UK industrial property REIT Segro saw full-year EPRA earnings per share rise 4.9% to 19.3 pence in 2012, driven by a reduction of portfolio vacancy and like-for-like rental income growth of 1.9% throughout the period.

UK industrial property REIT Segro saw full-year EPRA earnings per share rise 4.9% to 19.3 pence in 2012, driven by a reduction of portfolio vacancy and like-for-like rental income growth of 1.9% throughout the period.

EPRA profit before tax rose to £145 mln (€165 mln) from £138 mln a year earlier, the Slough, England-based company said in a statement.

Over the past 12 months, the company has sold £700 mln of non-core assets as part of a new strategy aimed at reshaping its portfolio. Sales were completed at a 3.6% average discount to December 2011 book values and an average exit yield of 7.2%.

'Through disposals, selective acquisitions and development, we have taken substantial steps forward with our strategy to build a high quality portfolio of modern, well-located warehouses, light industrial and data centre assets,' said David Sleath, Chief Executive.

The group is targeting a further £300 mln to £500 mln of disposals in 2013, he added. In total, Segro has earmarked £1.4 bn of non-core assets for sale.

Proceeds from the sales are being used for acquisitions as well as new development projects, with the company completing 21 developments last year, generating £16.4 mln of annualised new rental income when fully let (already 89% leased at year end).

Sleath: 'Our portfolio is well-positioned to perform in 2013 both operationally and from an investment perspective. We are seeing a good level of occupier demand in our core markets and we expect to continue to benefit from the growth in e-retailing, local distribution and electronic data storage requirements.'