SEGRO Annual Report 2022

Enabling extraordinary things

Our purpose

We create the space that enables extraordinary things to happen.

We create the space that enables extraordinary things to happen: SEGRO Park Tottenham exterior photo

What we do

Picture of SEGRO estate in Germany

We own, manage and develop modern and sustainable warehouses across Europe.

Our portfolio includes both big box and urban warehouses and is unique in that two-thirds of it is focused on the most supply-constrained urban markets.

We aim to be the best property company, and the partner of choice for our customers and other stakeholders.

Map showing SEGRO operations in Europe

Where we do it - in the right markets, from transport hubs to major cities

Our portfolio is located in densely populated and supply-constrained cities, as well as key transportation corridors and logistics hubs across eight European countries. Our market-leading operating platform has people on the ground in every country, providing excellent market insights, and offering excellent customer service, so we can develop close relationships with local stakeholders.

Who we do it for

With our big box and urban warehouses we create space for customers throughout their distribution networks, and in many cases across borders.

25% of our customers use both our urban and big box space and 27% of our customers work with us across more than one country.

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2022 in numbers

Rent contracted

Development completions

Development completions rated BREEAM ‘Very Good’ or better (68% rated ‘Excellent’)

Net Investment

New financing

Reduced average embodied carbon intensity of development pipeline

Increase in solar capacity

Number of Community Investment Plans launched

Employee engagement

CEO Statement

David Sleath, SEGRO CEO

Our CEO, David Sleath covers the following topics:

  • SEGRO’s performance in 2022
  • Meaningful progress made with Responsible SEGRO during the year
  • The strength of the business and how it is positioned to perform through the cycle
  • Priorities for 2023

Our strategy

Our business model

Responsible SEGRO

Sustainability and responsible SEGRO, picture of employee gardening


We are committed to being a force for societal and environmental good and this has been at the heart of how our business operates since it was founded. It has been instrumental in the success of the Company over the past 102 years and will be just as important for the next 100 years. This commitment is led by our Board but lived by SEGRO colleagues every day. It is about doing the right thing and making a positive impact wherever we operate.

We have long-held commitments to leadership in health and safety, stakeholder engagement, corporate governance and being a good corporate citizen.

Our Responsible SEGRO framework helps us to articulate our sustainability goals and address our stakeholders’ most material concerns. Within this we have focused in on three enduring strategic priorities, which were determined through engagement with our stakeholders. These priorities cover the areas where we believe we can make the greatest business, environmental and social contribution.

They are:

  • Championing low-carbon growth
  • Investing in our local communities and environments
  • Nurturing talent

Responsible SEGRO Q&A

Gabriella Zepf

Championing low carbon growth

We have chosen to include our customer emissions in our science-based carbon reduction targets, which we believe sets us apart from much of the real estate sector.

Margaret Murphy

Nurturing talent

Our goal is to have an inclusive and supportive
culture, with a motivated workforce of talented
people. We aim to create an environment
where everyone can thrive and realise their full

Neil Impiazzi

Investing in local communitites and environments

This year we launched our first ten Community Investment Plans (CIPs) – seven in the UK and three in Continental Europe. The tailored plans are part of a commitment to create and implement CIPS in all our key markets by 2025.

Case studies

Sustainability and responsible SEGRO, picture of employee gardening

City Harvest

In February 2020, our customer City Harvest was providing about 300,000 meals a month for those in need. As the pandemic escalated, more people were going hungry. City Harvest told us that they desperately needed bigger premises. In the space of a month, we tore up their old lease and moved them in to another of our buildings in West London. Crucially, this new building was a cross-dock and that meant that City Harvest could deal with both more food coming in and going out.

Our ability to move them has resulted in a million more meals each month being distributed from City Harvest’s premises to those people that need them the most.

Once a roof

In 2022, we decided to develop the next phase of SEGRO Park Amsterdam Airport. As part of this, we needed new roads around the estate. Roads are made of asphalt which are traditionally high in bitumen and other polluting content. We challenged this and told prospective suppliers that we would only consider working with a company that would significantly reduce carbon from the process.

As a result, we appointed Dura Vermeer to deliver this part of the infrastructure. Their solution was to deliver circular asphalt with 0% virgin materials, including the recycling of demolished roofs to make the new roads at our site.

Because of our Responsible SEGRO net-zero carbon commitment, one procurement decision led to 12,000 sq m of asphalt with no primary raw materials at all.

Performance review


Andy Gulliford, SEGRO COO

Watch our COO, Andy Gulliford discuss the following topics:

  • Outlook for rental growth
  • Development strategy going forward
  • Operational priorities for 2023

Financial review


Soumen Das, SEGRO CFO

In this video, our CFO, Soumen Das discusses:

  • Outlook for property yields and valuations
  • Capital investment priorities
  • Implications of higher interest and near-term financing requirements


How the Board manages and monitors our culture

The Board believes that our culture can be defined by:
– a strong desire to create a successful business we can be proud of;

– trust and strong professional integrity – we deliver on promises;
– pragmatism – a ‘sleeves up’ approach regardless of status;
– thoughtful, detailed and measured decision making;
– respect and transparency; and
– caring about people and taking an interest in their wellbeing.

Chair Q&A

Andy Harrison, SEGRO Chair
Every business has clearly articulated values. What’s different about SEGRO is that they are very personal to the business and I’ve seen them lived by every person I have met.
Andy Harrison, SEGRO Chair

Andy Harrison, Chair, answers the following questions:

  • What were your first impressions after joining SEGRO?
  • After getting to know the business and our people, what stood out for you?
  • How do you feel the transition of stewardship of the Company has gone?
  • How did the Board navigate 2022?
  • What are the Board’s priorities for 2023?


SEGRO 2022 Annual Report and Accounts

The Directors present the Annual Report for the year ended 31 December 2022, which includes the Strategic Report, Governance Report and audited Financial Statements for the year. References to ‘SEGRO’, the ‘Group’, the ‘Company’, ‘we’ or ‘our’ are to SEGRO plc and/or its subsidiaries, or any of them as the context may require. Pages 09 to 86 (of the pdf version of the report) inclusive comprise the Strategic Report; pages 123 to 142 (of the pdf version of the report) inclusive comprise the Directors’ Remuneration Report; and pages 148 to 149 (of the pdf version of the report) inclusive comprise the Directors’ Report. These have been drawn up and presented in accordance with English company law and the liabilities of the Directors, in connection with these sections, and shall be subject to the limitations and restrictions provided by such law. The Annual Report contains forward-looking statements. For further information see inside back cover of the pdf version of the report.