TIDMSGRO
SEGRO plc ("SEGRO" or the "Group") the leading owner, manager
and developer of warehouse and industrial space, has completed the
acquisition of 419 hectares of land at the location of the former
Radlett Aerodrome in the Upper Colne Valley, Hertfordshire.
The land is strategically located close to the M1, M25 and A1(M)
and sits alongside the Midland Main Line railway. The three
sections of land that make up the site have been acquired for
GBP120 million (of which 50% is deferred for 12 months) from
Hertfordshire County Council, Tarmac Plc and Gorhambury Estates
Company Ltd. Under SEGRO's ownership the site will be developed
into a strategic rail freight interchange supported by up to 3.6
million square feet of modern, sustainable logistics warehousing,
including ancillary B1 (office, light industrial, research and
development) and B2 (general industrial) warehouses.
SEGRO received planning permission from the Secretary of State
for the development, which is recognised by the Government as
nationally significant infrastructure that will deliver major
benefits on a national, regional and local scale. It will also form
a key part of the UK's modal shift from road to rail and help meet
the country's net-zero ambitions.
Works are expected to start on site in Summer 2023 with the
initial focus of this multi-year investment programme focussed on
creating the rail connection and preparing the site for
development. It is anticipated that the completed scheme will
deliver around 4,000 jobs, with a further c. 500 jobs generated on
site during construction.
In line with the Company's Responsible SEGRO commitments to
Champion low-carbon growth and Invest in its local communities and
environments, the development will incorporate a 247-hectare
country park surrounding the terminal. The park will include a
10-mile network of footpaths and recreational features including a
trim trail, outdoor gym, new children's play areas, new bird
watching hides and a Visitor Interpretation Centre. Over 4,000
trees and 132,000 saplings will be planted, while the local habitat
will be enhanced by creating new ponds and nesting sites.
In addition to employment opportunities and environmental
considerations, the development will stimulate economic growth and
enhance local infrastructure. SEGRO is committed to a significant
investment programme to fund new traffic relieving measures,
including GBP22 million to fund a new 1.4-mile stretch of relief
road for Park Street / Frogmore to alleviate traffic on the A5183,
and it is estimated that the completed scheme will deliver around
GBP12 million each year in business rates.
David Sleath, Chief Executive Officer, SEGRO, said:
"The former Radlett Aerodrome site offers a rare opportunity to
bring together the economic and environmental benefits of rail
freight, provides connectivity to key arteries of the highways
network and access to a large pool of employees. The scheme will
also benefit the national and local economies, as well as help
satisfy the demands of consumers and businesses for the sustainable
movement of the goods and services we increasingly rely on in our
daily lives.
"As a long-term investor and specialist in the provision of
logistics infrastructure developments, we are proud of the benefits
we've already delivered across the country including at our East
Midlands, Coventry and Derby projects. The strategic partnership we
recently agreed with the West Midlands Combined Authority will see
us deliver 14,000 jobs and 13.5 million square feet of employment
space on brownfield sites in the region over the next decade and is
another example of how we prioritise working in close collaboration
with local authorities and communities to maximise the benefits and
opportunities our developments and operations can bring to an area.
We look forward to employing this approach and our experience at
Radlett."
"The blueprint for the scheme will follow the successful
delivery of a major strategic rail freight terminal and logistics
development at SEGRO Logistics Park East Midlands Gateway, near
Derby, where we have seen exceptional demand, and which we expect
to complete significantly ahead of schedule while providing
employment for over 5,000 people."
For the purposes of Listing Rule 10.4, the gross asset value of
the land is GBP120 million and there are no historical profits
attributed to the land. The acquisition will be funded from cash
and bank facilities.
Notes to editors:
The purchase is subject to additional overage charges which
would be payable to the vendors in the event that additional value
is achieved through planning consent for alternative uses and
subsequent development or sale, or should the infrastructure works
cost less than assessed at the time of the acquisition.
Rail freight contributes GBP1.7 billion to the UK economy, with
each train removing up to 76 HGV journeys from Britain's roads,
helping to ease congestion and meet the country`s decarbonisation
targets.
SEGRO has committed to implementing Community Investment Plans
in all its core markets and anticipates that Radlett would become
one of these. The Company has already launched more than 10 of
these plans across the UK and Continental Europe. By the end of
2025 it expects to have engaged 20,000 students through schools
programmes; provided 1,500 people, the majority of whom are
unemployed, vulnerable or who have additional needs, with training
or supported them with employment opportunities; and delivered 60
projects to enhance local environments and biodiversity.
About SEGRO
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the
London Stock Exchange and Euronext Paris, and is a leading owner,
manager and developer of modern warehouses and industrial property.
It owns or manages 9.9 million square metres of space (106 million
square feet) valued at GBP20.9 billion as at 31 December 2022,
serving customers from a wide range of industry sectors. Its
properties are located in and around major cities and at key
transportation hubs in the UK and in seven other European
countries.
For over 100 years SEGRO has been creating the space that
enables extraordinary things to happen. From modern big box
warehouses, used primarily for regional, national and international
distribution hubs, to urban warehousing located close to major
population centres and business districts, it provides high-quality
assets that allow its customers to thrive.
A commitment to be a force for societal and environmental good
is integral to SEGRO's purpose and strategy. Its Responsible SEGRO
framework focuses on three long-term priorities where the company
believes it can make the greatest impact: Championing Low-Carbon
Growth, Investing in Local Communities and Environments and
Nurturing Talent.
Striving for the highest standards of innovation, sustainable
business practices and enabling economic and societal prosperity
underpins SEGRO's ambition to be the best property company.
See www.SEGRO.com for further information.
Forward-Looking Statements: This announcement contains certain
forward-looking statements with respect to SEGRO's expectations and
plans, strategy, management objectives, future developments and
performance, costs, revenues and other trend information. These
statements are subject to assumptions, risk and uncertainty. Many
of these assumptions, risks and uncertainties relate to factors
that are beyond SEGRO's ability to control or estimate precisely
and which could cause actual results or developments to differ
materially from those expressed or implied by these forward-looking
statements. Certain statements have been made with reference to
forecast process changes, economic conditions and the current
regulatory environment. Any forward-looking statements made by or
on behalf of SEGRO are based upon the knowledge and information
available to Directors on the date of this announcement.
Accordingly, no assurance can be given that any particular
expectation will be met and you are cautioned not to place undue
reliance on the forward-looking statements. Additionally,
forward-looking statements regarding past trends or activities
should not be taken as a representation that such trends or
activities will continue in the future. The information contained
in this announcement is provided as at the date of this
announcement and is subject to change without notice. Other than in
accordance with its legal or regulatory obligations (including
under the UK Listing Rules and the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority), SEGRO does
not undertake to update forward-looking statements, including to
reflect any new information or changes in events, conditions or
circumstances on which any such statement is based. Past share
performance cannot be relied on as a guide to future performance.
Nothing in this announcement should be construed as a profit
estimate or profit forecast. The information in this announcement
does not constitute an offer to sell or an invitation to buy
securities in SEGRO plc or an invitation or inducement to engage in
or enter into any contract or commitment or other investment
activities. Neither the content of SEGRO's website nor any other
website accessible by hyperlinks from SEGRO's website are
incorporated in, or form part of, this announcement.
CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA ENQUIRIES:
SEGRO
Soumen Das (Chief Financial Officer), Tel: +44 (0) 20 7451
9110
Claire Mogford (Head of Investor Relations), Tel: +44 (0) 20
7451 9048
Gary Gaskarth (External Communications Manager), Tel: +44 (0) 20
7451 9069
FTI Consulting
Richard Sunderland / Eve Kirmatzis, Tel: +44 (0) 20 3727
1000
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230630768329/en/
CONTACT:
SEGRO plc
SOURCE: SEGRO PLC
Copyright Business Wire 2023
(END) Dow Jones Newswires
June 30, 2023 10:00 ET (14:00 GMT)
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