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FOCUSED ON MODERN WAREHOUSE AND INDUSTRIAL PROPERTY
CREATING A LEADING INCOME-FOCUSED REIT
Big Box Logistics Warehouses
Urban Distribution & Light Industrial Warehouses
Data Centre Retail Offices
SEGRO is a leading owner, asset manager and developer of warehousing and light industrial properties, with £6.4 billion of assets under management (£5.2 billion including joint ventures at share). It is a Real Estate Investment Trust (REIT) listed on the London Stock Exchange. The portfolio predominantly comprises modern, generic warehouses located close to major population centres and transport hubs in the UK, France, Germany, Poland, Belgium, the Netherlands, Italy and the Czech Republic. SEGRO’s assets can be split into two main categories:• National and regional bulk goods warehouses – so called ‘Big Box Logistics’ warehouses.• Smaller urban distribution warehouses and light industrial facilities located on the edge of towns and cities,
allowing rapid access to urban based end users.
1 Slough
2 Heathrow
3 Park Royal
4 Stansted
5 Hatfield*
6 Hoddesdon*
7 Ventura Park, Radlett
8 Innova Park, Enfield
9 Great Cambridge Industrial Estate, Enfield
10 Navigation Park, Enfield
11 Edmonton
12 Tottenham
13 Uxbridge
14 Barking*
15 Brentford
16 Deptford
17 Rainham
18 West Thurrock*
19 Reading
20 The Teardrop Centre, Swanley
21 Nelson Trade Park, Swanley
22 Basingstoke
23 Gatwick Cargo Centre
24 Gatwick International Distribution Centre
LONDON & SOUTH-EAST ENGLAND: 2.0M SQ M; £4.1BN AUM (£3.6BN JVS AT SHARE)
* Part of UK Logistics Portfolio, next page
M25
A1(M)
M1
M40
M4
M3
M23
M25
M25 M26 M20
M11
LONDON
A406
A33
A20
A10
A12
A24
A23
A23
M4
A40
152
3
17
23
24
16
2120
14
4
89
13
12
7
1011
1
19
22
18
65
SLOUGH TRADING ESTATE
HEATHROW
PARK ROYAL
BERLIN
PRAGUE
KATOWICE
LODZ
POZNAN
WARSAW
AMSTERDAM
BRUSSELS
PARIS
LYON
DÜSSELDORF
HAMBURG
FRANKFURT
MILAN
BOLOGNA
MARSEILLE
LEIPZIG
SMALLER WAREHOUSES AND LIGHT INDUSTRIAL BUILDINGS
‘BIG BOX’ WAREHOUSES
CONTINENTAL EUROPE: 3.6M SQ M; £2.0BN/€2.8BN AUM (£1.3BN/€1.8BN JVS AT SHARE)
1 Burton upon Trent
2 Leicester
3 Coleshill
4 Birmingham
5 Lutterworth
6 Corby
7 Raunds
8 Rugby
9 Daventry
10 Northampton
11 Hatfield
12 Hoddesdon
13 Barking
14 West Thurrock
15 Heathrow
UK BIG BOX LOGISTICS WAREHOUSES: 468,400 SQ M; £604M VALUATION
NORTHAMPTON
READING LONDON
BIRMINGHAM
BRISTOL
LUTON
DOVER
FOLKESTONE
GATWICK
PORTSMOUTHSOUTHAMPTON
CARDIFF
SWANSEA
PLYMOUTH
LEICESTER
NOTTINGHAM
DERBY
HULL
SHEFFIELD
LIVERPOOL MANCHESTER
LEEDS
FELIXSTOWE
6
7
3 2
15
5
1
4
9
11 12
8
1413
10
BIG BOX LOGISTICS WAREHOUSES
SEGRO’s exposure to big box logistics assets in Continental Europe is mainly through its 50% interest in the SEGRO European Logistics Partnership (‘SELP’) joint venture which was established in October 2013. SEGRO acts as asset, property and development manager for SELP which contains €1.9 billion of assets across six countries.
URBAN DISTRIBUTION AND LIGHT INDUSTRIAL WAREHOUSES
The remainder of SEGRO’s assets in Continental Europe are urban distribution and light industrial warehouses. Over 70% of these were developed by SEGRO and are wholly-owned. They are located on the edge of major cities including Paris, Düsseldorf, Berlin, Hamburg and Warsaw.
• One of Europe’s largest mixed-use business parks covering 474 acres (191 hectares) of land.
• Well located close to the intersection of the M4 and M25 motorways.
• 520 buildings providing a home to 300 companies with 17,000 employees.
• The estate offers a diverse range of building types from modern warehousing, to car showrooms, research facilities, trade counters, retail amenities and offices.
• A major hub for data centres, attracted by the availability of power, data connectivity and proximity to London.
SLOUGH TRADING ESTATE: 604,300 SQ M; £1.3BN VALUATION
HEATHROW*: 599,000 SQ M; £1.4BN AUM (£928M JVS AT SHARE)
1 Axis Park
2 Colnbrook Logistics Centre
3 Polar Park
4 Stockley Close
5 Heston Centre
6 Airlinks Industrial Estate
7 X2
8 The Heathrow Estate
9 Orbital Park and Causeway Centre
10 Heathrow International Trading Estate
11 Fairway Trading Estate
12 North Feltham Trading Estate
13 LHR 1
14 The Portal
15 Unitair
16 BA World Cargo Centre
17 Heathrow Cargo Area
18 Poyle 14
HeathrowAirport
Terminals 1/2/3
Terminal5
Terminal 4
HattonCross
HounslowWest
CargoTerminal
J5
M25 (J15)M4 (J4b)
J14
J13
J1
J4
J3
J4a
STA
NW
ELL
MA
NO
R R
OA
D
WES
TER
N
PER
IMET
ER RD NORTHERN PERIMETER ROAD
HORTON RD
SOUTHERN PERIM
ETER
ROAD
PERIMETER
EASTERN
GREEN LAN
E
A4
A315
A315
A312
A312
A314
A4
A312
M3
M4
M25
M25
A30
A30
A308A316
Feltham
SLOUGH M1 NORTH
M40
CENTRAL LONDON
BRENTFORD
HOUNSLOW
GATWICK
17 16
18
2
1
3
4
5 6
8
910
12 1113
7
15
14
*Data includes holdings at Gatwick and Stansted Airports
1 Acton Park Estate
2 Westway Estate
3 Victoria Industrial Estate
4 Oakwood Business Park
5 Frogmore Industrial Estate
6 Origin Business Park
7 Premier Park
8 Tudor Industrial Estate
9 Northfields Industrial Estate
10 Greenford Park
11 Fairway Drive
12 Metropolitan Park
13 Rockware Avenue
PARK ROYAL: 420,200 SQ M; £815M VALUATION
M4
M25
J1
J1J3
J4
J5M25 (J15)M4 (J4b)
M25 (J16)M40 (J1a)
A4
A5
A40
A40
A40
A406
A404
A4127
A4020
A4020
A4020
A312
A312
A406
M1
J1
WembleyStadium
HydePark
Corner
BondStreet
Greenford
Perivale
ParkRoyal
Paddington
GREENFORDROUNDABOUT
HANGER LANEGYRATORY
TARGETROUNDABOUT
54
2
1
3
6
78
9
1011
12
13
1 St Ouen
2 Marly la Ville
3 St Witz
4 Gonesse
5 Garonor
6 La Courneuve
7 Le Blanc-Mesnil
8 Aulnay-sous-Bois
9 Mitry-Mory
10 Compans
11 Ris-Orangis
12 Bondoufle
13 Fleury Merogis
14 Les Ulis
15 Orly
PARIS
FRANCELYON
MARSEILLE
FRANCE: 1.1M SQ M; €783M AUM (€537M JVS AT SHARE)
PARIS
ANTONY
BILLANCOURT
VERSAILLES
PARIS
ANTONY
BILLANCOURT
VERSAILLES
A15
A86
A1
A12
A4
A3
A6A
A106
A86
A13
A12
A13
A6A10
A5
2
1
13
3
10
11
94
876
5
14
12
15
PARIS
1 Krefeld-Oppum, Bischofstrasse
2 Krefeld, Hans-Günther-Sohl-Strasse
3 Krefeld-Süd, Anrather Strasse
4 Logistics Centre Mönchengladbach Airport
5 Industrial Park Mönchengladbach Airport
6 Grevenbroich-Kapellen
7 Neuss-Süd, Hansemannstrasse
8 Düsseldorf-Süd, Bonner Strasse
9 Düsseldorf-Süd, Dillenburger Weg
10 Düsseldorf-City, Fichtenstrasse
11 Düsseldorf-City, Halskestrasse
12 Neuss-Süd, Unbebaute Grundstücke
13 Wollenberg-Strasse
14 Ost-Charlottenburger Allee
GERMANY: 1.1M SQ M; €931M AUM (€596M JVS AT SHARE)
POLAND: 1.1M SQ M; €706M AUM (€406M JVS AT SHARE)
DÜSSELDORF
HAMBURG
BERLIN
LEIPZIG
FRANKFURTGERMANY
DÜSSELDORF
ESSEN
Geldem
BOCHUM
DORTMUND
COLOGNE
MÖNCHENGLADBACH
KREFELD
River Rhine
E34
44
E31E35
540
E31
E40
E35
E40
43
45
1
46
46
L455
52
1
2
3
45
6
14
1213
11 10
97 8
POLAND
Warsaw
Gdansk
Poznan
Wroclaw
Kraków
Lviv
Prague
BELARUS
GERMANY
CZECH REPUBLIC
SLOVAKIA
UKRAINE
Berlin
Łódz
Katowice
S7
S7
S7
A1
A4
E40
A4
E30E30
E30
E75
S22
S8
1
2
365
7
4
8
910
11
1 Gdansk
2 Poznan
3 Stryków
4 Łódz
5 Annopol, Warsaw
6 Nadarzyn, Warsaw
7 Ozarow, Warsaw
8 Wroclaw
9 SEGRO Park, Gliwice
10 Tulipan Park, Gliwice
11 Tychy
DÜSSELDORF
CAPITAL ALLOCATED TO ATTRACTIVE PRODUCTS AND MARKETS
MARKET ENVIRONMENT REMAINS ATTRACTIVE
Off
ices
Res
iden
tial
Indu
stri
al
Ret
ail
Investor appetite Available stock
0.0
1.0
2.0
3.0
4.0
5.0
2009
2010
2011
2012
2013
2014
1H15
UK
logi
stic
s av
aila
bilit
y (G
rade
A) &
tak
e-up
(m s
q m
)
Take-up Average availability
Pola
nd UK
Ger
man
y
Euro
-zo
ne
Fran
ce
Italy
3.6%
2.3%
1.9%
1.7%
1.4%
1.1%G
DP
CA
GR
201
4-16
0%
5%
10%
15%
20%
UK
Fran
ce
Ger
man
y
Net
h.
Spai
n
Italy
Onl
ine
sale
s as
%
of a
ll re
tail
sale
s
2013 2018
1H15 rolling1y take-up
Economic environment improving1
Strong investor appetite for EMEA logistics warehouses4Demand-supply ratio remains very favourable2
Structural changes in consumer demand3
1 OECD / 2 CBRE / 3 Forrester Research Online Retail Forecast / 4 CBRE Investor Intentions Survey 2015 – Data correct as at 27 July 2015
Higher value uses (11%)
Land and developments (9%)
Big Box Logistics warehouses (33%)
Smaller urban distribution& light industrial warehouses (41%)
Warehouses used as data centres (6%)
Analysis of portfolio by building type(% of portfolio value, inc. JVs at share)
Rest of Europe (4%)
Greater London (40%)
Thames Valley (27%)
UK Big Box Logistics warehouses (8%)
France (7%)
Germany (8%)
Poland (6%)
Analysis of portfolio by geography (% of portfolio value, inc. JVs at share)
75% United Kingdom
25%
Con
tinental E
urope
Off
ices
Res
iden
tial
Indu
stri
al
Ret
ail
Investor appetite Available stock
0.0
1.0
2.0
3.0
4.0
5.0
2009
2010
2011
2012
2013
2014
1H15
UK
logi
stic
s av
aila
bilit
y (G
rade
A) &
tak
e-up
(m s
q m
)
Take-up Average availability
Pola
nd UK
Ger
man
y
Euro
-zo
ne
Fran
ce
Italy
3.6%
2.3%
1.9%
1.7%
1.4%
1.1%G
DP
CA
GR
201
4-16
0%
5%
10%
15%
20%
UK
Fran
ce
Ger
man
y
Net
h.
Spai
n
Italy
Onl
ine
sale
s as
%
of a
ll re
tail
sale
s
2013 2018
1H15 rolling1y take-up
TAKING ADVANTAGE OF ATTRACTIVE MARKET CONDITIONS
The information in this brochure is correct at 30 June 2015
Further details can be found in the H1 2015 Property Analysis Report at SEGRO.com/investors
1 Figures represent SEGRO share2 Yield on Total Development Cost (TDC)
includes land value at commencement of development and notional finance costs
CONTACT:
Harry Stokes+44(0)20 7451 9124 | [email protected] SEGRO.com
London
Rugby Amsterdam
Brussels
Paris
Lyon
Warsaw
Łódz
Prague
DüsseldorfCologne
Berlin
Frankfurt
Katowice
Poznan
Gdansk
Slovakia
HungaryAustria
Switzerland
Denmark
Russia
CroatiaSlovenia
Land for ‘Big Box’ logistics warehousing
Land for urban logistics, light industrial & ‘higher value’ uses
Leipzig
Ingolstadt
Milan
Bologna
WELL-LOCATED LAND BANK TO CAPITALISE ON THE FAVOURABLE DEMAND/SUPPLY DYNAMICS
Current pipeline (332,400 sq m)
• £134m development cost (exc. land)1
• Annual rent of £22m1
• 50% pre-let
• 7.9% estimated yield on total development cost2, reflecting weighting to UK
• Higher value use developments include retail and office developments in Slough Trading Estate
Future pipeline (2.0m sq m)
• £617m estimated development costs1
• £73m of potential annual rent1
• 8.8% estimated yield on TDC2
• 11.8% estimated yield on new money
• 68% ERV from big box logistics (primarily in Cont Europe)
• 28% ERV from light industrial
Light Industrial27%
Higher value use 17% Logistics
27%
Logistics19%
LightIndustrial
9%
Higher value use,1%
Germany27%
UK20%Poland
15%
Italy14%
France10%
Bel/Neth9%
Czech5%
71% United Kingdom 29
% C
ontin
ental
Europ
e
Light Industrial27%
Higher value use 17% Logistics
27%
Logistics19%
LightIndustrial
9%
Higher value use,1%
Germany27%
UK20%Poland
15%
Italy14%
France10%
Bel/Neth9%
Czech5%
71% United Kingdom 29
% C
ontin
ental
Europ
e
IMPROVING RETURNS FROM EXISTING ASSETS
• Further net absorption of existing space
• 4.3% like-for-like rental income growth
GROWTH FROM ACCRETIVE ACQUISITIONS
• £174m investment in new assets
• Entry into Italian logistics market with €63m standing assets inside Vailog
FUNDED BY RECYCLING ASSETS INTO STRENGTHENING INVESTMENT MARKET
GROWTH THROUGH DEVELOPMENT
• 125,200 sq m delivered in period (£5.2m rent; 62% leased)
• £4.8m pre-lets agreed during period
• £136m investment in land bank
OPERATIONAL EXCELLENCE DISCIPLINED CAPITAL ALLOCATION
OPERATIONAL EXCELLENCE & DISCIPLINED CAPITAL ALLOCATION