Performance and financial review
CFO statement
A Q&A with Soumen Das
Play FilmQ&A with Soumen Das, CFO, on:
- Outlook for earnings growth.
- Investment market activity and property valuations.
- Potential growth opportunities and the funding of these.
- Managing leverage through macroeconomic cycles.
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Adjusted profit before tax
+6.0%
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Adjusted earnings per share
+5.5%
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Dividend per share
+5.7%
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Portfolio valuation
-4.0%
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Adjusted NAV per share
-6.1%
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Loan to value
+2.0%
Operational highlights
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New headline rent contracted:
(2023)
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Uplift on rent reviews and renewals:
(2023)
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Customer retention:
(2023)
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Occupancy:
(2023)
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Development completions potential headline rent:
(2023)
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Net investment:
(2023)
Space for growth
Space for growth
Play FilmGiven the scarcity of land in our urban markets, many of our developments involve the regeneration of brownfield sites. These schemes help to grow the local economy by helping to attract new business investment into local areas and creating diverse and high-quality employment opportunities.
In 2014, we acquired a former paint factory on the edge of Cologne which, as with many of our brownfield urban developments, required a significant amount of remediation work. This included the removal of 62 tonnes of material contaminated by paint and varnish waste.
Less than 10 years on this site is now SEGRO Park Cologne City: a 55,000 sq m urban logistics and light industrial park built to the highest sustainability standards (helping it to be awarded DGNB the highest possible DGNB ‘Platinum’ Certification).
The park is now home to 23 customers from a diverse range of industries including: retail, film and media, post and parcel, luxury cars and food manufacturing. Together they employ 1,128 and are enabling a wide range of extraordinary things to happen in Cologne.
UK 2023 Highlights
UK 2023 Highlights
Play FilmJames Craddock, Managing Director, UK, covers the following topics:
- UK operational highlights.
- Occupier demand trends.
- Supply and market vacancy levels.
- Rent affordability.
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Greater London
Significant capture of reversion. Completion of world's first BREEAM 'Outstanding' refurbishment. Celebrating the ten-year anniversary of our East Plus partnership.
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National Logistics
Completion of our final units at SLP-EMG. Further pre-lets signed in Coventry. Acquisition of rare land plot in Radlett for 300,000 sq m logistics park.
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Thames Valley
Attracted 16 new customers to the Slough Trading Estate. Significant capture of reversion. Acquisition of Bath Road Shopping Park for data centre redevelopment.
Continental Europe 2023 Highlights
Continental Europe 2023 Highlights
Play FilmMarco Simonetti, Managing Director, Continental Europe, covers the following topics:
- Continental European operational highlights.
- Performance of our different markets.
- Continental European e-commerce trends.
- Outlook for construction costs.
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Southern Europe
Continued rental growth across our markets. Two major new pre-lets signed in Spain. Commencement of work on our new central Paris schemes.
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Northern Europe
Strongest ERV growth in Europe. Completion of rezoning and acquisition of land in Dortmund. Installation of 4 MW of solar capacity in Germany.
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Central Europe
Completed 82,000 sq m of new space. Acquired 16.5 hectares of new land in Warsaw. 100 per cent customer and supplier satisfaction rate.
SELP
During 2023 we celebrated the tenth anniversary of the SEGRO European Logistics Partnership (SELP). SELP is our Continental European big box joint venture with PSP Investments, one of Canada’s largest pension investment managers.
SELP started in October 2013 with €1 billion of assets. At the end of 2023, it had a portfolio worth €6.7 billion. SELP generates €342 million of headline rent with an occupancy rate of 99 per cent.
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AUM
(2013: €1bn)
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Headline rent
(2013: €81m)
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Space developed
(since 2013)
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Rent added from new developments
(since 2013)
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Number of customers
(as of 31 Dec 2023)
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10-year internal rate of return
(since 2013)