SEGRO back in profit

SEGRO has said it has returned to profit as the value of its properties across Europe stabilised in the first half of their financial year.

SEGRO reported 1.1 per cent growth in net asset value per share and a 2.3 per cent increase in the value of its portfolio to £2.6bn in its first half financial results presentation. The value of Segros UK properties rose 2.5 per cent.

They reported a pre-tax profit of £148.9m in the six months to June 30, compared to a loss of £493.3m in the same period last year. Overall vacancy rates stayed around 14 per cent but that in the former Brixton portfolio concentrated in West London fell to 21.5 per cent, from 22.1 per cent at the end of last year. SEGRO estimates that it captured 40 per cent of all industrial space let in west London in the first half of 2010.

See detailed coverage in the FT.

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