SEGRO (SGRO) Trading Update summary

Portfolio and operational performance

• Strong start to 2025 with growth in rent roll, asset management, and active development pipeline.

• £13 million of new headline rent signed, with a 37% uplift from UK rent reviews and renewals.

• Customer retention at 92% and occupancy stable at 94%.

• 50,000 sq m of new development completions, all leased, generating £2 million in headline rent.

• £58 million potential headline rent from projects under construction or advanced negotiation, with a 7.7% anticipated yield on cost.

Strategic initiatives and development

• Launched a £1 billion joint venture with Pure DC Group to develop a fully fitted data centre in West London.

• Advancing plans for a 2.3GW European land-enabled power bank, including the largest data centre hub in Europe at Slough.

• Active pre-let negotiations across all markets, with strong interest in speculative urban schemes, especially in Germany and Slough.

Capital allocation and financial position

• £208 million in acquisitions, including SELP's purchase of Continental European big box assets, and £69 million invested in development capex.

• Disposals totaled £11 million, all above December 2024 book values.

• Balance sheet remains robust with a 29% loan-to-value and £2.2 billion in cash and undrawn facilities.

• New Revolving Credit Facility signed post-quarter, extending €1.6 billion of facilities to a new 5-year term.