StockMarketWire.com - Property investor and developer Segro said it secured £21.2m of new headline rent in the first quarter, though this was lower than the £27.3m secured on-year.

Rent roll growth on existing space was particularly strong at £6.0m, up from £0.5m on-year, the company said

The rise came after the company benefiting from the re-gearing of a number of leases in its Heathrow portfolio.

Segro said its vacancy rate had reduced to 4.4% since the end of December, reflecting 'strong lettings of both existing and recently completed speculative space as well as the impact of disposals and low take-backs.

'Our business has continued to perform well during the first quarter, securing £21m of new headline rent from a combination of increasing occupancy, uplifts from rent reviews and renewals and our development activity,' chief executive David Sleath said.

'We currently have 44 projects under construction, which are expected to generate £57m of annualised rent and are already 72% leased.'




Story provided by StockMarketWire.com