Segro Falls the Most in Five Months on Declining Portfolio Value
Segro Plc (SGRO), the U.K.’s largest owner of industrial properties, fell the most in more than five months after the value of its portfolio decreased in the second half of last year.
The shares dropped as much as 3.9 percent in London trading, the most since Aug. 1. Segro’s real estate portfolio fell by around 180 million pounds ($290 million), led by a 75 million-pound reduction for offices based in the U.K.’s Southeast, the London-based company said in a statement today.
The revaluation “reduces the expected Dec. 2012 net asset value to 295 pence,” Kate Barlow, a Peel Hunt Research analyst, said in a research note. That’s 4 percent less than the 307 pence analyst consensus, she said.
The value of Segro’s offices in Pegasus Park, Belgium, and Vimercate, Italy, fell by 50 million pounds, while the remaining 25 million pounds decline came from undisclosed assets, the statement said. The company’s shares were down 2.3 percent, or 5.7 pence, at 245.6 pence as of 9:38 a.m., giving the company a market value 1.82 billion pounds.
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