Segro develops more than ever
Segro has just delivered a record half-year in terms of project completions. Of the total 730,000 sqm finished space, 160,000 sqm were in Germany and included parts of the CityPark in Düsseldorf and AirportPark in Berlin. Yield on development costs is 7.1 % once a space is fully leased, the six-month report states. At the moment, 17 projects with 362,400 sqm new space are currently under construction in continental Europe. Added to that are land acquisitions, among others for a new big box logistics project in Germany. Segro, who specializes in building and holding logistics property and commercial parks, has increased its like-for-like net rental income over the first six months of 2019 by 3.7 % to £166.3mn across Europe (currently about €204mn). The value of the firm’s Germany portfolio has grown by about 19 % to roughly €1.5bn within the year.
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