Strong Portfolio Performance
The existing portfolio is performing well, with a 7.8% growth in like-for-like net rental income, which drove a 6.5% uplift in earnings per share. NAV per share increased by 3p, marking the first uptick since 2022.
Development Prospects Improving
Development prospects are improving with a near-term pipeline of deals in advanced negotiation stages. There is optimism that pre-let signings will increase, supporting future growth.
Data Center Joint Venture
SEGRO signed a joint venture to develop its first fully fitted data center, with plans for a 2.3 gigawatt land-enabled power bank. This is expected to generate a 9-10% yield on cost.
Strong Financial Metrics
SEGRO delivered a 6.5% growth in earnings and dividends per share, with a recommended interim dividend of 9.7p.
Resilient Balance Sheet
The balance sheet is strong with a loan-to-value ratio of 31% and nearly GBP 2 billion in available liquidity.