June 9, 2020 / 4:29 PM / a month ago

UPDATE 1-UK's Segro to raise 650 mln pounds via share placement to fund expansion

(Adds details on company’s projects)

June 9 (Reuters) - Warehousing specialist Segro on Tuesday said it would raise about 650 million pounds ($827.58 million) through private share placement to fund its expansion across the United Kingdom and continental Europe.

The company kept its dividend policy unchanged, saying it would continue to target a payout ratio of 85% to 95% of adjusted profit after tax, and added that it intended to declare an interim dividend of 6.9 pence per share.

Segro said it has rescheduled rental payments representing about 16% of the rent due in the second quarter of fiscal year 2020.

It added that construction work at projects delayed by coronavirus-fuelled lockdown measures is expected to be completed within one to two months of their original completion date.

“Leasing momentum has been positive and is ahead of the board’s expectations set prior to the start of the pandemic,” the company said in a trading update.

The group’s gross debt, including its share of debt in joint ventures, stood at 3.04 billion pounds as of May 31, Segro said.

$1 = 0.7854 pounds Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vinay Dwivedi

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