Segro: UK Occupational Market Still Remains Challenging
27 Aprile 2010 - 8:55AM
Dow Jones News
Segro PLC (SGRO.LN), a European provider of business space, said
Tuesday market conditions still remain challenging, however
investment markets have continued to recover in the U.K. and it is
recommencing its development program in response to specific
occupier demand.
MAIN FACTS:
-In Continental Europe, capital values appear to be stabilizing,
particularly for prime assets.
-Conditions in the occupational market remain challenging,
although there are a number of encouraging signs:
*In the first quarter of 2010 the level and quality of new
enquiries has improved and the Group has a healthy leasing pipeline
going into the second quarter.
*The U.K. business secured GBP7.6 million of annualized rental
income from new lettings in Q1 2010 (including GBP2.8 million in
respect of pre-lets taken up in the quarter but signed in earlier
periods) with GBP3.0 million of annualized rental income being lost
from space returned.
*Overall U.K. vacancy rate has recorded a slight improvement to
14.6% at the end of Q1 2010 (31 Dec 2009: 14.8%).
-SEGRO's main Continental European markets are in the early
stages of economic recovery
-Lettings signed in the three months to Mar. represented GBP3.0
million of annualized rental income compared with GBP5.4 million of
income loss from space returned (of which GBP4.5 million is
attributable to the previously anticipated return of space
following the insolvency of Karstadt-Quelle in Germany).
-Net debt as at Mar. 31 was GBP2.4 billion, unchanged from Dec.
31 2009.
-Cash and undrawn bank facilities as at Mar. 31 stood at GBP709
million.
-GBP453 million of the Group's bank facilities (of which GBP231
million are drawn) and GBP67 million of bonds / notes are due for
repayment or rollover before the end of 2011 and are covered by
existing committed bank lines.
-Capital expenditure in the first three months of the year
amounted to GBP21 million.
-The Group has authorized four new pre-let developments since
year end with aggregate capital expenditure of GBP34 million.
-The aggregate remaining expenditure on all authorized or
committed developments, all of which are fully pre-let, amounts to
GBP40 million, with annual rental income of GBP8.3 million.
-Shares closed Monday at 318.9 pence.
-By Elliott Ball, Dow Jones Newswires; 44-20-7842-9314; elliott.ball@dowjones.com
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