Segro warns on warehouses

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The firm, which owns sites in Slough, Heathrow and Park Royal, said vacancy rates rose from 9.9% at New Year to 10.5% at the end of March and warned new enquiries from prospective customers were falling.

It also said 11 properties were returned in the first quarter of the year after customers went insolvent, costing it £911,000 a year in rent. A further £3.6 million of rent is at risk with 30 customers in administration.

However, it let more space in the first three months of the year than it did in the same period a year ago. Segro raised £500 million from shareholders through a rights issue this month to patch up its battered balance sheet.

Chief executive Ian Coull said the issue underlined investor confidence in Segro and "places the group in a strong position to cope with the challenging market conditions and to benefit from future opportunities as and when they arise".