SLOUGH (dpa-AFX) - Segro Plc (SGRO.L), a British property investment and development company, on Thursday registered a strong growth in rent roll for the first quarter, supported by ongoing favorable occupier market conditions.
The company said that it has disposed of 159 million pounds of land and standing assets so far this year, including 134 million pounds exchanged since the quarter end, at prices above December 2023 book values.
Rental income contracted for the first quarter stood at 29 million pounds, higher than 24 million pounds, recorded for the same period last year.
Pre-lets signed were at 17 million pounds as against 9 million pounds a year ago.
Total take up declined to 17 million pounds from previous year's 22 million pounds.
Looking ahead, David Sleath, Chief Executive of Segro, said: 'As stated in our Full Year 2023 results, our existing portfolio and land bank offer us the potential to grow our passing rents by more than 50 per cent over the next three years. The £907 million of new equity raised in February provides us with the capacity to pursue further attractive growth opportunities, both through development and asset acquisitions. This gives us confidence in our ability to deliver further compound growth in earnings and dividends during 2024 and beyond.'
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