Segro vows to hike rents as warehouses growth

On Feb 18, 2024

Segro has vowed to boost rents by 50% over the following three years

Updated: 12:12, 17 February 2024

Segro has vowed to boost rents by 50 per cent over the following three years because it backs a rebounding demand for property.

The UK’s largest industrial landlord stated there had been a ‘important uplift’ in rents and predicted that earnings from them would rise additional in the direction of 2027 because it lets out extra vacant house.

Meanwhile, Segro, which owns or manages properties value near £21billion, posted earnings of £409million for 2023, up 6 per cent from the yr earlier than.

Boost: Segro said there had been a 'significant uplift' in rents and predicted that income from them would rise further towards 2027 as it lets out more vacant space

Boost: Segro stated there had been a ‘important uplift’ in rents and predicted that earnings from them would rise additional in the direction of 2027 because it lets out extra vacant house

This was boosted by a spike in rental earnings, which jumped 13 per cent to £587million within the yr. In a bid to sweeten buyers, the FTSE 100 group additionally upped its dividend by 5.7 per cent to 27.8p per share.

Mark Crouch, analyst at funding platform eToro, stated: ‘This earnings report will give shareholders loads to be optimistic about.’

Sergo shares superior 1.2 per cent to 843.4p.

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