Logistics and warehouse developer SEGRO has reported its financial year 2024 results which saw a 5% growth in earnings and dividends per share, and £91 million of new headline rent.
Segro currently manages 10.3 million m² (111 million ft²) of warehouse space valued at £20.3 billion with the majority of its properties located in cities and at transportation hubs across Europe.
In the financial year ending 2024, Sergo reported a 7% increase in net rental income to £628m, up from £587m in 2023, which was driven by rental growth of 5.8% and development completions.
Additionally, more than £1.5bn of new equity and debt financing was added to Sergo’s existing portfolio comprised of £20.3bn – two-thirds of which is located in Europe.
Segro also acquired £431m of assets with £896m of disposals of assets that the developer expected to deliver less attractive risk-adjusted returns.
Chief executive of Segro David Sleath said: “We have created the largest data centre hub in Europe and are increasingly excited about the exceptional value creation opportunity from our pipeline of 2.3GW European data centre sites in core Availability Zones.
“We plan to pursue the most attractive risk-adjusted returns on each opportunity, including initially working with partners to develop fully-fitted data centres.
“We have strong conviction in the enduring structural trends that are driving occupier demand for our space. Our business, with its high-quality, well-located, urban-weighted portfolio, exceptional land bank and strong balance sheet is primed for further growth.”
