SEGRO has turned over £127.3m in gross rental income in the first half of 2017. This represents a 15.0% increase against H1 of 2016. Adjusted profit after tax stood at £90.5m, up from £73.4m in H1 of 2016.
Gross rental income growth was impacted by the acquisition of the 50% stake of the Airport Property Partnership portfolio in March 2017. Net rental income on a like-for-like basis grew 5.9%, due to a 15% uplift on rent reviews and renewals in its UK portfolio. Its portfolio valuation grew 4.6% to £7,277m.
David Sleath, CEO of SEGRO, said, “Whilst political and economic uncertainty has increased in the UK, we are encouraged by the continued leasing momentum across our portfolio. Furthermore, 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… Our business is well-placed to continue outperforming the wider market.”
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