SEGRO PLC (LSE:SGRO) said on Wednesday it expects to be largely shielded from the impact of President Donald Trump’s new global tariffs, thanks to the domestic focus of its warehouse and data centre portfolio.
The FTSE 100 landlord reported a strong start to the year, with £13 million in new headline rent signed during the first quarter, and high tenant retention at 92%.
Development activity also picked up, including a new £1 billion joint venture to build its first fully fitted data centre in West London. SEGRO now has £58 million of rent in the pipeline from new projects under construction or in advanced talks.
Chief executive David Sleath said the portfolio’s concentration in Europe’s largest cities, combined with constrained supply and ongoing tenant demand, supports confidence in another year of rental growth.
The balance sheet remains strong with £2.2 billion in cash and undrawn facilities available for further expansion.
The shares opened 0.7% lower at 685.45p.