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Interim Results

SEGRO reaps rewards of internet retailing

25 July 2017 08:11

SEGRO (SGRO), the property investment and development company, increased its adjusted pre-tax profit by 23% to £91.2 million in the first half, partly driven by its acquisition of the Airport Property Partnership (APP) portfolio.

The company said it also achieved high customer retention rates, a low vacancy rate of 5.5% and strong like-for-like rental growth of 3.9%.

David Sleath, chief executive of SEGRO, said business confidence in Continental Europe has picked up in recent months and there is no sign of any slowdown in the growth of internet retailing, an important driver of demand for warehouse space.

"With few signs of any meaningful new supply of speculatively developed space and investor appetite for good quality warehouse assets remaining strong, our business is well-placed to continue outperforming the wider market," he said.

The company acquired 50% of the £1.1 billion APP portfolio not previously owned, which it said allows it to add scale in Heathrow.

The interim dividend has been increased by 5% to 5.25p.

At 8:11am: (LON:SGRO) Segro share price was +22.75p at 527.75p

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