Segro has vowed to raise rents by 50 per cent over the next three years as it backs a rebounding demand for property.
The UK’s biggest commercial landlord said there had been a ‘significant uplift’ in rents and predicted that income from them would rise further towards 2027 as it lets out more vacant space.
Meanwhile, Segro, which owns or manages properties worth close to £21billion, posted profits of £409m for 2023, up 6 per cent from the year before.
Boost: Segro said there had been a ‘significant uplift’ in rents and predicted that income from them would rise further towards 2027 as it lets out more vacant space
This was boosted by a spike in rental income, which jumped 13 per cent to £587m in the year. In a bid to sweeten investors, the FTSE 100 group also upped its dividend by 5.7 per cent to 27.8p per share.
Mark Crouch, analyst at investment platform eToro, said: ‘This earnings report will give shareholders a lot to be positive about.’
Shares advanced 1.2 per cent to 843.4p.
