Segro (LSE:SGRO), the pan-European industrial and warehouse property group, secured £53 million of new headline rent in the first half of 2026, a 71% increase on the £31 million contracted in the same period last year.
Of that total, £27 million came from leasing vacant space and capturing reversion within the existing portfolio, with a further £26 million from development lettings, including £24 million of new pre-lets signed during the period.
Rent reviews, renewals and regears delivered a 44% uplift in the UK, with the group-wide figure at 32%, reflecting the embedded mark-to-market potential the company has been steadily extracting.
Portfolio occupancy edged down to 94.5% from year-end levels, attributable to speculative development completions in Segro's German urban portfolio rather than any broader demand softness.
The development pipeline is at a record, with £90 million of potential rent either under construction or in advanced negotiations, 75% of which is covered by pre-lets; capital expenditure guidance for 2026 has been narrowed to £500 million to £550 million, the top of the previous range.
Active disposals of £308 million, completed or exchanged above book value, are part-funding that investment programme.
Pro forma adjusted net asset value stood at 905p per share, a small reduction since 31 December 2025, driven by yield assumption differences introduced by Segro's new UK valuer on certain urban assets.
"We now have a record level of projects in our current and near-term development pipeline," said Chief Executive David Sleath.
Half-year 2026 results are scheduled for 30 July.
