Scope rates SEGRO on a subscription basis. To view Scope’s subscription rating and rating report, or to register, please click here.

Scope’s 28 February 2022 rating report noted that SEGRO’s business risk profile is supported by its position as a leading logistics and warehouse real estate company in Europe; strong asset quality reflected in a high occupancy rate and diversity by asset and tenant; and long leases (an average of 7.2 years to first break). These factors support stable rental cash flows and good profitability.

The bonds currently in marketing will be issued by SEGRO Capital S.a.r.l. and guaranteed by SEGRO plc. The company is targeting benchmark-sized senior unsecured four and eight-year green bonds, according to Bond Radar (www.bondradar.com). The company said its inaugural green bond in September 2021 – a 0.5% EUR500m 10-year – was 8x covered.

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