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Segro’s valuation tailwind

Segro’s results benefited from higher valuation gains, but the underlying business looks solid.
Segro’s valuation tailwind

 

  • Positive rent reviews
  • Extended maturity on credit facility

Making an accurate assessment of Segro’s (SGRO) prospects is tricky at the best of times but huge unrealised valuation gains of £1.2bn on its portfolio of investment properties made the task harder than normal. The REIT clearly benefited from its focus on warehouses and commercial business developments during the pandemic as suppliers upped their stocking and capacity to meet challenges in the supply chain. To put that into context, the figure for the 2020 comparison was just £57m.

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