SEGRO completed 771,000 sq ft of development in Q1 of 2015, according to the company’s latest trading results.
There were £97m of asset disposals exchanged or completed in the first quarter. These include the office campus at Energy Park outside Milan in Italy.
The company carried out £103m of investment acquisitions in the first quarter. This mainly comprised £77m of land, focused around Greater London, the Thames Valley and Cologne.
Some 2.6m sq ft of space was under development as of 31 March 2015, of which 36% is prelet. SEGRO calculates that these projects equate to future annualised rent of £18m.
The company has invested around £21m in its development pipeline in the first quarter, with a further £118m required to complete the current pipeline.
Chief executive David Sleath said: “Investor demand for well-located industrial and logistics assets remains strong in the UK and, increasingly, in Continental Europe, where competition for such assets has also noticeably intensified. Our investment activity in the first quarter has been focused on building out our current landbank and on acquiring a number of excellent land plots for future development.”
