Commercial
property investment firm Segro has posted adjusted pre-tax profits up 16.8 per cent to £104.3 million, while its net rental income rose by ten per cent to £269.4 million.
The rise reflects the inclusion of Brixton's results after Segro acquired the company in August for £1.11 billion and has now fully integrated it into its business.
Ian Coull, chief executive officer of Segro, said that the UK's
commercial development prices have "surprised on the upside" in the last quarter, although the group remains cautious about occupier markets.
"Our focus remains on staying close to our customers to minimise take-backs, leasing vacant space, financial and risk management and continuing to seek further opportunities to capitalise on the present market conditions," he told the news provider.
In December 2009, Segro sold its 50 per cent cent stake in its shopping centre joint venture with Tesco, located at Surrey Quays in Rotherhithe and Clifton Moor in York, to British Land for £26.9 million.
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