Segro warns of insolvency effect

Segro says insolvencies among tenants in its warehouses and offices are increasing.

Segro said it had made good lettings progress in the first quarter, but this was offset by about £5m in rent that could be lost by tenants either in administration or going through a liquidation process.The company’s vacancy rate in the UK has risen to 10.5 per cent, from 9.9 per cent at the end of the year.

Ian Coull, chief executive, said: “In spite of difficult market conditions, we have achieved good levels of lettings in the first quarter, although new inquiry levels have weakened across the markets in which we operate".

See more at the FT.

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