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Segro Says Contracted GBP 12.6 Mln Of New Headline Rent In Q3

Real estate investment trust Segro Plc. (SGRO.L), in its trading update for the period from 1 July 2018 to 16 October 2018, said that it contracted 12.6 million pounds of new headline rent during the third quarter, including 4.2 million pounds in rent from existing space.

This compares to 8.8 million pounds of new headline rent and 3.8 million pounds in rent from existing space in the year-ago period.

Segro said it completed 219,800 square meter of new developments in the third quarter, capable of generating 10.6 million of headline rent, of which 8.5 million pounds has been leased. The company completed 313,000 square meter of new developments, capable of generating 12.0 million pounds of headline rent in the year-ago period.

The vacancy rate increased slightly to 5.2 per cent from 4.8 percent on 30 June 2018, primarily due to completion of speculative developments during the period. The company noted that the vacancy rate on the standing portfolio has remained stable.

For 2018 to date, the company has invested 454 million pounds in its development pipeline - including land, infrastructure and asset development - and said it remains on course to invest in excess of 500 million pounds in 2018 as whole.

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