Segro's finance boss to retire, warns of constrained new space supply (updated)
30/04/2025 08:39
Recasts, adds CEO quotes in paragraphs 3-4, updates shares in paragraph 6
April 30 (Reuters) - Pan-European warehousing group Segro SGRO.L said on Wednesday its finance boss Soumen Das would retire, as it reported strong uplifts in rent reviews and renewals in Britain in the first quarter.
CEO David Sleath said the group had a good start to the year, both in managing its existing portfolio and expanding its development pipeline.
"Long-term structural trends continue to support demand for modern, well-located warehouses and data centres," he said.
"Meanwhile the supply of new space in our chosen sub-markets remains constrained due to lack of available land, power and restrictive planning policies."
The company said it had secured new rental deals worth 13 million pounds ($17.4 million) before adjustments between January and March, with a 37% uplift from UK rent reviews and renewals.
However, shares of the developer were trading 1.2% lower in afternoon deals.
Segro also said it expects the impact of U.S. tariff policies to be limited, as two-thirds of its portfolio was located in European cities.
Das will remain with the firm until the end of the year, Segro said.
($1 = 0.7462 pounds)
(Reporting by Chandini Monnappa and DhanushVignesh Babu in Bengaluru, and Paul Sandle in London; Editing by Eileen Soreng, Rashmi Aich and Jan Harvey)
((Chandini.M@thomsonreuters.com; +918061822697;))