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SEGRO PLC (SGRO)

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daveh
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SEGRO PLC (SGRO)

#215564

Postby daveh » April 17th, 2019, 8:23 am

SEGRO have just released their results for the first qtr here:
www.investegate.co.uk/article.aspx?id=2 ... 4103W&fe=1

"Our business has continued to perform well during the first quarter, securing £21 million of new headline rent from a combination of increasing occupancy, uplifts from rent reviews and renewals and our development activity. We currently have 44 projects under construction, which are expected to generate £57 million of annualised rent and are already 72 per cent leased.
"The new equity raised in February provides the capacity to pursue further growth opportunities and we have a number of additional pre-let development projects at advanced stages of negotiation. Whilst we remain mindful of macroeconomic and political risks, we believe that our high quality portfolio of assets in prime locations across the UK and Continental Europe positions us well to continue to benefit from the structural drivers of e-commerce and urbanisation."

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Re: SEGRO PLC (SGRO)

#258171

Postby daveh » October 16th, 2019, 8:12 am

3rd qtr results cane be found here:
www.investegate.co.uk/article.aspx?id=2 ... 9941P&fe=1

David Sleath, Chief Executive, said:
"The third quarter has seen another period of strong operational delivery from SEGRO. We have continued to secure high levels of new rental income both from our existing portfolio and from our active development programme, in which we have over 1 million sq m of new space under construction or in advanced discussions. During the period we also added further land and assets in our core urban markets, including in London and Paris to support further growth.
"SEGRO continues to benefit from the structural trends of urbanisation and technological revolution, and despite the uncertain macro-economic backdrop at this time, we head into the final part of the year with confidence. Looking ahead, the combination of new rental income from the development programme, compounded with the benefits of active asset management of our existing portfolio, should enable us to drive sustainable growth in both earnings and dividends."

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Re: SEGRO PLC (SGRO)

#270262

Postby idpickering » December 10th, 2019, 7:06 am

SEGRO TO SELL £241M OF UK BIG BOX WAREHOUSES

SEGRO plc ("SEGRO") has exchanged contracts to sell a portfolio of UK big box warehouses for £241 million to a fund advised by Morgan Stanley Real Estate Investing, acting through a controlled subsidiary in joint venture with Thor Equities Group. The transaction is expected to complete by the end of the year. The price is in line with June 2019 book value.

The portfolio comprises seven stand-alone big box warehouses with a total floor space of 203,400 sq m. The assets being sold are located in Warth Park, Raunds; DIRFT, Daventry; Rye Park, Hoddesdon; Hams Hall, Coleshill; Grove Park, Leicester; The Duke, Burton-on-Trent and Magna Park, Lutterworth. The combined vacancy rate is 18.5 per cent and unexpired lease term to the earlier of break or expiry is 6 years. The current passing rent of the portfolio is £10.1 million.


https://www.investegate.co.uk/segro-plc ... 00092763W/

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Re: SEGRO PLC (SGRO)

#284177

Postby daveh » February 14th, 2020, 9:17 am


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Re: SEGRO PLC (SGRO)

#324493

Postby idpickering » July 8th, 2020, 7:13 am

update on UK June quarter rent collection

SEGRO plc ("SEGRO" or the "Group") today updates the market on the status of rental collections from its UK portfolio associated with the UK quarterly payment date of 24 June 2020 (relating to rent payable in advance for the third quarter of 2020).

· As at 7 July 2020, we had received 93 per cent of the £37 million of rent which was due on the UK quarterly payment date after adjusting for re-profiled rent agreed with customers.

· We continue to work proactively and constructively to support customers impacted by the Covid-19 pandemic on a case by case basis. As a result, £9 million of rent ordinarily due on the UK quarterly payment date has been re-profiled, mostly to be paid in the second half of 2020.

With regard to payments for the second quarter of 2020 across our UK and Continental European portfolio, as at 30 June 2020, 98 per cent of the £88 million rent due has been paid after adjusting for re-profiled rent agreed with customers (£13 million). 2 per cent of the rent due (approximately £1.5 million) remains to be paid.


https://www.investegate.co.uk/segro-plc ... 00043124S/

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Re: SEGRO PLC (SGRO)

#324505

Postby Dod101 » July 8th, 2020, 7:45 am

As a shareholder in SEGRO, I am not sure that I like the use of the word 'reprofiled' in respect to rent due. It is a bit like 'rebased' for dividends. If some rent has been deferred then they should surely be collecting 100% of the remaining rent due on the appropriate date.

Anyway we will see when they announce their half year results early next month.

Dod

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Re: SEGRO PLC (SGRO)

#324558

Postby dealtn » July 8th, 2020, 11:30 am

Dod101 wrote:As a shareholder in SEGRO, I am not sure that I like the use of the word 'reprofiled' in respect to rent due. It is a bit like 'rebased' for dividends. If some rent has been deferred then they should surely be collecting 100% of the remaining rent due on the appropriate date.

Anyway we will see when they announce their half year results early next month.

Dod


If you go from quarterly in advance to monthly in advance you will only collect 1/3 of the original rent on the original due date with the remaining 2/3 "re-profiled" and collected with a 1, or 2, month delay. This "re-profiled" rent will be paid in "second-half of 2020".

If that is what is happening I don't see it as an issue.

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Re: SEGRO PLC (SGRO)

#324592

Postby Dod101 » July 8th, 2020, 2:37 pm

dealtn wrote:If you go from quarterly in advance to monthly in advance you will only collect 1/3 of the original rent on the original due date with the remaining 2/3 "re-profiled" and collected with a 1, or 2, month delay. This "re-profiled" rent will be paid in "second-half of 2020".

If that is what is happening I don't see it as an issue.


Indeed. That seems to be a statement of the obvious. What they are reporting is rent due on 30 June for the third quarter and arrears for the second quarter. The 'reprofiling' sounds like they are deferring some rent to accommodate tenants who cannot pay on the due date. I may be wrong and hopefully it will not be an issue.

Dod

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Re: SEGRO PLC (SGRO)

#349403

Postby idpickering » October 21st, 2020, 7:09 am

Trading Update

Continued strong leasing performance and capture of reversionary potential (Appendix 1)

· We signed contracts worth £15.8 million (Q3 2019: £15.3 million) of new headline rent2 during the third quarter, taking the total for the nine months to 30 September 2020 to £49.6 million (9M 2019: £48.6 million).

· Rent roll growth from existing space, net of take-backs was £5.6 million (Q3 2019: £2.1 million), taking the nine-month figure to £7.9 million (9M 2019: £10.6 million).

· We have continued to capture reversionary potential from our portfolio, with new headline rents on review and renewal 10.3 per cent higher than previous passing rent in the nine months to 30 September 2020 (30 June 2020: 10.4 per cent). This excludes the impact of securing the final re-gear of the peppercorn leases in the Heathrow portfolio which, when included, increases the uplift to 22.3 per cent.

· So far in 2020 we have completed 695,800 sq m (9M 2019: 765,900 sq m) of new developments, capable of generating £38.0 million (9M 2019: £33.7 million) of headline rent, 80 per cent of which has been leased. Developments capable of generating £11 million of headline rent are expected to complete in the fourth quarter, £8 million of which has been secured.

· The vacancy rate was stable at 5.2 per cent (30 June 2020: 5.2 per cent).

· Customer retention remains high at 88 per cent, reflecting our prime locations and focus on excellence in customer service.

https://www.investegate.co.uk/segro-plc ... 01017042C/

Also posted on HYP Practical Board for those wishing to discuss this share from a HYPer's perspective.

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Re: SEGRO PLC (SGRO)

#349405

Postby idpickering » October 21st, 2020, 7:14 am

SEGRO ACQUIRES £133 MILLION URBAN WAREHOUSE PARK

SEGRO plc ("SEGRO") has acquired Electra Park, a 13 acre urban warehouse estate in Canning Town, London from Schroders for £133 million.

The estate is in a prime location, close to Canary Wharf and London City Airport as well as being bordered by the A12 and A13 main roads, connecting it directly to central London. It is also within walking distance of three Zone 2/3 London Underground stations allowing easy access for workers on the estate.


https://www.investegate.co.uk/segro-plc ... 00027034C/

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Re: SEGRO PLC (SGRO)

#366374

Postby daveh » December 15th, 2020, 10:07 am

SEGRO TO ACQUIRE CONTROLLING INTEREST IN FRENCH URBAN WAREHOUSING COMPANY SOFIBUS PATRIMOINE
SEGRO TO LAUNCH A SIMPLIFIED MANDATORY OFFER TO PURCHASE REMAINING SHARES
https://www.investegate.co.uk/segro-plc ... 00066196I/

SEGRO plc ("SEGRO") (LSE: SGRO, EPA: SGRO) announces that it has unconditionally agreed to acquire a further 74.9 per cent of the share capital of Sofibus Patrimoine ("Sofibus" or "the Company") for €313.71 per share. Following its acquisition of a 19.5 per cent interest in 2018, and upon completion of the transaction, SEGRO will own 94.4 per cent of Sofibus. SEGRO will file a simplified mandatory tender offer for the Sofibus shares not owned by SEGRO, at the same price of €313.71 per share, and intends to implement a squeeze-out procedure in order to delist the Company from Euronext Paris.


They are having to pay a significant premium though:

This values 100 per cent of the equity of Sofibus at €238.5 million and reflects a premium of 46.6 per cent compared with the last closing price before this announcement (11 December 2020), of 61.5 per cent compared with the volume-weighted average price over the last month and of 67.5 per cent compared with the volume-weighted average price over the last three months.

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Re: SEGRO PLC (SGRO)

#366403

Postby Dod101 » December 15th, 2020, 11:21 am

daveh wrote:SEGRO TO ACQUIRE CONTROLLING INTEREST IN FRENCH URBAN WAREHOUSING COMPANY SOFIBUS PATRIMOINE
SEGRO TO LAUNCH A SIMPLIFIED MANDATORY OFFER TO PURCHASE REMAINING SHARES
https://www.investegate.co.uk/segro-plc ... 00066196I/

SEGRO plc ("SEGRO") (LSE: SGRO, EPA: SGRO) announces that it has unconditionally agreed to acquire a further 74.9 per cent of the share capital of Sofibus Patrimoine ("Sofibus" or "the Company") for €313.71 per share. Following its acquisition of a 19.5 per cent interest in 2018, and upon completion of the transaction, SEGRO will own 94.4 per cent of Sofibus. SEGRO will file a simplified mandatory tender offer for the Sofibus shares not owned by SEGRO, at the same price of €313.71 per share, and intends to implement a squeeze-out procedure in order to delist the Company from Euronext Paris.


They are having to pay a significant premium though:

This values 100 per cent of the equity of Sofibus at €238.5 million and reflects a premium of 46.6 per cent compared with the last closing price before this announcement (11 December 2020), of 61.5 per cent compared with the volume-weighted average price over the last month and of 67.5 per cent compared with the volume-weighted average price over the last three months.


Given Segro's record and the fact that they say that they have got to know the target company very well over the last two years I think we can trust them to have gone into this with their eyes wide open so I am not concerned about the premium. Segro has got an excellent record in general.

Dod

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Re: SEGRO PLC (SGRO)

#366416

Postby daveh » December 15th, 2020, 12:11 pm

Dod101 wrote:
Given Segro's record and the fact that they say that they have got to know the target company very well over the last two years I think we can trust them to have gone into this with their eyes wide open so I am not concerned about the premium. Segro has got an excellent record in general.

Dod


Yes I'm willing to let the management get on with it - they've done very well for me - so well I've top sliced twice and they could do with another top slice as they are above 2x median. They are showing an overall gain of 941% - almost a 10 bagger - and a XIRR of 14%pa.

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Re: SEGRO PLC (SGRO)

#366426

Postby Dod101 » December 15th, 2020, 12:55 pm

daveh wrote:
Dod101 wrote:
Given Segro's record and the fact that they say that they have got to know the target company very well over the last two years I think we can trust them to have gone into this with their eyes wide open so I am not concerned about the premium. Segro has got an excellent record in general.

Dod


Yes I'm willing to let the management get on with it - they've done very well for me - so well I've top sliced twice and they could do with another top slice as they are above 2x median. They are showing an overall gain of 941% - almost a 10 bagger - and a XIRR of 14%pa.


As always of course it depends over what period you are looking at. I have held Segro off and on for a long while, even going back to the Slough Trading Estate days. I see that I bought some in mid 2015 and they have doubled since then. Not spectacular but good enough for me.

Dod

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Re: SEGRO PLC (SGRO)

#366440

Postby daveh » December 15th, 2020, 1:45 pm

Dod101 wrote:
daveh wrote:
Dod101 wrote:
Given Segro's record and the fact that they say that they have got to know the target company very well over the last two years I think we can trust them to have gone into this with their eyes wide open so I am not concerned about the premium. Segro has got an excellent record in general.

Dod


Yes I'm willing to let the management get on with it - they've done very well for me - so well I've top sliced twice and they could do with another top slice as they are above 2x median. They are showing an overall gain of 941% - almost a 10 bagger - and a XIRR of 14%pa.


As always of course it depends over what period you are looking at. I have held Segro off and on for a long while, even going back to the Slough Trading Estate days. I see that I bought some in mid 2015 and they have doubled since then. Not spectacular but good enough for me.

Dod

Yes I probably bought at a good time (in hindsight). Just before the financial crash in 2008 I bought a few hundred shares and then in the big rights issue I tail swallowed as I had insufficient cash to take up the rights issue as a whole. Picked up more in 2011 and 12 and took up the last rights issue. With the top slicing my cost per remaining share is 107p

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Re: SEGRO PLC (SGRO)

#367308

Postby daveh » December 18th, 2020, 10:48 am

The Sofibus deal has now completed and they are compulsorarily acquiring the remaining ~6%

https://www.investegate.co.uk/segro-plc ... 30020809J/

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Re: SEGRO PLC (SGRO)

#367368

Postby monabri » December 18th, 2020, 12:47 pm

daveh wrote:
Dod101 wrote:
Given Segro's record and the fact that they say that they have got to know the target company very well over the last two years I think we can trust them to have gone into this with their eyes wide open so I am not concerned about the premium. Segro has got an excellent record in general.

Dod


Yes I'm willing to let the management get on with it - they've done very well for me - so well I've top sliced twice and they could do with another top slice as they are above 2x median. They are showing an overall gain of 941% - almost a 10 bagger - and a XIRR of 14%pa.



Can't argue with that !! Definitely not a HYP share but with those "numbers" who cares! I had a quick look at the margins that SGRO have been delivering over the last 10 years....very nice!

edit: and the dividend growth rate (CAGR of 7.8% over the last 5 yrs) is attractive.

I wonder what the future head winds are?

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Re: SEGRO PLC (SGRO)

#367432

Postby daveh » December 18th, 2020, 2:59 pm

monabri wrote:
daveh wrote:
Dod101 wrote:
Given Segro's record and the fact that they say that they have got to know the target company very well over the last two years I think we can trust them to have gone into this with their eyes wide open so I am not concerned about the premium. Segro has got an excellent record in general.

Dod


Yes I'm willing to let the management get on with it - they've done very well for me - so well I've top sliced twice and they could do with another top slice as they are above 2x median. They are showing an overall gain of 941% - almost a 10 bagger - and a XIRR of 14%pa.



Can't argue with that !! Definitely not a HYP share but with those "numbers" who cares! I had a quick look at the margins that SGRO have been delivering over the last 10 years....very nice!

edit: and the dividend growth rate (CAGR of 7.8% over the last 5 yrs) is attractive.

I wonder what the future head winds are?


They were an HYP share when I bought them in 2008 yielding 4.7% on my first purchase and 5.5% on my second purchase . They paid 23p dividend in 2008, 21.3p this year but there was a rights issue and 1 for 10 consolidation ( and possibly a second consolidation).

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Re: SEGRO PLC (SGRO)

#367435

Postby monabri » December 18th, 2020, 3:12 pm

From
https://www.dividenddata.co.uk/dividend ... ?epic=SGRO

Mar 2017 - 1 for 5 Rights Issue
Jul 2009 - 1 for 10 Share Consolidation
Mar 2009 - 12 for 1 Rights Issue

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Re: SEGRO PLC (SGRO)

#367445

Postby Dod101 » December 18th, 2020, 3:38 pm

monabri wrote:From
https://www.dividenddata.co.uk/dividend ... ?epic=SGRO

Mar 2017 - 1 for 5 Rights Issue
Jul 2009 - 1 for 10 Share Consolidation
Mar 2009 - 12 for 1 Rights Issue


That was some Rights Issue in March 2009. Suggests that they had a funding problem then. I think I may have participated in the March 2017 Rights Issue which looks much healthier at 1 for 5.

Dod


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