Europe

SEGRO chief: Time for a more cautious approach to property

The result of the EU referendum calls for a “more cautious approach” in property, according to the chief executive of SEGRO.

Responding to this morning’s volatility in the markets, where SEGRO’s share price was down 10%, David Sleath said that immediate volatility was unsurprising but his company was optimistic in the medium and long term.

He said: “I’m sure there will be volatility for quite some time to come but in due course, things will settle down.”

However, he added that Segro will be careful about UK investments. “We allocate our capital to the market that will give us the best risk adjusted returns,” Sleath said.

“We’ll be watching and choosing carefully how and where we make the investments. It calls for a slightly more cautious approach than normal, given the current environment.”

Regarding the rest of the UK property market, he said: “It’s about how the UK commonly fares in a post-Brexit world. Longer term, I’ve got great confidence in the resilience of the UK sector, and I think the property market will continue to fare well.”

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