British industrial park developer Segro has undergone a major shake-up of senior management and is set to sell a £500 mln (EUR 727 mln) portfolio in the UK, the Daily Telegraph reported Friday.
British industrial park developer Segro has undergone a major shake-up of senior management and is set to sell a £500 mln (EUR 727 mln) portfolio in the UK, the Daily Telegraph reported Friday.
Citing a source close to the company, the newspaper said that the number of divisional heads at Segro has been reduced to 3 from 6, while John Heawood, the current head of UK property, is understood to be leaving the business. Under the new structure, the main division of the company will be Segro's £1.4 bn (EUR 2 bn) Slough Trading Estate, with the other two divisions spread across the country.
The reported reorganisation comes shortly after the company, the fifth largest REIT in the UK, dropped out of the FTSE 100 index of the 100 most highly capitalised stocks on the London exchange. Since joining the FTSE 100 in July 2006, the company's stock has tumbled more than 50%. UK REITs have been the worst performing sector of the FTSE All-Share Index.
