Segro experiences 'strong' rent roll growth in Q3

Real estate investment trust Segro said on Wednesday that it had witnessed strong rent roll growth in the quarter ended 19 October as a result of "a busy period of lettings".

Segro stated that £26.0m of new headline rent was signed during the quarter, up from £16.0m at the same time a year earlier and taking the total for the nine months to 30 September to £64.0m.

Vacancy rates were reduced further to 3.2% from the 4.3% seen at the end of June, predominantly due to strong demand for recently completed speculatively developed space, while year-to-date customer retention came to 76% after the firm took back some space in urban estates in London and Paris.

Chief executive David Sleath said: "Segro has had an active and successful third quarter as we continue to capitalise on strong occupier and investment market conditions, with high leasing volumes across the business.

"We head into the final months of 2021 with confidence in our ability to drive further sustainable growth in rental income, earnings and dividends."

As of 0940 BST, Segro shares were down 0.50% at 1,282.0p.