SEGRO PLC receives almost all rents in 2020 as warehouse demand stays

SEGRO PLC (), the FTSE 100 real estate investment trust, said it was paid almost all rents in 2020.

Advanced payments as of January 14, 2020, for the first quarter of 2021 were also 88% of the amount due, which is higher than the corresponding times in each of the previous three years, SEGRO added.

The group specialises in industrial property and warehouses, both of which have been in strong demand as e-commerce hast taken off during the coronavirus (COVID-19) lockdowns.

Whereas retail and hospitality-focused property groups have seen collections drop, to below 30% in some cases, SEGRO said it had received 98% of the £417mln rent due in 2020.

In the three quarters since March specifically affected by COVID-19 issues, rent collection currently is 97%  SEGRO added.

In June, the REIT raised £680mln to fund expansion plans.