRO has acquired from Hermes a 9,800 sq m single-let, modern distribution warehouse in Hayes, West London for £21.9m. Hermes has purchased from SEGRO two multi-let industrial estates totalling 29,300 sq m, both situated close to Heathrow Airport for £47m. The balance of £25.1m […]

• 23 Nov 2015 1 min read

  SEGRO acquires three fully-let logistics buildings for €92.7m

  SEGRO has announced that it has acquired a portfolio of three, fully-let logistics buildings, in the Netherlands, for €92.7m. The portfolio, which has a total of104,000 square metres of space, has been acquired from the private Dutch developer, Dok Vast. The company says that the purchase price equates to a net initial yield of 6.1 […]

• 07 Sep 2015 1 min read

  SEGRO selling Slough office portfolio

  SEGRO  has announced that it has appointed CBRE to explore a potential sale of its portfolio of offices on the Bath Road in Slough. The portfolio contains 972,300 sq ft of office properties leased to companies spanning blue-chip, national and international businesses, and one building currently being developed on a speculative basis. The portfolio generates […]

• 28 Jul 2015 2 min read

  SEGRO beats IPD in UK and expands in Europe

  Over the first half of 2015 SEGRO generated an 8.3% uplift in its EPRA NAV to 416p. Adjusted profits were up 3.7% to £69.2m driving the adjusted EPS up 3.4% to 9.2p. Rental income was up 4.3% like-for-like. the interim dividend is up 2% to 5p. Capital growth in the portfolio was driven by the […]

• 12 Jun 2015 2 min read

  SEGRO and M&G divvy up Heathrow jv

  SEGRO has announced that it will take full control of its Heathrow Bog Box Industrial & Distribution Fund joint venture with M&G. The Fund was formed as a 50/50 joint venture between Brixton PLC and M&G Real Estate in 2004 to own two assets in the vicinity of Heathrow Airport: Axis Park and Heathrow Corporate Park. SEGRO acquired […]

• 22 May 2015 1 min read

  SEGRO to acquire 90% of Vailog for €40m

  SEGRO PLC has announced that it is to acquire 90% of Vailog Srl for €39.6m (£28.1m). SEGRO say that the purchase will allow them to establish a strategic big box warehouse presence in the Northern Italian logistics market with opportunities to grow additional scale through development. Segro also say that Vailog has developed over 1.5 million […]

• 10 Mar 2015 1 min read

  SEGRO sells Milan office park for €119m

  SEGRO has sold Energy Park, its recently completed office development outside Milan to Hines Italia SGR for €118.7m. This price is 5% more than their value at the end of December 2014 and works out at a 7.3% initial yield. Energy Park is a fully-let, 61,400 sqm suburban office park built by SEGRO and completed […]

• 12 Nov 2014 1 min read

  SEGRO sells £153m logistics portfolio

  SGRO : SEGRO sells £153m logistics portfolio SEGRO has sold a logistics portfolio, comprising six logistics properties and a smaller regional warehouse for £153.3m – 3% more than the value of the properties in SEGRO’s accounts at the end of June. The portfolio was capable of generating £11.2m in rents. The 185,331 sq m portfolio comprises […]

• 30 Jul 2014 1 min read

  SEGRO : SRGO – acquisition and results

  SEGRO has bought the other half of a logistics joint venture it invested in alongside Moorfield Real Estate Fund II. The jv owns 12 logistics warehouses, covering 377,000 sq ft, mostly in the South East and Midlands, is fully let (to the likes of Sainsbury, Tesco, DHL, Booker and Royal Mail) and has an average […]

• 29 Jul 2014 1 min read

  SEGRO : SGRO – acquisition

  SEGRO has acquired a portfolio of four UK logistics properties from Harbert European Real Estate Fund III, L.P for £49.5m, equivalent to a net initial yield of 6.3 per cent (the annual net rent is £3.2m). The portfolio is fully let for an average lease length of 6.2 years to the earlier of break or expiry. The portfolio comprises […]

• 07 Jul 2014 1 min read

  SEGRO : SGRO – disposal

  SEGRO has sold Pegasus Park in Brussels for €83.4m (no change on the valuation as at 31 December 2013). The property generated a yield, after admin costs, of 9.0%. Pegasus park is an 81,500 sqm office park close to Brussels airport. The high yield reflects the vacancy rate – about 20% – and relatively short […]

• 25 Mar 2014 1 min read

  Picton Property : PCTN and SEGRO : SRGO – asset swap

  Picton Property has swapped its investment in Magna Park, Lutterworth for SEGRO’s investment in Parkbury industrial estate in Radlett, Hertfordshire. Picton sweetened its side of the deal by paying SEGRO an additional £6.5m Parkbury is a 32,810 sq m multi-let industrial estate located between junctions 22 and 21a of the M25 with 24 units and a net […]

• 26 Feb 2014 1 min read

  SEGRO : SGRO – results for 2013

  Over 2013 SEGRO’s EPRA NAV rose by 6.1% to 312p, helped by a 4.1% like for like increase in their property valuations, but the EPRA earnings per share fell by 8.3% to 17.7p. SEGRO sold almost £600m of property during the year at a price, on average, 4.7% higher than their value at end of 2012. […]

• 11 Feb 2014 1 min read

  SEGRO : SRGO – logistics partnership buys European portfolio

  SEGRO European Logistics partnership, a vehicle that SEGRO owns 50% of and manages, is acquiring a portfolio of 14 logistics assets located across Germany, Poland and France for €472m. The whole portfolio comprises 679,000 sqm of lettable space (including one facility under construction) and 51ha of development land in Germany. Excluding the property being built (which they […]

In The Press

• 17 Jun 2024 1 min read

  As high-tech offices lure staff and top investors… Follow our experts’ guide

  By ANNE ASHWORTH, Daily Mail, 15 June 2024: For the past few years, the commercial property sector has been an investment no-go zone, ravaged by higher interest rates, inflation and the pandemic’s impact on shopping and working. The general disquiet was highlighted this week by the cancellation of the stock market launch of Special Opportunities, […]

• 03 Oct 2022 1 min read

  As valuations freefall income growth is king for REITs

  Richard Williams, Investment Week, 30 September 2022: The sharp interest rate rises expected to follow the collapse in the value of the pound do not bode well for the real estate sector in the UK. Many of the REITs were already trading on large discounts to net asset value (NAV), in part due to the […]

• 22 Nov 2021 2 min read

  consider opportunities in retail logistics sheds that feed our online appetites

  By ANNE ASHWORTH FOR THE DAILY MAIL 19 November 2021 Black Friday is almost here, and Christmas is only 34 shopping days away. If you want to bring seasonal cheer to your portfolio, you could consider the opportunities in the sprawling retail logistics steel sheds that line motorways and have sprung up close to towns and […]

• 01 Feb 2021 1 min read

  Warehouses could deliver the goods in your portfolio

  Make a shed-load of money the REIT way: Warehouses could deliver the goods in your portfolio By ANNE ASHWORTH FOR THE DAILY MAIL PUBLISHED: 21:53, 29 January 2021 | UPDATED: 09:02, 30 January 2021 The re-ordering of the retail hierarchy continues. Boohoo, the online fast fashion business, is to acquire Debenhams, and perhaps also Burton, Dorothy Perkins and Wallis, while Asos – the […]

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