SEGRO has published its trading update for the period from 1 January 2025 to 30 September 2025.
Within this period, SEGRO reported £53 million of new headline rent signed so far in 2025 (30 September 2024: £64m) of which £22m was added in the third quarter (Q3 2024: £15m).
Development completions during the period totalled 34,800m² (c. 374,500ft²) of new space and added £8m of headline rent, including the completion of our latest powered shell data centre on the Slough Trading Estate.
This takes completions so far in 2025 to 231,600m², equating to £27m of expected rent, 89% of which has been secured.
SEGRO’s development pipeline includes £45m of future rent through projects currently onsite and in advanced negotiations, 47% of this is secured or associated with pre-lets and the average development yield is 7.1%.
This pipeline includes:
- £7m of new pre-lets signed during the quarter (£6m of which was successfully converted from our half year near-term pipeline), including big box warehouses to be developed for third-party logistics operators in France and Italy
- £10m of near-term projects, which we would hope to sign in the coming weeks and months
In addition, SEGRO added extra capacity to its land-enabled power bank, including 190MVA of additional power reserved in a key London Availability Zone.
A host of other updates were shared in the report, with SEGRO seeking to increase its European market share as it moves forward.
SEGRO chief executive, David Sleath, said: “SEGRO has had a strong third quarter, with improving occupier sentiment reflected in £22m of new headline rent signed during the period, bringing the total signed year-to-date to £53m.
“We have made good progress in capturing the significant mark-to-market rent potential in our existing portfolio, whilst maintaining occupancy levels and retaining customers.
“Our fully fitted data centre joint venture is on track to submit a planning application in the coming weeks, and we are progressing multiple negotiations on both powered shells and new fully fitted opportunities in the UK and Continental Europe.
“This will support the delivery of further compound growth in earnings and dividends, with significant further value creation upside from our growing data centre pipeline.”
