SEGRO posted a strong trading update for the third quarter of 2022, with its rent roll increasing by £20m thanks to new lettings.
David Sleath, chief executive of SEGRO, said the “excellent operational results” for the 1 July to 19 October 2022 period gave the company strong momentum heading into the final quarter, with occupier demand remaining strong across all the markets the company is active in.
Sleath added: “Over the past decade, the successful execution of our strategy has created an irreplaceable portfolio of modern, sustainable assets focused on markets with the tightest supply-demand dynamics, underpinning significant reversionary potential and future rental growth. Increases in interest rates and the volatile macro-economic environment have reduced volumes in the investment markets, causing asset prices to soften in the third quarter.
“However, we remain focused on the fundamentals of our business – owning, managing and developing the highest-quality buildings whilst maintaining low leverage and a strong balance sheet, thereby supporting the delivery of attractive growth in earnings and dividends for our shareholders.”
