SEGRO’s net asset value per share fell by 8p over the six months to 30 June to 294p, thanks to a fall in rental income resulting from a spate of asset sales.
The industrial REIT made a £20.3m pretax profit during the period, in contrast to the £202.2m loss incurred at the end of 2012.
SEGRO has made £437m of disposals in the year to date, including the IQ Winnersh campus in Berkshire and the Neckerman site in Frankfurt.
Net rental income decreased by £12.2m to £118.7m during the period.
The loan-to-value ratio stood at 52% at the end of H1, slightly up from 51% at the end of 2012. SEGRO has funds of £325.4m available, made up of £12.3m of cash and £313.1m of undrawn loan facilities.
EPRA NAV per share held steady over the six month period at 294p per share
sophia.furber@estatesgazette.com
