Segro was primed for trouble heading into last year. Raging inflation and higher financing costs for commercial property investors had unravelled the warehouse landlord’s meaty premium.
Shares in the former stock (and property) market darling have declined by almost 40 per cent since the start of last year, equating to a 32 per cent discount to the value of the group’s assets at the end of June.
That the underlying worth of Segro’s logistics assets has fallen since then seems likely. The value of industrial assets in the UK sank by just over 17 per cent over the first 11 months of last year, according to CBRE, the property services group. That is a period that includes the chaotic fallout from the mini-budget, which led
