June 9, 2020 / 3:46 PM / a month ago

BRIEF-SEGRO Says Seeking To Raise About £650 Mln Of Gross Proceeds Via A Placing

June 9 (Reuters) - SEGRO PLC:

* SEGRO - SEEKING TO RAISE APPROXIMATELY £650 MILLION OF GROSS PROCEEDS VIA A PLACING.

* SEGRO - NEW LETTINGS AND PRE-LET DEVELOPMENT AGREEMENTS ACROSS GROUP ARE TRACKING AHEAD OF PRE-CRISIS EXPECTATIONS

* SEGRO - £20.9 MILLION OF HEADLINE RENT HAS BEEN CONTRACTED IN FIVE MONTHS TO 31 MAY 2020

* SEGRO - UNCHANGED DIVIDEND POLICY

* SEGRO - SEGRO WILL CONTINUE TO TARGET A PAYOUT RATIO OF 85 TO 95 PER CENT OF ADJUSTED PROFIT AFTER TAX

* SEGRO - WILL CONTINUE TO TARGET A PAYOUT RATIO OF 85 TO 95 PER CENT OF ADJUSTED PROFIT AFTER TAX

* SEGRO - NONE OF SEGRO WORKFORCE HAS BEEN FURLOUGHED AND COMPANY HAS NOT TAKEN ANY GOVERNMENT SUPPORT

* SEGRO - CURRENTLY BUILDING, OR HAS IDENTIFIED, DEVELOPMENT PROJECTS WHICH REQUIRE CAPITAL EXPENDITURE OF £595 MILLION TO COMPLETE

* SEGRO - TAKEBACKS SO FAR THIS YEAR ARE SLIGHTLY ABOVE NORMAL ANNUALISED RUN RATE AT £6.6 MILLION

* SEGRO - ALL SITES ARE NOW OPERATIONAL AND ARE EXPECTED TO COMPLETE WITHIN 1-2 MONTHS OF ORIGINAL COMPLETION DATE

* SEGRO - AT 31 MAY 2020, SEGRO HAD A NEAR-TERM PIPELINE OF FURTHER PRE-LET DEVELOPMENT PROJECTS, EQUATING TO £33 MILLION OF ADDITIONAL RENT

* SEGRO - AS AT 31 MAY 2020, SEGRO HAD A FURTHER £62 MILLION OF LAND ACQUISITIONS EXCHANGED

* SEGRO - AT 31 MAY 2020, GROUP GROSS DEBT, INCLUDING SEGRO’S SHARE OF DEBT WITHIN JOINT VENTURES, WAS £3,035 MILLION Source text for Eikon: Further company coverage:

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