shareholder value - Segro/media/Files/S/Segro/... · Passing 1 value rateby rental rental Valuation...

Half-Year Property Analysis 2009including Brixton

EUROPE’S LEADING PROVIDEROF FLEXIBLE BUSINESS SPACE

location

customer care

shareholder value

environment

CREATING ENVIRONMENTS WHERE COMPANIES,PEOPLE AND COMMUNITIES CAN THRIVE

ContentsGroup Data 01

United Kingdom 03

Continental Europe 08

Development Pipeline 12

Glossary of Terms 16

WHO WE ARE > A MULTINATIONAL PROPERTY INVESTMENT ANDDEVELOPMENT COMPANY HEADQUARTERED IN THE UK, LISTED ONTHE LONDON STOCK EXCHANGE AND EURONEXT PARIS

> We are focused on the provision of Flexible Business Spaceto a diverse range of customers and industries

> We operate from a network of 18 offices in 10 Europeancountries, serving a diversified customer base of approximately2,600 companies1 from small and medium-sized enterprisesto global corporations in a wide range of business sectors

> We target markets and locations with good real estatefundamentals, centred around Europe’s major cities andbusiness regions

1 Including joint ventures.

Basis of Preparation of Pro Forma DataThe information in this report includes the SEGRO Group as at30 June 2009 and, where data is available in respect of Brixton,pro forma unaudited information in respect of the Enlarged Groupas if the acquisition had been completed on 30 June 2009.Some of the bases of calculation for Brixton data may differfrom some of the bases of calculation used for SEGRO.

01. SEGRO.com

Property Analysis

Group DataCompleted Investment propertiesExcludes trading properties, land, developments, own occupation buildings, and JV’s

Market Topped4

rental Vacancy Gross Net Topped3 up NetPassing1 value rate by rental rental Valuation Net up Net Initial True

Lettable rent at (ERV) at rental income income at Valuation Initial 2 Initial yield excl Equivalentspace 30.06.09 mid year value H1 2009 H1 2009 30.06.09 deficit yield yield vacant Yield(sq m) (£m) (£m) (%) (£m) (£m) (£m) (%) (%) (%) (%) (%)

UK (SEGRO) – by asset typeLogistics Warehousing 132,165 5.0 6.8 23.5% 3.6 3.2 58.4 (10.3%) 8.4% 8.5% 9.8% 9.4%Industrial 1,864,532 125.7 155.9 11.1% 66.4 55.5 1,528.6 (13.9%) 7.3% 7.7% 9.1% 9.4%Offices 189,640 37.4 38.2 6.3% 18.5 15.8 408.1 (13.9%) 8.1% 8.8% 9.6% 9.1%Retail 14,392 2.4 2.4 0.5% 1.2 1.1 26.3 (7.4%) 8.5% 8.5% 8.5% 8.9%

UK (SEGRO) Total 2,200,729 170.5 203.3 10.5% 89.7 75.6 2,021.4 (13.7%) 7.5% 8.0% 9.2% 9.4%

Continental Europe – by asset typeLogistics Warehousing 1,384,635 43.7 52.7 11.0% 26.1 24.5 663.4 (8.0%) 7.0% 7.3% 8.2% 8.4%Industrial 520,570 26.2 31.2 17.6% 15.1 13.1 392.9 (7.1%) 6.5% 7.0% 8.4% 8.2%Offices 209,862 16.8 20.1 10.4% 6.2 6.1 181.3 (7.0%) 6.0% 6.7% 7.5% 7.1%Retail 23,239 1.9 2.0 5.0% 0.9 0.8 25.0 14.2% 6.6% 6.6% 6.8% 6.8%

Europe Total 2,138,306 88.6 106.0 12.7% 48.3 44.5 1,262.6 (7.2%) 6.6% 7.1% 8.1% 8.0%

GroupLogistics Warehousing 1,516,800 48.7 59.5 12.4% 29.7 27.7 721.8 (8.2%) 7.1% 7.4% 8.4% 8.5%Industrial 2,385,102 151.9 187.1 12.2% 81.5 68.6 1,921.5 (12.6%) 7.2% 7.6% 9.0% 9.2%Offices 399,502 54.2 58.3 7.7% 24.7 21.9 589.4 (11.9%) 7.3% 8.0% 8.8% 8.3%Retail 37,631 4.3 4.4 4.5% 2.1 1.9 51.3 2.0% 7.5% 7.5% 7.6% 7.8%

Existing Group Total 4,339,035 259.1 309.3 11.3% 138.0 120.1 3,284.0 (11.3%) 7.2% 7.6% 8.8% 8.9%

Brixton 1,231,298 79.0 109.3 21.2% 42.4 34.2 1,130.5 (20.7%) 6.2% 6.6% 8.4% 9.0%

Pro forma Group Totalincluding Brixton 5,570,333 338.1 418.6 13.9% 180.4 154.3 4,414.5 (13.9%) 6.9% 7.3% 8.7% 8.9%

1 Passing rent excludes approximately £22m (SEGRO £19m, Brixton £3m) of rent which is currently not in payment due to the existence of a rent free period.2 Net initial yield: rent passing less non-recoverable property expenses, dividend by the gross valuation inclusive of estimated purchasers’ costs.3 Net initial yield adjusted to include notional rent in respect of leases which are currently subject to a rent free period.4 Topped up net initial yield excluding vacant buildings.

NOTE:Basis of calculation of yields has changed compared to 31 December 2008. The new basis takes into account non-recoverable property expenses and estimated purchasers’ costs, asrecommended by EPRA.

Reconciliation of valuation to the Accounts

£m

Completed Investment properties 3,284Land and construction in progress* 329

Total Investment and Development Properties (SEGRO) 3,613Brixton completed investment properties 1,131Brixton land 58

Pro forma Group Total including Brixton 4,802

* Comprising of recycled land within Investment Properties (£112m) and Development Properties (£217m).

02. SEGRO.com

Group Data (continued)

Lettings AnalysisShort-term licences excluded

Area (000’s sq m) Rent pa (£m) *

Lettings Space Returned Lettings Space returnedH1 2009 H1 2008 H1 2009 H1 2008 H1 2009 H1 2009

UK – Lettings of new developments 11 15 1.5UK – Existing vacant 67 61 4.5

UK (SEGRO) 78 76 147 98 6.0 9.4

Europe – Lettings of new development 122 111 5.3Europe – Existing vacant 63 49 2.7

Continental Europe 185 160 40 67 8.0 2.0

Existing Group Total 263 236 187 165 14.0 11.4

Brixton 36 36 71 30 4.2 6.7

Pro forma Group Total including Brixton 299 272 258 195 18.2 18.1

* Annualised rent, after the expiry of any rent free periods.

Vacancy AnalysisBy ERV By space

30-Jun-09 31-Dec-08 30-Jun-09 31-Dec-08(%) (%) (%) (%)

UK (SEGRO) 10.5 9.3 21.3 9.9Continental Europe 12.7 10.8 11.7 9.4

Existing Group Total 11.3 9.8 12.0 9.7

Brixton 21.2 17.5 21.3 17.1

Pro forma Group Total including Brixton 13.9 11.9 14.0 11.4

Lease Expiries & Customers

Average lease length to: Passing rent (as at 30/06/09) Passing rent of leasesof leases which expire in: subject to breaks in:

Investment properties only Break Expiry H2 2009 2010 2011 2012 H2 2009 2010 2011 2012(Years) (Years) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m)

UK (SEGRO) 5.8 8.1 8.1 11.4 8.7 11.5 2.8 12.0 11.4 10.0

Continental Europe (SEGRO) 5.2 7.2 2.6 2.6 3.7 6.6 4.1 14.1 5.4 12.2

Existing Group Total 5.6 7.8 10.7 14.0 12.4 18.1 6.9 26.1 16.8 22.2

Brixton 6.3 7.7 4.9 6.5 3.6 5.5 1.8 4.7 5.4 2.1

Pro forma Group Totalincluding Brixton 5.7 7.7 15.6 20.5 16.0 23.6 8.7 30.8 22.2 24.3

Reversionary Potential as at 30 June 2009Reversionto ERV onoccupiedproperties

(£m)

UK (SEGRO)– Logistics Warehousing 0.2– Industrial 6.0– Offices (4.7)– Retail (0.1)Continental Europe (2.1)

SEGRO Total (0.7)

Brixton 4.0

Pro forma Group Total including Brixton 3.3

All data above relates to completed investment properties only.

03. SEGRO.com

Completed Investment PropertiesMarket Topped3

rental Vacancy Gross Net Topped2 up NetPassing value rate by rental rental Valuation Net up Net Initial True


Slough Trading Estate 617,072 70.3 76.8 5.2% 35.2 21.2 830.1 (11.9%) 8.1% 8.2% 8.8% 9.1%London Markets 476,814 35.2 43.8 11.4% 19.3 24.0 431.5 (15.5%) 6.7% 7.4% 8.8% 8.8%National Markets 1,106,843 65.0 82.7 15.0% 35.2 30.4 759.8 (14.6%) 7.4% 8.1% 10.0% 9.9%

UK (SEGRO) Total 2,200,729 170.5 203.3 10.5% 89.7 75.6 2,021.4 (13.7%) 7.5% 8.0% 9.2% 9.4%

Brixton 1,231,298 79.0 109.3 21.2% 42.4 34.2 1,130.5 (20.7%) 6.2% 6.6% 8.4% 9.0%

Pro forma Group Totalincluding Brixton 3,432,027 249.5 312.6 14.3% 132.1 109.8 3,151.9 (16.4%) 7.0% 7.5% 8.9% 9.3%

SEGRO UK – largest holdingsMarket Topped3

rental Vacancy Topped2 up NetPassing value rate by Valuation Net up Net Initial True

Lettable rent at (ERV) at rental at Valuation Initial 1 Initial yield excl Equivalentspace 30.06.09 mid year value 30.06.09 deficit yield yield vacant Yield(sq m) (£m) (£m) (%) (£m) (%) (%) (%) (%) (%)

Slough Trading Estate 617,072 70.3 76.8 5.2% 830.1 (11.9%) 8.1% 8.2% 8.8% 9.1%Winnersh Triangle, Reading 108,036 11.8 13.5 11.1% 125.6 (14.0%) 8.3% 9.1% 10.2% 9.7%North Feltham Trading Estate 75,726 7.4 9.3 12.9% 105.8 (14.9%) 6.2% 7.0% 8.4% 8.3%Heywood, Manchester 207,771 7.5 10.0 20.0% 96.8 (14.1%) 7.8% 7.8% 9.4% 9.3%Crawley 34,497 5.0 5.6 0% 67.1 (10.5%) 6.6% 9.8% 9.8% 8.0%Woodside, Dunstable 139,231 6.1 8.7 16.1% 63.6 (22.6%) 7.8% 8.3% 11.2% 11.9%Portsmouth 70,397 4.6 5.6 10.7% 57.3 (12.7%) 7.5% 8.0% 9.3% 9.4%Kings Norton Business Centre, Birmingham 74,231 4.8 5.5 9.1% 54.5 (12.5%) 7.8% 8.0% 9.5% 9.6%Farnborough 25,858 4.0 5.3 17.0% 51.4 (12.0%) 6.2% 6.3% 9.3% 9.3%Heston Centre 45,982 3.5 4.6 19.6% 45.2 (20.7%) 6.6% 6.9% 9.3% 9.3%Treforest 91,287 2.8 4.4 25.0% 33.0 (17.7%) 6.3% 6.3% 11.0% 11.4%

Total 1,490,088 127.8 149.3 9.4% 1,530.4 (13.4%) 7.7% 8.1% 9.2% 9.3%

Brixton – largest holdingsMarket Topped3



Premier Park, Park Royal 78,474 8.4 9.2 6.9% 112.3 (19.8%) 6.3% 7.2% 7.6% 8.1%Trafford Park, Manchester 257,426 8.2 11.5 27.9% 107.2 (20.4%) 7.1% 7.2% 10.1% 10.2%Great Western Industrial Park, Southall 71,697 7.5 8.2 1.6% 94.8 (22.1%) 7.6% 7.7% 8.0% 8.8%Greenford Park, Greenford 77,801 4.7 8.7 46.6% 94.4 (19.4%) 4.1% 4.8% 8.0% 8.3%West Cross Industrial Park, Brentford 46,703 5.7 6.4 3.6% 70.3 (18.9%) 7.9% 7.9% 8.2% 8.7%Metropolitan Park, Greenford 71,364 5.4 7.1 20.2% 68.5 (20.7%) 7.2% 7.2% 8.7% 9.4%Kingsland Business Park, Basingstoke 62,861 4.4 5.1 13.3% 48.1 (16.9%) 7.8% 8.6% 9.4% 10.0%Ventura Park, Radlett 55,110 3.7 4.3 12.4% 41.2 (16.2%) 8.4% 8.4% 8.9% 9.7%

Total 721,436 47.9 60.5 17.9% 636.8 (19.8%) 6.8% 7.2% 8.5% 9.1%

1 Net initial yield: Rent passing less non-recoverable property expenses, dividend by the gross valuation inclusive of estimated purchasers’ costs.2 Net initial yield adjusted to include notional rent in respect of leases which are currently subject to a rent free incentive.3 Topped up Net initial yield excluding vacant buildings.


Property Analysis

UnitedKingdom

SEGRO.com04.

United Kingdom (continued)

Pro forma Group Largest customersAnnual Rent (£m)*

Telefonica O2 UK Limited Slough, Woodside, Surrey Quays, Pucklechurch 6.6Tesco Group Hatfield, York, Surrey Quays 5.3Thales Properties Limited Crawley 5.0Mars Chocolate UK Ltd Slough 3.8UCB SA Slough 3.6Royal Mail Group Limited Slough and Premier Park 3.5Delifrance (UK) Ltd Southall 2.5Noon Products Limited, Spurway Foods & Kerry Foods Southall and Greenford Park 1.9British Sky Broadcasting Limited Brentford, West Cross 1.8Intel Corporation Slough, Winnersh 1.8

* includes Group share of joint venture where applicable.

SEGRO UK Property Portfolio as at 30 June 2009

Logistics Other Passing rentProperty Land area Warehouses Industrial Offices Retail Total Number of at 30.06.09

Location Class (hectares) (sq m) (sq m) (sq m) (sq m) (sq m) occupiers (£000)

SLOUGHSlough Slough Trading Estate I 192 – 520,270 89,480 13,937 623,687 393 70,306

Total 192 – 520,270 89,480 13,937 623,687 393 70,306

LONDON MARKETSHeathrow AreaColnbrook Blackthorn Road I 2 – 8,191 – – 8,191 10 379Colnbrook Colndale Road I 2 – 10,264 – – 10,264 10 817Colnbrook Horton Road I 1 – – – – – – –Colnbrook Willow Road I 2 – 12,498 – – 12,498 12 564Feltham North Feltham Trading Estate I 20 – 67,707 8,667 – 76,374 37 7,430Feltham 755 Forest Road I 3 – 4,260 – – 4,260 1 454Feltham Faggs Road I 3 – 8,971 – – 8,971 1 –Hayes Chesterfield Way I 3 – 13,479 – – 13,479 30 1,174Hayes Trinity Trading Estate I 2 – 8,920 – – 8,920 4 614Heston Heston Centre & Airlinks I 10 – 45,982 – – 45,982 16 3,519Hounslow Pulborough Way I 4 – 10,354 – – 10,354 10 606West Drayton Stockley Close I 4 – 21,041 – – 21,041 6 1,896West Drayton Stone Road I 3 – 12,597 – – 12,597 7 1,216

Greater London AreaBarking Gascoigne Road I 3 – 13,338 – – 13,338 5 860Edmonton Advent Way I 2 – 16,836 – – 16,836 1 568Enfield Morson Road, Ponders End I 5 – 29,773 – – 29,773 1 1,250Greenford Fairways Industrial Estate I 6 – 25,006 – – 25,006 11 1,661Hatfield Welham Green I 6 31,580 – – – 31,580 1 2,500Park Royal Frogmore Industrial Estate I 2 – 9,971 – – 9,971 3 720Park Royal Grand Union & Tudor Estate I 4 – 21,735 397 – 22,132 28 1,735Radlett Parkbury I 11 – 32,857 – – 32,857 21 2,068Sunbury Brooklands Close I 3 – 9,205 4,319 – 13,524 18 1,627Swanley Teardrop Centre I 1 – 6,448 – – 6,448 1 425Uxbridge Riverside Way I 7 – 13,267 2,705 – 15,972 14 1,578West Thurrock J31 Park I 6 – 31,024 – – 31,024 24 1,491West Thurrock J31 Park T 1 – 2,092 – – 2,092 2 91

Total 116 31,580 435,816 16,088 – 483,484 274 35,243

NATIONAL MARKETSMidlands & NorthBirmingham Kings Norton Business Centre I 23 – 69,444 5,205 – 74,649 84 4,769Birmingham Meteor Park I 5 10,690 10,952 – – 21,642 1 –Cardiff Treforest Industrial Estate I 53 – 88,209 3,380 – 91,589 86 2,755Derby East Midlands Airport Cargo Ctr I 4 – 13,631 4,034 – 17,665 12 1,283Manchester Heywood Distribution Park I 70 78,879 129,323 4,473 322 212,997 47 7,539Northampton Moulton Park Estate I 5 11,016 9,548 – – 20,564 1 561Oldbury Rounds Green I 2 – 4,314 1,575 – 5,889 6 449Runcorn Pembroke Court I 4 – 13,697 – – 13,697 4 637Warrington Rufford and Rivington Court I 5 – 20,674 – – 20,674 27 876

SEGRO.com05.

SEGRO UK Property Portfolio as at 30 June 2009 (continued)



NATIONAL MARKETS (continued)Home CountiesBracknell Bilton Industrial Estate I 2 – 6,553 – – 6,553 14 437Camberley Stanhope Road I 2 – 9,969 – – 9,969 2 –Camberley Watchmoor Park T 1 – – 5,319 – 5,319 1 1,145Cambridge Cambridge Research Park I 42 – – 7,300 – 7,300 13 1,006Crawley London Road I 9 – 16,919 17,578 – 34,497 1 4,959Dunstable Woodside Industrial Estate I 37 – 139,098 – 199 139,297 26 6,148Farnborough IQ Farnborough I 45 – 3,132 23,593 – 26,725 27 4,033Frimley Albany Park I 4 – 24,099 – – 24,099 21 1,787High Wycombe Cressex Industrial Estate I 3 – 12,150 – – 12,150 4 861High Wycombe M40 Industrial Estate I 3 – 9,867 2,169 – 12,036 14 1,164Luton Bilton Way I 9 – 39,207 – – 39,207 36 2,083

Thames ValleyBristol Ashton Vale I 7 – 32,800 – – 32,800 25 1,342Bristol Emersons Green I 7 – 21,892 – – 21,892 16 1,692Bristol Pucklechurch Trading Estate I 8 – 25,476 – – 25,476 21 1,034Bristol Beeches Industrial Estate, Yate I 9 – 31,568 – – 31,568 28 1,653Fareham Trilogy I 3 – 12,169 – – 12,169 1 230Newbury The Plenty Site I 3 – 10,080 – – 10,080 1 500Portsmouth Mitchell Way I 6 – 20,083 – – 20,083 12 720Portsmouth Motor Park I 5 – 15,111 – – 15,111 8 1,857Portsmouth Railway Triangle I 9 – 30,270 – – 30,270 26 1,881Portsmouth Voyager Park I 11 – 7,513 – – 7,513 4 164Portsmouth Voyager Park T 1 – 2,277 – – 2,277 3 –Reading Winnersh Triangle I 33 – 82,564 25,481 – 108,045 36 11,750Southampton Southern Cross Park I 3 – 13,035 – – 13,035 4 832

Total 433 100,585 925,624 100,107 521 1,126,837 612 66,147

UKTotal 741 132,165 1,881,710 205,675 14,458 2,234,008 1,279 171,696Less: trading properties included above 3 – 4,369 5,319 – 9,688 6 1,236

Total UK investment properties 738 132,165 1,877,341 200,356 14,458 2,224,320 1,273 170,460

All amounts above include trading properties, investment properties but excluding joint ventures.I = Investment property (property held for the purpose of earning a return on investment, either in the form of rent or capital gain).T = Trading property (property held for trading purposes and shown as current assets in the balance sheet).

SEGRO Joint ventures at 100% share

Joint Logistics Other Passing rentventure Property Land area Warehouses Industrial Offices Retail Total Number of at 30.06.09

Location (%) Class (hectares) (sq m) (sq m) (sq m) (sq m) (sq m) occupiers (£000)

LONDON MARKETSColnbrook Logistics Centre 50 I 20 – 15,226 – – 15,226 1 1,443

RETAIL DIVISIONRotherhithe Surrey Quays 50 I 9 – – 393 27,494 27,887 64 6,623York Clifton Moor 50 I 9 – – – 20,415 20,415 10 4,333

HelioSloughDoncaster Rossington 50 T 61 – – – – – – –Doncaster Stainforth 50 T 1 – – – – – – –Newcastle UnderLyme Lymedale Cross 50 T 9 – 24,671 3,394 – 28,065 3 646Sheffield SIRFT 50 T 6 – – – – – – –Tees Valley Wynyard 2 50 T 49 – – – – – – –

Total 164 – 39,897 3,787 47,909 91,593 78 13,045


06. SEGRO.com


Brixton Property Portfolio as at 30 June 2009



LONDON MARKETSHeathrow AreaBrentford, West Cross Industrial Park I 9 – 40,024 6,679 – 46,703 25 5,679Feltham Corporate Centre I 4 – 20,948 – – 20,948 5 2,128Feltham Mercury Centre I 1 – 5,054 – – 5,054 5 494Feltham Space Waye I 5 – 13,770 – – 13,770 5 765Heathrow Causeway Estate I 1 – 5,507 – – 5,507 4 404Heathrow X2 I 3 – 21,775 – – 21,775 1 200Heathrow Heathrow International

Trading Estate I 5 – 17,990 – – 17,990 9 1,455Heathrow Polar Park I 4 11,371 9,022 – – 20,393 2 1,023Heathrow Poyle 14 I 4 – 21,371 – – 21,371 12 2,363Heathrow Poyle, Riverside Cargo Centre I 1 – 4,001 – – 4,001 2 169Heathrow Poyle, Unit 6 Horton Road I 1 – 4,208 – – 4,208 1 –Heathrow Poyle, Jupiter House Horton Road I 1 – 2,564 – – 2,564 – –Heathrow The Heathrow Estate I 5 – 28,609 – – 28,609 5 1,698Hounslow Fairway Trading Estate I 2 – 9,219 – – 9,219 4 311Southall Great Western Industrial Park I 20 9,740 52,514 3,309 6,134 71,697 16 7,387

Greater London Area – Park RoyalGreenford Greenford Park I 19 21,660 51,629 4,512 – 77,801 12 4,077Greenford Metropolitan Park I 13 – 68,485 2,879 – 71,364 40 5,432Greenford Rockware Avenue I 7 – 45,400 – – 45,400 1 1,544London NW10 Bush Industrial Estate I 1 – 6,091 – – 6,091 4 285London NW10 Park Royal, 26/28 Chase Road I 1 – 6,635 – – 6,635 1 428London NW10 Park Royal, Oakwood

Business Park I 1 – 4,640 – – 4,640 4 412London NW10 Park Royal, Premier Park I 18 26,104 52,370 – – 78,474 19 7,379London NW10 Park Royal, Origin

(ex Guinness Brewery Site) I 10 – – – – – – –London W3 Acton, Westway Estate I 6 – 32,708 – – 32,708 20 2,437London W3 Acton Park Estate I 4 – 19,090 3,466 – 22,556 26 2,314London W3 Victoria Industrial Estate I 4 – 16,330 3,570 – 19,900 20 1,833Wembley Northfields Industrial Estate I 11 – 33,016 – – 33,016 27 1,697

Greater London Area – RemainderEnfield Great Cambridge

Industrial Estate I 4 – 19,142 – – 19,142 26 1,436Ilford Anderson Road Industrial Estate I 1 – 6,035 – – 6,035 2 115London N4 Crusader Industrial Estate I 2 – 9,475 – – 9,475 9 583London SW19 Merton, Nelson Trade Park I 2 – 10,460 – – 10,460 14 1,227London E14 Blackwall Trading Estate I – – 3,853 – – 3,853 3 241London SE8 Deptford Trading Estate I 2 – 8,932 – – 8,932 16 773London SE8 New Cross Business Centre I 1 – 1,963 – – 1,963 1 199London N17 Compass West Industrial Estate I 1 – 4,922 – – 4,922 12 315Rainham Thames View Business Centre I 2 – 10,786 – – 10,786 6 401

Total 176 68,875 668,538 24,415 6,134 767,962 359 57,204

07. SEGRO.com


Brixton Property Portfolio as at 30 June 2009 (continued)



NATIONAL MARKETSMidlands & NorthManchester Stanley Green Trading Estate

– Sold Aug.09 I 3 – 11,490 – – 11,490 8 548Manchester Trafford Park I 64 – 257,426 – – 257,426 247 8,141

Home CountiesBasingstoke Kingsland Business Park I 18 – 60,286 2,575 – 62,861 32 3,948Bishops Stortford Haslemere Industrial Estate I 2 – 7,264 – – 7,264 6 514Crawley Gatwick Gate Estate I 2 – 13,466 – – 13,466 4 1,070Crawley Gatwick Distribution Centre I 4 – 20,680 – – 20,680 19 1,352Crawley Old Brighton Road I 3 – 16,274 – – 16,274 8 1,141Hemel Hempstead Maylands Wood Estate I 5 – 18,765 – – 18,765 9 1,464Radlett Ventura Park (see note 1) I 14 – 55,110 – – 55,110 11 3,666

Total 115 – 460,761 2,575 – 463,336 344 21,844

Total Brixton investment properties 291 68,875 1,129,299 26,990 6,134 1,231,298 703 79,048

All amounts above include trading properties, investment properties but excluding joint ventures.I = Investment property (property held for the purpose of earning a return on investment, either in the form of rent or capital gain).T = Trading property (property held for trading purposes and shown as current assets in the balance sheet).

Brixton Joint ventures at 100% share

Joint Logistics Other Passing rentventure Property Land area Warehouses Industrial Offices Retail Total Number of at 30.06.09


Equiton 33 60 – 255,668 8,329 – 263,997 248 19,345

Big BoxHeathrowHeathrow Heathrow

Corporate Park 50 I 11 48,802 2,119 – – 50,921 8 6,689Slough Axis Park 50 I 15 43,751 18,942 – – 62,693 6 7,844

Total 26 92,553 21,061 – – 113,614 14 14,533

Brixton joint ventures total 86 92,553 276,729 8,329 – 377,611 262 33,878

I = Investment property (property held for the purpose of earning a return on investment, either in the form of rent or capital gain).T = Trading property (property held for trading purposes and shown as current assets in the balance sheet).

08. SEGRO.com

Completed Investment Properties*Market Topped3

rental Vacancy Gross Net Topped2 up NetPassing value rate by rental rental Valuation Net up Net Initial True


France 567,826 23.2 30.2 18.9% 12.8 11.3 353.3 (6.3%) 6.1% 6.5% 7.8% 8.1%Germany 736,195 26.7 27.7 3.6% 14.2 13.6 319.5 (8.3%) 7.5% 7.5% 7.8% 8.0%Belgium 178,092 15.3 17.8 18.5% 8.4 8.3 242.1 (6.5%) 6.0% 6.8% 8.1% 7.3%Netherlands 94,987 5.6 5.3 7.5% 2.8 2.3 56.8 (7.2%) 7.9% 7.9% 8.5% 7.9%Italy 48,063 5.9 5.4 0% 3.0 2.7 74.7 0% 6.9% 7.3% 7.3% 7.0%Spain 2,222 0.1 0.1 0% 0.1 0 1.2 0% 8.0% 8.0% 8.0% 5.2%Czech Republic 70,838 2.5 3.1 16.1% 1.3 1.2 32.7 (20.6%) 7.4% 8.3% 10.0% 9.6%Poland 440,083 9.3 16.4 15.9% 5.7 5.3 182.3 (7.9%) 6.3% 7.3% 8.8% 8.9%

Europe Total 2,138,306 88.6 106.0 12.7% 48.3 44.7 1,262.6 (7.2%) 6.6% 7.1% 8.1% 8.0%

Continental Europe – largest holdingsMarket Topped3



Pegasus Park, Belgium 98,229 10.3 12.3 17.1% 181.4 (7.0%) 5.5% 6.6% 7.7% 6.9%Frankfurt, Hanauer Landstrasse, Germany 311,739 13.4 12.9 0% 151.0 (8.6%) 8.2% 8.2% 8.2% 8.2%Vimercate – Italy 48,063 5.9 5.4 0% 74.7 0% 6.9% 7.3% 7.3% 7.0%Strykow, Poland 163,097 3.8 5.5 14.5% 63.6 (12.0%) 6.8% 7.4% 8.9% 8.7%München, Krauss-Maffei-Str, Germany 154,137 4.7 4.7 0% 63.5 (3.5%) 6.5% 6.5% 6.5% 6.8%Marly La Ville, Paris, France 119,150 3.8 5.3 32.1% 61.8 (10.8%) 5.8% 5.8% 8.4% 8.2%Poznan, Komorniki, Poland 112,531 3.0 4.6 6.5% 50.4 (7.5%) 6.7% 8.1% 8.8% 9.0%Blanc Mesnil, Paris, France 37,847 3.3 3.2 0.8% 42.7 3.1% 7.5% 7.5% 7.6% 7.7%Tulipan Park, Czech Republic 70,838 2.4 3.0 16.7% 32.7 (20.6%) 7.4% 8.3% 10.0% 9.6%Lyon, St Exupery, France 53,620 2.7 2.8 0% 31.7 (10.5%) 7.8% 9.0% 9.0% 8.5%Cergy Pontoise, France 51,905 2.5 2.4 0% 30.0 (6.0%) 7.8% 7.8% 7.8% 7.7%

Total 1,221,156 55.8 62.1 8.9% 783.5 (7.5%) 6.8% 7.3% 8.0% 7.8%

1 Net initial yield: rent passing less non-recoverable property expenses, dividend by the gross valuation inclusive of estimated purchasers’ costs.2 Net initial yield adjusted to include notional rent in respect of leases which are currently subject to a rent free incentive.3 Topped up net initial yield excluding vacant buildings.


Largest customersAnnual Rent (£m)*

Neckermann de GmbH Alzenau and Frankfurt, Germany 14.0Deutsche Poste Across France, Belgium and Netherlands 12.5Antalis Across France, Belgium, Italy, Spain, Germany and Portugal 7.0MPM München, Hannover and Nürnberg, Germany 6.9Alcatel-Lucent Vimercate, Italy 6.1Karstadt Germany 5.8Cisco Pegasus Park, Belgium 4.2Conforama Colombes, France 2.0Ernst & Young Pegasus Park, Belgium 2.0Corning Strykow, Poland 1.8

* Includes Group share of joint venture where applicable.

Property Analysis

ContinentalEurope

09. SEGRO.com

Continental Europe (continued)

Continental Europe Property Portfolio as at 30 June 2009



BELGIUMDiegem Pegasus Park, Phase 1 I 15 – – 98,724 – 98,724 21 10,313Kobbegem I 5 20,018 6,000 – – 26,018 1 1,309Kontich I 7 – – – – – – –St Stevens Woluwe I 4 – 20,532 – – 20,532 20 1,186Zaventem II Horizon I 2 – 6,536 – – 6,536 4 352Zaventem E40 I 1 – 3,276 – 4,167 7,443 8 314Zellik Relegem Sphere I 4 – 19,334 – – 19,334 21 1,846

38 20,018 55,678 98,724 4,167 178,587 75 15,320

POLANDKatowice Silesia I 48 114,544 – – – 114,544 8 1,921Katowice Silesia land I 2 – – – – – – –Lódz Strykow, Main site I 61 153,479 9,618 – – 163,097 7 3,804Lódz Strykow, Extension T 26 – – – – – – –Lódz T 10 30,508 – – – 30,508 5 320Nadarzyn I 35 49,911 – – – 49,911 4 544Poznan Komorniki, Landbank I 24 – – – – – – –Poznan Komorniki, Main site I 10 50,265 – – – 50,265 5 1,626Poznan Komorniki, Extension I 12 38,738 – – – 38,738 2 293Poznan Komorniki I 8 23,527 – – – 23,527 1 1,087

236 460,972 9,618 – – 470,590 32 9,595

CZECH REPUBLICOstrava T 4 – 10,964 – – 10,964 1 140Prague Tulipan 2, Hostivice I 6 – 29,615 – – 29,615 5 1,241Prague Tulipan 3, Hostivice I 10 – 41,224 – – 41,224 4 1,200Prague Tulipan 4, Hostivice I 51 – – – – – – –

71 – 81,803 – – 81,803 10 2,581

HUNGARYBudapest Ullo I 38 – – – – – – –Budapest M3 I 12 – – – – – – –

50 – – – – – – –

FRANCEAvignon T 1 – 2,563 – – 2,563 1 90Besancon T 2 – 7,529 – – 7,529 1 232Bordeaux Canéjan T 4 – 4,751 – – 4,751 1 229Lille Libercourt I 3 – 5,490 – – 5,490 1 265Lille Sequetin I 3 – 8,813 – – 8,813 1 464Lyon Corbas I 2 – 8,591 – – 8,591 1 339Lyon L’Isle D’Abeau I 2 – 3,340 – – 3,340 1 132Lyon Saint Priest T 5 – 16,045 – – 16,045 1 662Lyon St Exupery 1 I 1 – 5,064 – – 5,064 1 394Lyon St Exupery 2 I – – 2,786 – – 2,786 1 260Lyon St Exupery 3 I 2 – 10,698 – – 10,698 – –Lyon St Exupery 4 I 1 – 4,739 – – 4,739 1 161Lyon St Exupery 5 I 1 – 6,190 – – 6,190 1 342Lyon St Exupery 6 I 1 – 5,457 – – 5,457 1 222Lyon St Exupery 7 I 3 – 12,561 – – 12,561 1 723Lyon St Exupery 8 I 1 – 6,125 – – 6,125 1 627Lyon Venissieux I 3 10,300 – – – 10,300 1 543Marseille Aubagne T 1 – 2,200 – – 2,200 1 114Molsheim T 1 – 3,714 – – 3,714 1 131Montpellier St Jean de Védas T 1 – 2,336 – – 2,336 1 103Nantes La Haye Fouassiere T 1 – 1,718 – – 1,718 1 53Nantes Thouare T 1 – 2,286 – – 2,286 1 91Orleans Checy T 2 – 4,628 – – 4,628 1 244Paris Aulnay Brequerel I 2 11,197 – – – 11,197 – –Paris Aulnay Garonor I 4 11,873 – – – 11,873 1 431Paris Bondoufle, Mariniere I 5 26,087 – – – 26,087 2 1,476Paris Bondoufle, IN I 7 – 21,252 – – 21,252 – –Paris Bondoufle, Les Bordes I 3 – – – – – – –Paris Bonneuil-Sur-Marne I 2 – 6,572 – – 6,572 1 462Paris Colombes I 3 – – – 17,812 17,812 1 1,700Paris Croissy-Beaubourg T 4 17,894 – – – 17,894 1 707Paris Emerainville, Seine-et-Marne I 15 46,276 – – – 46,276 1 1,829Paris Gonesse, Aeropark I 13 – 20,081 – – 20,081 1 –

10. SEGRO.com


Continental Europe Property Portfolio as at 30 June 2009 (continued)



FRANCE (Continued)Paris Gonesse, Gay Lussac T 2 – 10,696 – – 10,696 1 570Paris Gonesse I 6 26,342 – – – 26,342 1 1,273Paris La Courneuve Parc de Damiers I 4 – 9,153 – – 9,153 3 260Paris La Courneuve Damiers, Alstom I 6 – 52,861 – – 52,861 1 1,464Paris Le Blanc Mesnil I 7 – 37,847 – – 37,847 22 3,320Paris Les Ulis, Bures Orsay I 4 19,264 – – – 19,264 2 255Paris Marly La Ville I 25 119,150 – – – 119,150 4 3,791Paris Saint Ouen L’Aumône,

Cergy Pontoise I 10 51,905 – – – 51,905 2 2,456Paris Trappes T 1 – 2,965 – – 2,965 1 144Rennes Melesse T 1 – 1,760 – – 1,760 1 54Rouen Verneuil Sur Avre T 1 – 2,365 – – 2,365 1 69Toulouse Balma T 4 – 6,323 – – 6,323 1 333Toulouse Fenouillet T 1 – 2,863 – – 2,863 1 113

172 340,288 302,362 – 17,812 660,462 51 27,128

GERMANYAachen I 1 – 6,506 – – 6,506 2 152Aachen Site I 1 – 2,264 – – 2,264 1 –Aachen Jülich I 9 24,000 – – – 24,000 1 513Berlin Antalis T 1 – 4,770 – – 4,770 1 232Berlin Industriestr T 2 – 10,764 – – 10,764 10 721Berlin Naumburger T 3 40,327 – – – 40,327 5 1,833Berlin Queis Antalis T 1 – 5,483 – – 5,483 1 159Berlin Stottrop T 3 – – – – – – –Braunschweig T 5 15,725 – – – 15,725 1 226Dortmund Holzwickede I 5 33,599 – – – 33,599 1 480Dresden Hoyerswerda T 1 – 472 – – 472 1 7Dresden Kesseldorf Dresden T – – – – 849 849 1 42Düsseldorf Dillenburger Weg I 1 18,207 – – – 18,207 1 190Düsseldorf Waagenstraße I – – 1,430 – – 1,430 1 18Düsseldorf Fichtenstraße T 10 50,920 5,407 – – 56,327 – –Essen Haedenkamp I 1 – 9,907 – – 9,907 1 164Essen Westendstr T 2 – 16,429 – – 16,429 8 1,067Frankfurt Adam-Opel-Str I 3 34,516 – 7,371 – 41,887 1 2,065Frankfurt Hanauer Landstr I 21 204,685 – 65,167 – 269,852 2 11,355Frankfurt Alzenau 1 I 8 25,172 – – – 25,172 1 838Frankfurt Alzenau 2 T 11 17,494 – – – 17,494 1 414Frankfurt Butzbach I 3 – 10,298 – 1,260 11,558 1 669Frankfurt Darmstadt T 3 14,779 – – – 14,779 3 266Frankfurt Floersheim T 11 – 7,380 – – 7,380 1 231Frankfurt I Höchst I 2 – 10,862 – – 10,862 16 830Frankfurt II Am Martinszehnten I 1 – 8,265 – – 8,265 11 612Frankfurt II Am Martinszehnten Site T 1 – 6,015 – – 6,015 1 0Gießen T 2 – 7,541 – – 7,541 1 138Göttingen T 2 – 10,719 – – 10,719 5 109Hamburg T 5 32,612 – – – 32,612 1 714Hannover MPM T 7 38,904 – – – 38,904 1 1,239Kiel Flintbeck T 2 – – – – – – –Kiel Rendsburg T 1 – 6,364 – – 6,364 1 79Krefeld T 2 – 7,596 – – 7,596 7 412Krefeld Log T 29 – – – – – – –Krefeld Oberschlesien T 3 – – – – – – –Lübeck T 2 11,087 – – – 11,087 3 242Mönchengladbach Krefelder Straße I 5 23,209 – – – 23,209 1 430Mönchengladbach Willicher Damm T 2 – 11,001 – – 11,001 15 620München MPM I 22 136,667 – 17,470 – 154,137 1 4,701Neuss Dormagen T 1 – 6,274 – – 6,274 1 419Neuss Grevenbroich-Kapellen I 5 20,077 – – – 20,077 1 809Neuss Neuss IV T 3 – 8,702 – – 8,702 13 653Nürnberg Fraunaurach I 7 18,472 – – – 18,472 1 908Nürnberg Fürth I 5 23,340 – – – 23,340 1 920Nürnberg Neumarkt I 6 – 19,636 – – 19,636 1 760Nürnberg MPM T 5 31,669 – – – 31,669 1 938Schweinfurth Sennfeld T 1 – 2,181 – – 2,181 1 117Stuttgart Aulendorf T 1 – 2,002 – – 2,002 1 54Willich Siemensring I 2 13,815 – – – 13,815 1 323Willich Site T 1 – – – – – – –

231 829,276 188,268 90,008 2,109 1,109,661 122 37,669

11. SEGRO.com


Continental Europe Property Portfolio as at 30 June 2009 (continued)



ITALYBologna T 7 24,629 – – – 24,629 1 1,091Nepi-Viterbo T 2 – 7,505 – – 7,505 1 268Parma T 3 – 11,894 – – 11,894 1 503Milan Vimercate Zinc 1-6 I 15 – 38,877 21,625 – 60,502 1 5,872

27 24,629 58,276 21,625 – 104,530 2 7,734

PORTUGALPorto Oporto T – – 3,823 – – 3,823 1 106

– – 3,823 – – 3,823 1 106

SPAINAlicante I – – 382 – – 382 1 15Madrid Torregón de Ardoz T 1 – 10,780 – – 10,780 1 308Madrid Velilla T 4 22,477 – – – 22,477 1 1,091Sevilla I – – 1,205 – 1,205 1 58Valencia Paterna T 1 – 2,650 – – 2,650 1 104Zaragoza I – – 635 – – 635 1 31

6 22,477 15,652 – – 38,129 1 1,607

THE NETHERLANDSAlmere – Grindzuigerstraat 8 I 3 – 9,467 – – 9,467 1 1,162Amsterdam – Lutkemeer, Osdorp 60 T 8 – – – – – – –Brequetlaan – Oude Meer I 1 – 6,844 – – 6,844 5 629Hoofddorp – De Hoek 51 T 17 – – – – – – –Hoofddorp – Hoeksteen 16, De Hoek 80 I 1 – 1,379 – – 1,379 1 126Hoofddorp – Hoeksteen 26, De Hoek 80 I 2 – 18,895 – – 18,895 3 1,156Hoofddorp – Kruisweg 603, De Hoek 60 I 2 – 9,153 – – 9,153 1 548Hoofddorp – Rijnlanderweg 766,De Hoek 51 I 5 – 9,438 – – 9,438 2 281Hoofddorp – Zandsteen 1-33,De Hoek 80 I 1 – 4,301 – – 4,301 11 382Rijswijk – Mainbuilding, Hoornwijk 60 T – – – – – – – –Rotterdam – Nieuwesluisweg 100 I 5 35,999 – – – 35,999 1 1,403

45 35,999 59,477 – – 95,476 25 5,687

Continental Europe Total 876 1,733,659 774,957 210,357 24,088 2,743,061 319 107,427Less: trading properties included above 239 349,025 241,458 – 849 591,332 99 18,799

Total investment properties 637 1,384,634 533,499 210,357 23,239 2,151,729 220 88,628

All amounts above include trading properties, investment properties but excluding joint venturesI = Investment property (property held for the purpose of earning a return on investment, either in the form of rent or capital gain)T = Trading property (property held for trading purposes and shown as current assets in the balance sheet)

Joint Ventures at 100% share

Joint Logistics Other Passing rentVenture Property Land area Warehouses Industrial Offices Retail Total Number of at 30.06.09


BELGIUMBornem 50 T 11 30,462 – – – 30,462 2 1,151Diegem Diegem 2 50 T 3 – – – – – – –Diegem Woluwelaan UPS 50 I 3 10,131 – – – 10,131 1 712Diegem Woluwelaan UPS

Extension 50 I 1 – 3,343 – – 3,343 6 206Kortenberg 50 T 5 – – – 460 460 1 39Nivelles 50 T 6 – 8,424 – – 8,424 1 233Rumst 50 T 15 59,202 – – – 59,202 2 2,262Zaventem Zaventem 3 50 T 6 – – – – – – –Zellik Zellik II 50 T 1 – 2,262 – – 2,262 4 195

THE NETHERLANDSNieuw Vennep – Formaeren 20 T 1 – – – – – – –

52 99,795 14,029 – 460 114,284 17 4,798

12. SEGRO.com

Property Analysis

DevelopmentPipeline

Land with no future TotalCurrent Projects Potential Projects development plans programme

Continental Continental SEGRO ContinentalUK Europe Total UK Europe Total UK Europe Total SEGRO

Land area ha 10 7 17 47 306 353 34 105 139 509

Space:Logistics warehousing sq m 0 0 0 0 836,245 836,245 836,245Light Industrial sq m 5,478 28,509 33,987 143,712 429,717 573,429 607,416Other Industrial sq m 10,777 0 10,777 0 0 0 10,777Offices sq m 48,643 11,312 59,955 48,911 238,600 287,511 347,466Other sq m 0 0 0 20,266 0 20,266 20,266

Total 64,898 39,821 104,719 212,889 1,504,562 1,717,451 1,822,170

Investment properties % 89% 92% 90% 100% 52% 58% 60%Trading properties % 11% 8% 10% 0% 48% 42% 40%

Pre-Let % 75% 42% 67% 0% 0% 0% 8%

Planning status– fully approved % 100% 100% 100% 15% 9% 10% 15%– zoned/outline

approval % 0% 0% 0% 52% 78% 75% 71%

Rental value whencompleted £m 13.3 4.1 17.4 32.7 95.9 128.6 146.0

Current book value– at valuation1 £m 65.3 37.1 102.4 61.7 172.1 233.8 37.6 35.6 73.2 409.4

Forecast future coststo completion £m 79.3 12.0 91.3 245.9 870.9 1,116.8 0.0 5.5 5.5 1,213.6

1 Included within Investment & Development Properties (£329m) and Trading Properties (£80.4m).

Note: In addition to the above data, Brixton has land holdings of 31ha as at 30 June 2009, with a current book value of £58m, as set out on page 14.

13. SEGRO.com

Development Pipeline (continued)

Projects Completed in six months to 30 June 2009

Estimated ContractedSpace Completed Let Space rental income income

(sq m) (sq m) (£m) (£m) Comments

UKRadlett – 1-4 Radlett Road 7,899 3,737Winnersh – 720 Winnersh Triangle 2,954 2,954

Total UK 10,853 6,691 1.4 1.0

62% 71%

EuropeBelgium – Kontich 13,858 13,858 Sold (no rental value)France – Gonesse Phase I 20,081 1,521Germany – Frankfurt II Am Martinszehnten 6,015 662Poland – Katowice, Silesia Gliwice – DC04 41,916 10,168Poland – Katowice, Silesia Gliwice – DC05 14,300 14,300Poland – Poznan, Komorniki, Building E 14,746 9,821Poland – Nadarzyn 49,911 45,003Czech Republic – Prague, Tulipan Park, Hostivice 3A 13,459 8,763Czech Republic – Ostrava C 3,974 2,207Czech Republic – Ostrava B 6,990 0Spain – Madrid, Velilla (extension) 4,431 4,431

Total Europe 189,681 110,734 7.7 3.9

58% 51%

Total Group 200,534 117,425 9.1 4.9

59% 54%

Development Pipeline: Current projects at 30 June 2009

Estimated Pre-Let Current Estimated EstimatedSpace to Pre-Let rental contracted Book future total Expectedbe built space income income value spend spend completion

(sq m) (sq m) (£m) (£m) (£m) (£m) (£m)

UKWinnersh, Reading 9,797 – 10.1 13.4 23.5 Jan-10Winnersh, Reading 6,740 6,740 7.0 9.3 16.3 Nov-09Winnersh, Reading 12,468 12,468 17.3 10.6 27.9 Nov-09Treforest, Cardiff 1,488 1,488 0.5 1.1 1.6 Oct-09Farnborough Business Park 12,592 12,592 8.1 24.4 32.5 May-10Yeovil Road, Slough Trading Estate 3,990 – 4.5 1.7 6.2 Aug-09Bedford Avenue, Slough Trading Estate 10,777 10,777 11.9 5.0 16.9 Jan-10

Sub-total UK 57,852 44,065 13.3 9.9 59.4 65.5 124.9

Farnborough Business Park1 7,046 7,046 5.9 13.8 19.7 May-10

Total UK 64,898 51,111 13.3 9.9 65.3 79.3 144.6

79% 75%

EuropeGermany – Aachen 5,568 2,264 4.3 0.5 4.8 Aug-09Germany – Willich-Münchheide 3,099 0 0.8 1.3 2.1 Jul-09Netherlands – Hoofddorp 19,842 9,844 19.5 0.0 19.5 Jul-09Italy – Milan 11,312 6,009 11.1 9.3 20.4 Nov-09Hungary – Budapest Infrastructure 0 0 1.4 0.9 2.3 Mar-10

Total Europe 39,821 18,117 4.1 1.7 37.1 12.0 49.1

45% 42%

Total Group 104,719 69,228 17.4 11.6 102.4 91.3 193.7

66% 67%

1 – pre-sold freehold sale on completion of development.

14. SEGRO.com


SEGRO Major Land Holdings as at June 2009

Current book value

Current Potential No development Space toprojects projects plans Total Land area be built Development

(£m) (£m) (£m) (£m) (Ha) (sq m) period

UKFarnborough – IQ Farnborough 14.0 5.5 18.8 38.3 19 38,831 2008 to 2021Slough Trading Estate 16.4 20.7 – 37.1 14 68,930 2008 to 2015Reading – Winnersh Triangle 17.1 18.6 – 35.7 5 35,334 2008 to 2011Cambridge – Cambridge Research Park – 1.1 5.6 6.7 11 7,153 2015 to 2021Other 17.8 15.8 13.2 46.8 42 127,539

Total UK 65.3 61.7 37.6 164.6 91 277,787

EuropeFrance – Gonesse, Paris – 4.1 – 4.1 8 36,514 2010 to 2013France – La Courneuve, Paris – 4.4 – 4.4 3 13,481 2010 to 2012Germany – Krefeld – 19.9 – 19.9 32 138,601 2011 to 2015Germany – BBI, Berlin – 8.9 – 8.9 38 188,400 2010 to 2015Germany – Düsseldorf – 4.0 4.5 8.5 12 38,000 2010 to 2015Germany – Moor Park, Düsseldorf – 2.1 7.1 9.2 10 14,957 2010 to 2015The Netherlands – De Hoek Noord 19.5 24.7 – 44.2 22 127,442 2008 to 2019Poland – Strykow, Lódz, – 10.3 – 10.3 50 236,847 2010 to 2018Poland – Komorniki, Poznan – 11.8 – 11.8 28 115,556 2010 to 2012Poland – Nadarzyn, Warsaw – 8.9 – 8.9 19 80,000 2011 to 2015Poland – Gliwice, Silesia – 10.7 – 10.7 21 94,122 2010 to 2014Czech Republic – Hostivice, Prague – 6.8 6.9 13.7 55 101,389 2010 to 2014Belgium – Pegasus Park – 27.2 – 27.2 9 118,700 2010 to 2017Italy – Energy Park 11.1 8.6 19.7 10 60,612 2008 to 2015Other 6.5 19.7 17.1 43.3 101 179,762

Total Europe 37.1 172.1 35.6 244.8 418 1,544,383

Total Group 102.4 233.8 73.2 409.4 509 1,822,170

Brixton Major Land Holdings as at June 2009

Current book value

NoCurrent Potential development Space toprojects projects plans Total Land area be built Development

(£m) (£m) (£m) (£m) (Ha) (sq m) period

UKPark Royal, Northfields – 18.5 – 18.5 7 33,816 2013 to 2014Park Royal Origin – 30.0 – 30.0 10 49,406 2012 to 2014Other – 9.1 0.5 9.6 14 30,165 2012 to 2015

Total UK – 57.6 0.5 58.1 31 113,387

15. SEGRO.com

Total Development Programme – by Business Unit

Potential Rental Income £146mSTE13.6


Potential Future Capex Spend £1,214m

Potential space to be Built 1,822,170 sq m

London Market7.8

UK National Markets24.7

Belgium14.5

France6.3

Germany30.8

Netherlands12.5

Italy8.6

Czech Rep4.7

Poland22.5

STE86.7

London Market49.8UK National Markets188.7

Belgium163.0

France52.3Germany

268.3

Netherlands93.1

Italy84.9

Czech Rep37.7

Hungary0.9

Poland188.2

London Market57,641

UK National Markets151,216

Belgium135,275

France87,995

Germany486,256

Netherlands127,442

Italy60,612

Czech Rep101,389

Poland545,414

Current Projects – by Business Unit

Potential Rental Income £17mSTE2.1

Future Capex Spend £91m


Germany0.8

Netherlands1.6

Italy1.7

STE6.7


Germany1.8

Italy9.3

Hungary0.9

STE68,930

Space to be Built 104,719 sq m

UK National Markets50,131

Germany8,667

Italy11,312

Netherlands19,842

STE14,767

Existing Group

16. SEGRO.com

Basis pointsA unit that is equal to 1/100th of 1%.

BrixtonBrixton Limited, incorporated in England and Wales with registerednumber 00202342 and having its registered office at 50 Berkeley Street,London W1J 8BX. Following the completion, on 25 August 2009, of theacquisition of its entire ordinary share capital by SEGRO plc, the sharesof Brixton have been de-listed, and it is now a wholly-owned subsidiaryof SEGRO and the name Brixton plc has been re-registered as BrixtonLimited with the registered office at 234 Bath Road, Slough, BerkshireSL1 4EE.

Development pipelineThe Group’s current programme of developments authorised or in thecourse of construction at the balance sheet date, together with potentialschemes not yet commenced on land owned or controlled by the Group.

Enlarged GroupWith effect from 24 August 2009, the combined SEGRO Group andBrixton Group.

Equivalent yieldThe internal rate of return from an investment property, based on thevalue of the property assuming the current passing rent reverts to ERVand assuming the property becomes fully occupied over time. Trueequivalent yield assumes rent is received quarterly in advance.

Estimated rental value (ERV)The estimated annual market rental value of lettable space as determinedbiannually by the Company’s valuers. This will normally be different fromthe rent being paid.

Estimate to complete (ETC)Costs still to be expended on a development or redevelopment topractical completion (not to complete lettings), including attributableinterest.

Gross rental incomeContracted rental income recognised in the period, including surrenderpremiums and interest receivable on finance leases. Lease incentives,initial costs and any contracted future rental increases are amortised on astraight line basis over the lease term.

Hectares (Ha)The area of land measurement used in this analysis. The conversion factorused, where appropriate, is 1 hectare = 2.471 acres.

Joint ventureAn entity in which the Group holds an interest and which is jointlycontrolled by the Group and one or more partners under a contractualarrangement whereby decisions on financial and operating policiesessential to the operation, performance and financial position of theventure require each partner’s consent.

Net initial yieldAnnualised current rent passing rent less non-recoverable propertyexpenses such as empty rates, divided by the property valuation plusnotional purchasers’ costs.

Net rental incomeGross rental income less ground rents paid, service charge expenses andproperty operating expenses.

Passing rentThe annual rental income currently receivable on a property as at thebalance sheet date (which may be more or less than the ERV). Excludesrental income where a rent free period is in operation. Excludes servicecharge income (which is netted off service charge expenses).

Pre-LetA lease signed with an occupier prior to completion of a development.

REITA qualifying entity which has elected to be treated as a Real EstateInvestment Trust for tax purposes. In the UK, such entities must be listedon a recognised stock exchange, must be predominantly engaged inproperty investment activities and must meet certain ongoingqualifications. SEGRO plc and its UK subsidiaries elected for REIT statuswith effect from 1 January 2007.

Square metres (sq m)The area of buildings measurements used in this analysis. The conversionfactor used, where appropriate, is 1 square metre = 10.639 square feet.

Topped up net initial yieldNet Initial Yield adjusted to include notional rent in respect of letproperties which are subject to a rent free period at the valuation date.

Topped up net Initial yield excluding vacant propertiesNet Initial Yield adjusted to include notional rent in respect of letproperties which are subject to a rent free period at the valuation dateand adjusted to exclude the value of un-let buildings.

Total Property Return (TPR)The change in capital value less any capital expenditure incurred plus netincome and plus or minus any gains or losses on disposals expressed asa percentage of capital employed.

TSRTotal shareholder return based upon share price movement over theperiod and assuming reinvestment of dividends.

Glossary of Terms*

http://www.segro.com/segro/Investors/Shareholder-Information/Key-Definitions-Glossary.htm

17. SEGRO.com

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04 Le Blanc Mesnil, Paris

01 O2 UK Headquarters, Slough Trading Estate

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August 2009

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