23rd Oct 2014 07:13
LONDON (Alliance News) - SEGRO PLC on Thursday said it made good progress in the third quarter on the back of stronger occupational market conditions in the UK.
The FTSE 250 property company said it added GBP1.9 million in annualised net rent in the quarter to the end of September, against a GBP0.1 million net take-back in the same period last year. The group let 149,000 square metres of existing space in the quarter.
The group also said it vacancy rate improved in the quarter to 6.2% from 8.3% at the end of the second quarter.
In the period, SEGRO completed 115,700 square metres of developments in the quarter, capable of producing an annualised rent of GBP4.4 million. The group said it has already secured GBP3.8 million of this.
It said it has GBP17 million in annualised rent potential from its current development pipeline.
The group completed GBP246 million in acquisitions in the third quarter, against GBP79 million in disposals.
SEGRO said will publish its full year results to December 31 on February 25.
SEGRO shares were up 0.1% to 359.50 pence early Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Segro