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Segro

SEGRO is a (REIT) headquartered in , specializing in the ownership, management, and development of modern warehouses and industrial properties, including big box and urban warehousing facilities, primarily across the and seven other European countries. Founded in 1920 as The Slough Trading Company Ltd by Lord Percival Perry, Redmond McGrath, and Noel Mobbs, who acquired a former military depot in for industrial redevelopment, the company was renamed Slough Estates Ltd in 1926 and converted to REIT status in 2007, at which point it adopted its current name. Over its more than 100-year history, SEGRO has expanded internationally, entering markets such as in 1972, in 1974, the in the 1970s (divested in 2007), in 2005, via the 2015 acquisition of Vailog, and enhancing its through the 2018 purchase of Roxhill, while divesting non-core assets like and offices in 2011 to focus on and industrial spaces. As of the latest reports, SEGRO manages a of approximately 10.8 million square metres of lettable space as of June 2025, serving 1,369 customers with 466 employees, and emphasizes sustainable, low-carbon development aligned with its Responsible SEGRO framework to support community investment and innovation in supply-constrained urban markets near key transportation hubs. Listed on the London Stock Exchange and , SEGRO has grown to become Europe's leading industrial property company by , with a valued at £21.4 billion as of June 2025, prioritizing customer needs and environmental responsibility in its strategy to create spaces that enable business growth.

Overview

Business model and activities

Segro operates as a (REIT), listed on the London under the ticker SGRO and on , and is a constituent of the . As a REIT, is structured to invest primarily in real estate, distributing at least 90% of its taxable income to shareholders while benefiting from tax advantages on rental profits. The company's primary activities revolve around the ownership, , and development of modern warehousing and industrial properties, with a focus on spaces designed for , retail, and data centres. These properties include large-scale "big " warehouses for regional and international , as well as urban warehouses located near and centres to facilitate efficient "last-mile" delivery operations. Segro emphasizes flexible spaces that adapt to customer needs, managing a portfolio of approximately 10.8 million square metres of lettable space across the and seven other countries as of June 2025. Revenue is generated through multiple streams, including rental income from long-term leases to a diverse customer base of 1,369 customers, profits from developing new properties, and proceeds from selective asset sales when optimized returns are achieved. This model supports proactive asset management to capture rental growth and reversionary potential. For context, the was valued at £17.8 billion as of December 2024, growing to £18.5 billion by June 2025. Strategically, Segro prioritizes the creation of high-quality, sustainable properties in prime urban and locations to drive customer expansion in the and sectors. This includes commitments to low-carbon development, such as integrating photovoltaic panels and adhering to the Responsible SEGRO framework for environmental and community impact.

Corporate information

SEGRO plc, commonly known as SEGRO, was founded in 1920 as The Slough Trading Company Ltd and later renamed Slough Estates Ltd in 1926 before adopting its current name in 2007. The company is headquartered at 1 New Burlington Place in , , . Its official website is www.segro.com.[](https://www.londonstockexchange.com/stock/SGRO/segro-plc/company-page) SEGRO has operated as a since its and converted to (REIT) status in 2007, enabling it to focus on property investment while benefiting from tax advantages. It is listed on the London Stock Exchange and has been a constituent of the , reflecting its status as one of the UK's largest companies by . As of 2025, SEGRO employs approximately 466 people, supporting its role as a and in the sector. The company emphasizes in its operations, targeting BREEAM 'Excellent' ratings or higher for its property developments. SEGRO is classified in the diversified industry, with a specialization in and properties as a UK-based REIT.

History

Founding and early years

Segro traces its origins to May 19, 1920, when Sir Percival Perry, Noel Mobbs, and Redmond McGrath established the Slough Trading Company Ltd. The company acquired the 600-acre , a former military vehicle depot, for redevelopment into an industrial site to support economic recovery. This purchase, valued at £7,000,000, marked the beginning of Segro's focus on management in the . In 1926, the company was renamed Slough Estates Ltd, shifting its emphasis to the acquisition and management of industrial estates centered around . The firm invested in , including connections to the Great Western Railway, and attracted early tenants in sectors such as automotive and consumer goods. By 1931, Slough Estates expanded beyond by acquiring a 55-acre site near , capitalizing on the region's diverse industrial base to diversify its portfolio. During , Estates experienced significant growth through property acquisitions and lettings tailored to wartime manufacturing needs, with the estate serving as a hub for production of military equipment and components. Post-war, the company continued expanding into additional sites, such as in 1969, solidifying its role as a key industrial landlord. This period of steady development culminated in the with major acquisitions, including a merger with Allnatt & Properties in 1984, valued at £159 million, followed by Helmlace in 1985 for £46.2 million in assets, and a 52% stake in Bredero Properties in 1986 to bolster retail and development capabilities. The company's UK industrial focus was further strengthened in 1998 with the acquisition of Percy Bilton PLC for approximately £276 million, integrating additional prime properties into its holdings. By the late 1990s, these foundational efforts had positioned Slough Estates as a dominant player in the British sector, paving the way for its evolution toward modern logistics demands in subsequent decades.

Expansion and rebranding

In 2004, Estates executed a significant property swap with Land Securities valued at approximately £700 million, exchanging a portfolio of assets—including the Howard Centre in , Centre in , Bishop Centre in , and a 50% interest in Buchanan Galleries in , totaling 91,300 square meters with a rent roll of £20.4 million—for 23 properties encompassing 300,000 square meters and generating around £22 million in annual rent, plus £18.5 million in cash consideration. This transaction allowed Estates to divest non-core holdings and bolster its focus on and assets, aligning with a strategic pivot toward warehousing and distribution . By 2007, the company underwent a structural transformation, converting to (REIT) status effective 1 January, which enabled tax-efficient distribution of rental income to shareholders, and from Estates to SEGRO plc to reflect its evolving identity as a pan- . The emphasized a modern, bold corporate image while signaling a commitment to broader operations beyond its roots. The acquisition of in 2009 marked a pivotal expansion, completed on 24 August for an enterprise value of £1,111.4 million through a share-for-share exchange, adding approximately £1.6 billion in assets primarily in and industrial properties across the and select European markets. This deal enhanced SEGRO's portfolio scale, integrated complementary assets in the , Hungary, and the , and achieved £12.8 million in annual cost synergies post-integration. In 2011, SEGRO announced a strategic to dispose of £1.6 billion in non-core assets, including and office properties, over five years to sharpen its focus on high-quality and spaces. This , largely completed by 2016, significantly streamlined the portfolio and supported the company's emphasis on modern warehousing. SEGRO's international footprint grew substantially from 2005, beginning with entry into through initial developments in key hubs such as Lodz and , establishing a for Central operations now spanning nearly 1.9 million square meters. Subsequent expansions included deepened investments in the via early developments around 2006, alongside the where offices opened that year; , with operations starting in 2007 and bolstered by the 2015 Vailog acquisition developing over 1.5 million square meters; through acquisitions in the mid-2000s before a 2018 exit; , re-entered in 2015; , building on 1970s offices with modern projects; and , expanding from 1974 origins into major warehouses. These moves diversified SEGRO's exposure across eight countries, prioritizing high-demand corridors. In recent years, SEGRO has advanced into data centre development and "last-mile" to meet and infrastructure needs, including joint ventures for fitted data centres in the UK and . A notable project is the 75,000 square meter underground hub in Paris's 13th arrondissement, announced in September 2020 at the former Les Gobelins railway station, designed for sustainable urban distribution with charging, facilities, and modular units for last-mile delivery, completed in June 2025.

Operations

Property portfolio

As of 31 December 2024, Segro's property portfolio was valued at £17.8 billion and £18.5 billion as of 30 June 2025, reflecting a 0.5% valuation movement during the period. This valuation reflects Segro's share of , totaling £21.4 billion at the half-year mark. The portfolio consists primarily of modern warehousing and industrial spaces, accounting for over 95% of its composition, with a focus on and distribution facilities. It includes big box warehouses (35% of the portfolio by value), urban warehouses (65%, encompassing light industrial units and flexible edge-of-town spaces), parks, and multi-let estates designed for and operations. Notable assets include the , Segro's flagship site and Europe's largest single ownership business estate, which serves as a major hub for data centres and tech tenants with 0.5 GW of operational capacity. Other key holdings feature hubs supporting major e-commerce and technology occupiers, such as and , emphasizing high-quality, strategically located properties. Key characteristics of the include high rates of 94% on an estimated (ERV) basis as of June 2025, indicating strong demand and operational efficiency. values (ERV) grew by 1.0% in the first half of 2025. is a core focus, with 100% of the achieving 'Excellent' or better ratings, prioritizing energy-efficient designs and low-carbon operations. The is distributed across the and , with properties tailored to regional logistics needs.

Development and management

Segro maintains an active pipeline valued at over £1 billion in 2025, encompassing major initiatives such as a £1 billion with Centres Group to build a fully fitted centre in , alongside speculative developments for facilities and additional centres. These projects reflect Segro's focus on high-demand sectors, with £243 million invested in acquisitions and £180 million in during the first half of the year, contributing to completions that added £19 million in potential headline rent at a 7.7% yield on cost. The pipeline's near-term component totals 273,500 square metres of space as of June 2025, with 49% pre-let and generating £50 million in potential rent from sites under construction or in advanced negotiations. In the first half of 2025, like-for-like net rental income from the existing grew by 7.8%, underscoring strong performance from rent reviews and leasing activity. Segro's practices emphasize proactive asset enhancement, particularly through existing to improve and . For instance, refurbishment projects incorporate energy-efficient upgrades and achieve high environmental standards, with 92% of 2025 development completions rated 'Excellent' or better. The company secures long-term leases averaging 8.2 years to expiry as of June 2025, often with institutional-grade tenants such as and , which account for significant portions of rental income and provide income stability. These practices include ongoing to minimize downtime and asset optimization initiatives that capture £172 million in available rent through reviews, renewals, and lease-ups. In the third quarter of 2025, Segro signed an additional £22 million in new headline rent, contributing to £53 million year-to-date, with ongoing strong pre-letting activity. Segro prioritizes customer focus by delivering tailored spaces designed for specialized applications, including tech-enabled warehouses that support advanced logistics and operations, while providing comprehensive occupier support such as and customization services. This approach aligns with the company's to create environments that enable innovative uses, fostering strong relationships and high retention rates of 92%. Innovation in development and management is evident in Segro's integration of smart building technologies, deployed across multiple sites to monitor occupancy, optimize energy use, and enhance operational performance for tenants. These technologies, including data analytics pilots at over 20 developments, enable adjustments and support the adoption of in warehousing, reducing build times and environmental impact compared to traditional methods.

Geographic presence

United Kingdom

Segro's operations in the represent the core of its global portfolio, accounting for approximately 55% of its total with a valuation of £11.7 billion as of June 2025. The company's UK holdings are concentrated in high-demand corridors, including , the , and the , where proximity to major population centers and transport infrastructure supports efficient distribution networks. These regions benefit from Segro's strategic emphasis on modern warehousing that aligns with evolving requirements, positioning the UK as a foundational market for the company's long-term growth. Key sites underscore Segro's dominant presence in the UK industrial landscape. The , Europe's largest business community in single ownership, spans 474 acres and houses over 600 buildings accommodating diverse tenants in and . In , SEGRO Park Coronation Road in serves as a vital industrial hub, offering well-managed warehouse spaces in one of the capital's premier areas. Near , SEGRO Airside Heathrow provides 1.2 million square feet of specialized air freight facilities with direct airside access, facilitating time-critical cargo operations for . Market dynamics in the UK are driven by robust expansion, which has heightened demand for flexible infrastructure amid rising online retail penetration. In 2025, Segro advanced urban developments in fringe areas, completing six projects totaling 200,000 square meters and generating £19 million in headline rent, reflecting adaptation to urban delivery needs. The portfolio contributes the majority of Segro's rental income, with net passing rent reaching £416 million in the first half of 2025 and like-for-like net rental growth of 8.4%, bolstered by a 55% uplift from rent reviews. Segro maintains a strong focus on "big box" warehouses exceeding 100,000 square feet, valued at £1.9 billion within the holdings, which support large-scale regional and national distribution for and providers. Overall occupancy stood at 92.7% by estimated rental value, indicating resilient tenant demand despite economic pressures.

Continental Europe

Segro operates across seven countries in : the , , , , the , , and . These markets form a key part of the company's diversification , focusing on modern warehousing and properties that support and needs in high-demand regions. The represents approximately 45% of Segro's total , valued at £9.7 billion as of June 2025. This share underscores the region's importance, with investments concentrated in cross-border corridors such as the area in and in , where properties benefit from proximity to major transport hubs and urban centers. accounts for approximately 7% of the overall value (£1.2 billion), 10% (£1.8 billion), while contributes 2% (£0.3 billion), reflecting targeted growth in Central and . Poland has emerged as a key growth area since Segro's entry into the market in 2005, building a portfolio valued at £336 million through strategic developments in logistics parks near major cities like and . To align with EU-specific requirements, Segro incorporates localized adaptations in its developments, such as index-linked rent clauses in 41% of leases to account for and regulatory stability. A prominent example is the SEGRO Centre Paris Les Gobelins, a 75,000 square meter underground logistics hub in central designed for sustainable urban delivery, featuring charging and low-emission operations; the project was completed in mid-2025. In 2025, occupier sentiment has strengthened amid recovering economic conditions, driving new leasing activity with £22 million in headline rent secured in the third quarter, including £7 million in pre-lets for big box warehouses in and . This momentum supports a robust development pipeline in and , where projects under offer £34 million in potential future rent upon completion, emphasizing Segro's focus on high-yield, pre-let opportunities in these markets.

Leadership and governance

Executive leadership

David Sleath OBE has served as of SEGRO since April 2011, having joined the company in 2006 as Finance Director. A Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), Sleath brings extensive experience in finance, including prior roles at and as Finance Director at Wagon Industrial Holdings. Under his leadership, SEGRO has pursued an aggressive growth strategy, focusing on expanding its and data centre portfolios across key markets. Soumen Das has served as since 16 January 2017. With over 15 years as of listed companies, including prior roles at and Corus Group, Das also serves as a at and co-chairs the Parker Review on ethnic diversity in FTSE 350 boards. On 12 June 2025, SEGRO announced that Susanne Schroeter-Crossan would succeed Soumen Das as , effective 1 December 2025, and join the Board as an on the same date. With a background in and markets, she previously served as at sennder Technologies GmbH, a digital firm, and at LEG Immobilien from 2020 to 2023, alongside senior roles at , , and across the , , and . Her expertise in , , and financial strategy supports SEGRO's ongoing expansion and investment activities. The executive team also includes several key directors overseeing core functions. Margaret Murphy, Group HR Director since September 2022, contributes over 30 years of HR and business leadership experience from roles at QBE Group and Bank, focusing on talent development and . James Craddock, Managing Director for the since 2015, has driven regional growth, including leadership of the business unit and the portfolio. Paul Dunne, Group Customer and Operations Director since 2020, leverages his expertise from retail, FMCG, and automotive sectors to enhance and . Marco Simonetti, Managing Director for since 2007, has spearheaded expansions in , managing the Italian portfolio and broader regional developments. Andrew Pilsworth, Managing Director for Data Centres and Strategic Partnerships since 2009, oversees specialized assets and partnerships, drawing on his prior finance and national roles within SEGRO. Collectively, the executive team emphasizes implementing SEGRO's initiatives, such as reducing carbon emissions across operations, and advancing through technologies like AI-enabled data centres and PropTech integrations to meet evolving customer needs. This approach aligns with broader strategic oversight from the Board.

Board and committees

The of provides strategic oversight and for the company, comprising a mix of and non-executive directors as of 2025. Andy Harrison serves as , appointed to the board on 1 April 2022 and as Chair since 30 June 2022; he brings extensive experience as former CEO of , , and the RAC, and currently chairs . Key non-executive directors include Mary Barnard, appointed 1 March 2019, with expertise in and ; Sue Clayton, appointed 1 June 2018, a property investment specialist and Fellow of the Royal Institution of Chartered Surveyors (FRICS); Carol Fairweather, the Senior Non-Executive Director since 1 July 2023 (appointed to the board 1 January 2018), former CFO of ; Simon Fraser, appointed 1 May 2021, with a background in ; Marcus Sperber, appointed 1 May 2024, founder of NorthCroft Capital and expert (FRICS); and Linda CBE, appointed 1 May 2021, an economist focused on and global markets. Segro's board operates through several committees to ensure effective governance. The , chaired by Carol Fairweather, provides oversight of financial reporting, internal controls, and . The Committee, chaired by Andy Harrison, handles board , composition, and initiatives. The Committee, chaired by Simon Fraser, develops executive pay structures aligned with company performance and shareholder interests. Additional committees include the Group Risk Committee for monitoring enterprise risks, the Investment Committee for capital allocation and strategy recommendations, and integrated sustainability oversight within relevant board and executive groups. Governance policies emphasize board , with 44% women representation as of 31 December 2024; robust frameworks; and alignment with creation through strategic direction and remuneration practices.

Financial performance

Key metrics and historical trends

Segro, established in 1920 as Slough Estates to manage the , initially generated modest from local industrial leasing and estate services. By 2007, upon converting to a (REIT), net rental income had grown to £204.8 million, marking the start of accelerated expansion through acquisitions and development. continued to rise steadily thereafter, reaching £675 million by 2023, supported by diversification and rental uplifts, with average annual exceeding 10% in recent years. A core , adjusted before , demonstrated post-REIT conversion, increasing from £124 million in 2008 to £409 million in 2023, reflecting operational efficiencies and income . Dividend payouts have shown consistent progression since the 2007 REIT status, underscoring Segro's commitment to returns amid expansion. Total dividends per share advanced from 23.0 pence in 2007 to 27.8 pence in 2023, with annual increases averaging around 5-7% in the latter period. This trajectory has sustained a historical of 3-4%, balancing with stability for investors. The company's property portfolio evolved from a Slough-centric holding in the —valued at under £10 million initially—to a pan-European asset base exceeding £10 billion by 2020, propelled by key acquisitions like those in and during the . By 2023, the valuation reached £17.8 billion, with logistics assets forming the majority, highlighting decades of strategic scaling. Additional financial indicators illustrate Segro's prudent management. averaged 9.2% from 2019 to 2023, aligning with sector norms for mature REITs and reflecting efficient capital deployment. The has been kept below 40% historically, stabilizing at around 38% in recent years to mitigate risks amid market volatility. Over time, Segro transitioned from broad industrial estates to a logistics-focused model post-2000, capitalizing on demand; by the 2020s, rental income accounted for approximately 85-90% of total revenue, emphasizing recurring, inflation-linked streams over development gains.

Recent results (2024-2025)

In 2024, Segro reported net rental income of £628 million, marking a 7.0% increase from £587 million in 2023. Adjusted profit before tax rose to £470 million, up 14.9% from £409 million the previous year, while IFRS profit before tax reached £636 million, a significant improvement from a £263 million loss in 2023. Adjusted grew 5.5% to 34.5 pence, and the total per share increased 5.4% to 29.3 pence. The company's portfolio valuation stood at £17.77 billion, reflecting a modest 1.1% rise from £17.76 billion in 2023, supported by £91 million in new headline rent and 5.8% like-for-like rental growth. For the first half of 2025, Segro achieved adjusted of 18.1 pence, representing 6.5% year-on-year growth from 17.0 pence. The interim per share rose 6.6% to 9.7 pence from 9.1 pence. Like-for-like net rental income from the existing portfolio expanded by 7.8%, driven by a 55% uplift in rent reviews, while the overall portfolio valuation increased 0.5% to £18.5 billion. Estimated rental value (ERV) growth was 1.0%, with £31 million in new headline rent secured during the period. In the third quarter of 2025, Segro demonstrated strong trading momentum, signing £22 million in new headline rent and bringing the year-to-date total to £53 million. The pipeline remained robust, with £7 million in pre-let deals added in the quarter and a £45 million future rent potential from onsite projects at a 7.1% , including growing opportunities in data centres. Occupancy held steady at 94.3%, bolstered by 86% , amid improved occupier sentiment. Analysts projected a 22.5% upside for Segro's stock as of November 2025, with an average 12-month price target implying significant value creation from the data centre pipeline. Looking ahead, Segro anticipates continued focus on occupancy levels and rental growth for the full year 2025, with full results scheduled for release in February 2026 and expectations of sustained momentum from an active development programme and embedded portfolio growth potential.

Sustainability and responsibility

ESG strategy

Segro's Responsible SEGRO framework represents a century-long commitment to (ESG) principles, dating back to the company's founding in 1920, and is fully embedded in its business strategy to drive sustainable value creation for stakeholders. This framework structures Segro's ESG efforts around three strategic priorities—championing low-carbon growth, enabling thriving communities, and nurturing talent—ensuring measurable progress and alignment with broader corporate objectives. On the environmental front, Segro has established ambitious targets, including achieving net-zero carbon emissions across its operations by 2050. The company holds an overall ESG risk score of 6.2 (negligible risk) from , with the environmental pillar at 2.8, alongside AAA and CDP A ratings, reflecting robust management of climate-related exposures. Key metrics underscore this focus, such as the adoption of timber-led developments to minimize embodied carbon in new builds and increased visibility of customer energy data to 87% of the portfolio to promote and among tenants. Socially, Segro prioritizes community partnerships through initiatives like local investment plans that support , , and environmental enhancements in operational areas. The company advances via its Board Diversity Policy, targeting 40% women in senior leadership roles by 2025 and 15% ethnic minorities in UK senior positions by 2027, while upholding standards through its annual Modern Slavery Statement. Governance integration ensures ESG is overseen at the highest levels, with the Board and dedicated committees providing strategic direction and monitoring performance against targets. This accountability is detailed in Segro's annual Responsible SEGRO Report, with the latest edition for 2024 highlighting progress and future commitments.

Key initiatives and policies

Segro has implemented several environmental initiatives to minimize its in property development and operations. In its developments, the company focuses on reducing embodied carbon through assessments, achieving a 4% reduction to 318 kgCO₂e per square meter in 2024 compared to 331 kgCO₂e per square meter in 2023, with a target of 58% reduction per square meter by 2034 against the 2023 baseline. For certifications, 97% of 2024 development completions achieved 'Excellent' or higher ratings, advancing toward the goal of 100% for all new developments over 5,000 square meters by 2025. Additionally, Segro partners with organizations like Groundwork in to enhance , revitalizing 26 community spaces on sites such as the through environmental projects that improve habitats and green areas. In April 2025, Segro certified its entire portfolio in with ratings. On the social front, Segro emphasizes and workforce development, including skills training programs in through partnerships like the Innowatorium Foundation, which supported local employment initiatives. In 2024, these efforts trained 1,197 unemployed individuals, resulting in 349 new employments, alongside 700 employee days across various projects. The company also promotes supplier diversity by involving 69 suppliers in activities that bolster local economies and . and are prioritized via a dedicated committee and a new launched in 2024, achieving an accident rate of 0.46 per 100,000 hours worked with no fatalities, and 97% employee utilization of the Wellbeing Fund. Key policies underpin these initiatives, including the adoption of green leases for all new lettings, which mandate use and on to encourage sustainable practices among tenants. The modern slavery transparency policy, integrated into the Code of Business Conduct and Human Rights Policy, ensures annual supplier compliance assessments with no breaches reported in 2024. involves board-level oversight and Executive Committee target-setting, with ESG disclosures fully aligned to the on Climate-related Financial Disclosures (TCFD) recommendations. In 2025, Segro launched a series featuring discussions on its ESG legacy, including an episode with Sustainability Director Gabriella Zepf highlighting the company's century-long commitment to responsible practices. The SELP ESG Report 2024, tied to Segro's Logistics Partnership, details progress in through enhanced supplier audits and emissions reductions via adopted science-based targets. These efforts have yielded measurable impacts, including a 36% reduction in operational carbon intensity since the 2020 baseline, reaching 36.4 kgCO₂e per square meter in 2024, supported by expanded solar capacity to 123 MW.

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