UK property company Segro said on Thursday it will continue to expand across Continental Europe in 2008 as it expects it will take months for the UK commercial market to recover from the turbulence in the credit and investment markets. Ian Coull , CEO of the industrial and business space provider, said that '2007 was a transformational year' for the company, noting Segro has achieved critical mass in Continental Europe where it currently owns a £1.4 bn portfolio of assets. The company said it will study potential new markets this year, with a focus on Central Eastern Europe.
UK property company Segro said on Thursday it will continue to expand across Continental Europe in 2008 as it expects it will take months for the UK commercial market to recover from the turbulence in the credit and investment markets. Ian Coull , CEO of the industrial and business space provider, said that '2007 was a transformational year' for the company, noting Segro has achieved critical mass in Continental Europe where it currently owns a £1.4 bn portfolio of assets. The company said it will study potential new markets this year, with a focus on Central Eastern Europe.
Segro invested £425 mln on acquisitions across Europe last year, while spending another £112 mln in European developments. Continental Europe currently represents 21% of the group's portfolio by value and 44% by space, Segro said.
Segro posted a 9.2% drop in net asset value (NAV) in 2007 as a result of the sharp fall in UK property values. The NAV fall was driven by a 9.5% drop in the UK portfolio to £3.46 bn, which was slightly offset by a 6.2% increase in the Continental European portfolio.
