REG - SEGRO PLC - SEGRO ANNOUNCES BOARD AND MANAGEMENT CHANGES

SEGROAnnouncement

28/01/2020 07:01

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RNS Number : 0747B  SEGRO PLC  28 January 2020

 

28 January 2020

SEGRO ANNOUNCES BOARD AND MANAGEMENT CHANGES

SEGRO is today announcing a number of senior leadership changes, with Phil
Redding, Chief Investment officer, stepping down from the Board at the end of
January and leaving the business at the end of April 2020 following the
transitioning of his responsibilities.

Responsibility for disciplined capital allocation and portfolio planning will
be integrated with a newly formed Strategy, Investment and Innovation function
reporting to Soumen Das, Chief Financial Officer. Local investment activities
will be embedded within the operating teams, alongside the existing asset
management, leasing and development functions, reporting to the six Business
Unit Directors under the leadership of Andy Gulliford, Chief Operating
Officer.

Phil Redding joined SEGRO in 1995 and his most recent roles included Business
Unit Director for the London portfolio and Chief Investment Officer since
2011. He has been on the Board since 2013. Whilst responsible for the London
portfolio he had a major role in the acquisition of Brixton plc in 2009 and
the acquisition of a 50 per cent stake in the Airports Property Partnership in
2010. As Chief Investment Officer, Phil had an instrumental part in SEGRO's
portfolio re-positioning exercise which saw the Group sell, acquire or develop
more than £8 billion of real estate. He also led the creation of our SELP
joint venture which has grown its assets under management from under €1
billion at inception in 2013 to over €4 billion today. More recently, Phil
led the acquisitions of the Vailog and Roxhill development platforms.

David Sleath, Chief Executive, said:

"Phil has played a key role in the development of the Group, particularly over
the past decade and he deserves much credit for the high quality,
well-positioned portfolio that SEGRO now owns. My Board colleagues and I will
miss his contribution and, particularly his clear, thoughtful and structured
thinking. We thank him for everything he has achieved and wish him well for
the future".

 "Looking ahead, the creation of a new Strategy, Investment and Innovation
function will enable us to build on our clear and consistent strategy and our
well established, disciplined approach to capital allocation. It will help us
to become more agile in supporting our customers and other stakeholders, and
to embrace the unprecedented level of change arising from the technological
revolution".

Phil Redding said:

"I am proud of everything achieved over the past 24 years and particularly the
work of the Investment Team since 2011. I leave the portfolio in great shape
and wish everyone at SEGRO well for the future".

As required by s430(2B) of the Companies Act 2006, details of the remuneration
payments to be made to Phil Redding will be published on the Company's website
when he steps down from the Board.

ENDS

For further information, please contact:

 

SEGRO plc

Claire Mogford (Head of Investor Relations)

Tel: +44 (0) 20 7451 9048 / claire.mogford@segro.com

 

Richard Sunderland / Claire Turvey / Eve Kirmatzis (FTI Consulting)

Tel: +44 (0) 20 3727 1000

 

Notes to Editors:

 

ABOUT SEGRO

SEGRO is a UK Real Estate Investment Trust (REIT), and a leading owner,
manager and developer of modern warehouses and light industrial property. It
owns or manages 7.8 million square metres (84 million square feet) of space
valued at £11.7 billion, serving customers from a wide range of industry
sectors. Its properties are located in and around major cities and at key
transportation hubs in the UK and in eight other European countries.

See www.SEGRO.com for further information.

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