WHEREBUSINESSWORKS/media/Files/S/Segro/...Offices 1.8 3.2 4.5 3.2 (1.7) 3.4 Retail 3.7 0.3 0.6 0.5...

WHERE BUSINESS WORKS

Property Analysis Half-Year2008

FOCUSED ON OUR CUSTOMERSAt SEGRO we develop and acquire properties across Europe, concentrating on major business centresand logistics distribution channels. We provide Flexible Business Space designed to meet the needs ofour customers both now and in the future.

OUR COMPANYHeadquartered in the UK, SEGRO is an international property investment company listed on theLondon Stock Exchange and on Euronext, Paris. We have operated as a UK Real Estate InvestmentTrust (REIT) since 1 January 2007 and have operations in ten countries. We serve around 1,700customers across a diverse range of sectors, representing both small and large businesses. Withproperty assets of £5.1 billion, we generate an annual rental income of approximately £290 million.

OUR STRATEGYOur aim is to create value for our shareholders, underpinned by attractive dividends. Our strategyis to acquire, develop and manage Flexible Business Space in locations likely to benefit from strongcustomer demand and long-term economic growth. We actively manage capital by selling propertieswhich do not fit our strategy or to which we believe we can no longer add value.

WHERE BUSINESS WORKS

Suburban Offices Warehousing & Logistics Industrial Parks

Group Data 01 United Kingdom

Key Locations 04Analysis 06Property Portfolio 07

Continental Europe

Key Locations 10Analysis 12Property Portfolio 13

Development Pipeline 16

Cover illustration: Stryków Logistics Park, Lódz, Poland

SEGRO.com 01

PROPERTY ANALYSIS

GROUP DATA

BristolCardiff

PortsmouthFarehamSouthampton

Birmingham

Oldbury

Derby

Newcastle-under-Lyme

Manchester

York

Doncaster

Sheffield

WarringtonRuncorn

Crawley

BasingstokeNewbury

ReadingSwindon

Oxford

Northampton

Cambridge

LutonDunstable

Peterborough

HighWycombe

Camberley

Farnborough

Frimley

Slough

London†

Key existing location


Prospective location

Existing logistics corridor

Logistics corridor underconstruction or planned

MALTA GREECE

Frankfurt

DüsseldorfEssen

DortmundLódz

Lyon

Aachen

Hamburg

München

Poznan

Wroclaw

Gdansk

Katowice

Milan

Valencia

Alicante

Sevilla

Marseille

Nürnberg

BrequetlaanHoofddorp

Almere

Rotterdam

Paris

LilleBrussels

BerlinNadarzyn

Prague

Budapest

Bratislava

Bucharest

BarcelonaZaragoza

Madrid

AUSTRIA

THE NETHERLANDS

FRANCE

GERMANY

ITALY

SPAIN

BELGIUM

SWITZ.HUNGARY

CZECH REPUBLIC

SLOVAKIA

POLAND

ROMANIASLOVENIA

CROATIA

BOSNIA& H.

BULGARIA

SERBIA

Flexible Business SpaceUnited Kingdom – 2.6m sq m* Continental Europe – 2.4m sq m*

Industrial84%Logistics

7%

Offices7%

Retail 2%

Industrial27%

Logistics68%

Offices4%

Retail1%

Manufacturing22%

Wholesale9%

Retail15%

Construction2%

Across a Wide Customer Base…Group occupier rental income by industry (%)

* Total portfolio by space as at 30 June 2008. Includes tradingproperties and 100% share of joint venture properties.

Transport, Communications& Utilities23%

Finance, Insurance& Property

13%

Public Administration4%

Services12%

SEGRO.com 02

Completed Investment Properties*Rental data Valuation data

Market Gross Netrental rental rental

Passing value income income Vacancy Vacancy Valuation Valuation Valuation Topped Topped TrueLettable rent** at (ERV) at for H1 for H1 rate by rate by at surplus/ surplus/ Initial up initial up initial Equivalent

space 30.06.08 30.06.08 2008 2008 space ERV 30.06.08 (deficit) (deficit) yield yield 1† yield 2# Yield(sq m) (£m) (£m) (£m) (£m) (%) (%) (£m) (£m) (%) (%) (%) (%) (%)

United KingdomLogistics warehouses 169,236 7.3 8.6 3.7 3.4 7.1 8.1 102.0 (15.7) (13.3) 7.2 7.5 8.2 7.4Other industrial 2,113,632 142.8 170.6 81.1 62.9 12.0 11.7 2,236.4 (283.1) (11.1) 6.3 6.5 7.3 7.0Offices 193,145 33.5 36.0 15.1 11.2 9.0 9.4 503.6 (38.9) (7.2) 6.7 6.8 7.4 7.1Retail 36,664 6.7 7.9 7.7 7.2 0.3 0.0 135.2 (9.5) (6.6) 5.0 5.2 5.2 6.6

Total 2,512,677 190.3 223.1 107.6 84.7 11.2 10.8 3,004.2 (347.2) (10.4) 6.3 6.5 7.2 7.0

Continental EuropeLogistics warehouses 1,298,857 46.3 47.5 22.4 17.5 4.2 4.6 603.0 5.6 0.9 7.7 7.7 8.1 –Other industrial 443,477 22.4 26.4 13.9 10.9 12.2 12.5 367.7 3.6 1.0 6.1 6.4 7.2 –Offices 104,917 10.5 12.3 5.5 4.3 15.1 13.8 175.5 (1.4) (0.8) 6.0 6.1 6.9 –Retail 22,979 2.1 1.7 0.9 0.7 0.0 0.0 20.1 0.1 0.5 10.4 10.4 10.4 –

Total 1,870,230 81.3 87.9 42.7 33.4 6.7 8.2 1,166.3 7.9 0.7 7.0 7.1 7.7 7.2

GroupLogistics warehouses 1,468,093 53.6 56.1 26.1 20.9 4.5 5.1 705.0 (10.1) (1.4) 7.6 7.7 8.1 –Other industrial 2,557,109 165.2 197.0 95.0 73.8 12.0 11.8 2,631.1 (279.5) (9.6) 6.3 6.5 7.3 –Offices 298,062 44.0 48.3 20.6 15.5 11.1 10.6 679.1 (40.3) (5.6) 6.5 6.6 7.3 –Retail 59,643 8.8 9.6 8.6 7.9 0.2 0.0 155.3 (9.4) (5.7) 5.7 5.9 5.9 –

Total 4,382,907 271.6 311.0 150.3 118.1 9.3 10.0 4,170.5 (339.3) (7.5) 6.5 6.7 7.4 7.1

* All completed investment properties at 30 June 2008 including the Group’s share of joint venture properties. Excluding land held for investment, properties for own occupation andproperties in the course of construction.

** Excludes £6.9m of rent frees. † Includes value of rent frees. # Occupied properties only.

Reconciliation of Total Properties shown in the AccountsContinental

UK Europe TotalValuation (£m) (£m) (£m)

Valuation per Investment Portfolio Table – inc share of joint ventures 3,004.2 1,166.3 4,170.5Add trading properties 7.3 278.3 285.6Add prepaid operating leases 30.8 6.0 36.8Add joint ventures – trading properties 12.6 34.5 47.1Company occupied buildings 12.2 1.2 13.4Land and construction in progress 89.2 239.5 328.7Recycled land and construction in progress 183.5 9.3 192.8

Total per Accounts 3,339.8 1,735.1 5,074.9

Included within:Investment properties 3,086.7 1,170.1 4,256.8Prepaid operating leases 30.8 6.0 36.8Development properties 101.4 240.7 342.1Trading properties 7.3 278.3 285.6Joint ventures – investment properties 101.0 5.5 106.5Joint ventures – trading properties 12.6 34.5 47.1

Total Properties per balance sheet (Note 11) 3,339.8 1,735.1 5,074.9

Lettings AnalysisArea (000’s sq m) Rent1 pa (£m)

SpaceLettings Space Returned Lettings Returned

H1 2008 H1 2007 H1 2008 H1 2007 H1 2008 H1 2008

UK – Lettings of new developments 15 62UK – Existing properties 61 56UK – Licenses 33 25Total UK 109 143 148 101 6.4 8.5Continental Europe 174 168 68 28 10.0 3.4

Total Group 283 311 216 129 16.4 11.9

1 Annualised rent, after the expiry of any rent free periods.

GROUP DATA (continued)

SEGRO.com 03

Vacancy Analysis30 June 31 December

2008 2007(%) (%)

UK 11.2 10.8Continental Europe 6.7 5.9

Total Group 9.3 8.9

Analysis of Underlying UKVacancyRecent acquisitions (less than 18 months) 0.0 0.0Completed development sites (less than 18 months) 1.3 2.3Underlying UK vacancy 9.9 8.5

Total UK 11.2 10.8

Lease Expiries & CustomersAverage lease Passing rent (at 30.06.08) Passing rent

length to: of leases which expire in: subject to breaks:

Investment Number of Break Expiry 2008 2009 2010 2011 2008 2009 2010 2011properties only customers (Years) (Years) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m)

United KingdomLogistics warehouses 7 7.5 9.0 – – 0.3 1.0 – 1.3 1.8 –Other industrial 1,284 6.1 8.3 5.2 10.7 10.3 7.5 5.4 9.7 7.9 8.9Offices 130 6.1 8.5 0.3 3.5 0.2 0.4 2.0 0.8 1.7 0.7Retail 45 7.4 7.6 0.1 – – 0.1 – – – –

Total UK 1,466 6.2 8.4 5.6 14.2 10.8 9.0 7.4 11.8 11.4 9.6

Continental Europe 233 6.1 8.4 – 2.7 2.7 1.9 – 2.7 6.4 8.1

Total Group 1,699 6.1 8.4 5.6 16.9 13.5 10.9 7.4 14.5 17.8 17.7

Reversionary Potential as at 30 June 2008Reversion to

ERV onPassing rent subject to rent review inoccupied ERV of vacant

2008 2009 2010 2011 properties properties(£m) (£m) (£m) (£m) (£m) (£m)

United KingdomLogistics warehouses 0.0 2.5 1.7 – 0.2 0.7Industrial 12.9 16.9 23.0 21.5 4.0 19.9Offices 1.8 3.2 4.5 3.2 (1.7) 3.4Retail 3.7 0.3 0.6 0.5 0.9 –Continental Europe – – – – (3.0) 7.2

Total Group 18.4 22.9 29.8 25.2 0.4 31.2

Major Lettings in H1 2008*

Customer Building Type Location Sq m Rent pa (£000)

DHL Office Pegasus Park, Belgium 7,664 888Decathlon Logistics warehouses Silesia, Katowice, Poland 20,967 695Nec Logistics Industrial Hoeksteen, The Netherlands 9,463 643Hellmann Logistics warehouses Stryków Logistics Park, Lódz, Poland 18,358 518JJB Sports Industrial Heywood Distribution Park, UK 9,615 481Transport Connections Logistics warehouses Northampton, UK 9,621 461DSV Solutions Industrial Hoeksteen, The Netherlands 7,423 451Map Cargo International Industrial West Drayton, UK 2,075 290Wellmans Defence Industrial Portsmouth, UK 3,369 280Jysk Ltd Retail Clifton Moor, UK 1,358 278

Agreements in JulyPalastic Omnium Logistics warehouses Silesia, Katowice, Poland 14,184 599ET Euroterminal Logistics warehouses Komorniki, Poznan, Poland 7,706 273Devolo AG Industrial Aachen II, Germany 2,264 189

Pre-lettingsZabka Logistics warehouses Komorniki, Poznan, Poland 15,735 613Pol Fret Logistics warehouses Tulipan Park, Lódz, Poland 15,298 521Cosmetic Essence Logistics warehouses Stryków Logistics Park, Lódz, Poland 12,253 433Triple Trans Port Industrial Rijnlanderweg, Netherlands 6,256 417Blanco Industrial Parkbury, Radlett, UK 3,716 352Antalis Logistics warehouses Velilla, Madrid, Spain 4,795 137SerCom Solutions Logistics warehouses Tulipan Park, Lódz, Poland 3,328 123

* Also ten separate lettings at Tulipan House, Warsaw (16,180 sq m), which was sold on 30 June 2008.

GROUP DATA (continued)

PROPERTY ANALYSIS

UNITEDKINGDOM

BristolCardiff

PortsmouthFarehamSouthampton

Birmingham

Oldbury

Derby

Newcastle-under-Lyme

Manchester

York

Doncaster

Sheffield

WarringtonRuncorn

Crawley

BasingstokeNewbury

ReadingSwindon

Oxford

Northampton

Cambridge

LutonDunstable

Peterborough

HighWycombe

Camberley

Farnborough

Frimley

Slough

London†

59

5433

4516

46

35

15

375

40

369

107 51

38 29

4334

4

682422 13

17 32

4821

41

47

52

Our UK business is located on 952 hectares of land concentrated in the south of England. It has 2.6 million sq m of space in 85 separateholdings and serves approximately 1,500 customers with a rent roll of £197.1 million per annum.*

The UK business provides a range of building sizes and product types, from 50 sq m workshops to warehouses of over 10,000 sq mand purpose-built office headquarters.

* All amounts include trading properties, investment properties and 100% share of joint ventures, as per property portfolio tables on pages 7 and 8.

1 Acton†2 Barking†3 Basildon†4 Basingstoke°5 Birmingham°6 Bracknell°7 Bristol°8 Camberley°9 Cambridge°10 Cardiff°11 Chelmsford†12 Colnbrook†

13 Crawley°14 Croydon†15 Derby°16 Doncaster*17 Dunstable°18 Edmonton†19 Enfield†20 Epsom†21 Fareham°22 Farnborough°23 Feltham†24 Frimley°

25 Greenford†26 Hatfield†27 Hayes†28 Heston†29 High Wycombe°30 Hounslow†31 Isleworth†32 Luton°33 Manchester°34 Newbury°35 Newcastle Under Lyme*36 Northampton°

37 Oldbury°38 Oxford°39 Park Royal†40 Peterborough°41 Portsmouth°42 Radlett†43 Reading°44 Rotherhithe†#45 Runcorn°46 Sheffield*47 Slough48 Southampton°

49 Sunbury†50 Swanley†51 Swindon°52 Tees Valley*53 Uxbridge†54 Warrington55 Welwyn Garden City†56 West Drayton†57 West Thurrock†58 Wimbledon†59 York#

SEGRO.com 04

Locations

* HelioSlough property † London Markets property (see page 5) # Retail property ° National Markets property

J6 to London

M4J4 to the West Country

14/4

E

D C

AF

B

A1(M)

M4

M3

M40

M11

M2

M20M25

M1

11

32

1819

57

5044

1458

20

49

5526

42

3953 25

2756 28

1231 1

2330

Radlett

Greenford

Park Royal

Edmonton

Enfield

Swanley

Barking

Rotherhithe

Epsom

Croydon

Wimbledon

ActonIsleworth

Feltham

Sunbury

Hounslow

HestonWest DraytonHayes

Uxbridge

Hatfield

WelwynGarden City

West Thurrock

Chelmsford

Basildon

Colnbrook

SEGRO.com 05

UNITED KINGDOM PROPERTY ANALYSIS (continued)

A Merlin Park

B Portsmouth Motorand Business Park

C Railway Triangle

D Trilogy

E Vista Park

F Voyager Park

London Markets

Slough Trading Estate

The M27.biz

Winnersh Triangle,Reading

Voyager Park,Portsmouth

Bath Road,Slough Trading Estate

LHR1,Heathrow

Heywood Distribution Park,Manchester

Woodside Industrial Estate,Dunstable

Artist impression of new development

SEGRO.com 06


Marketrental

Passing value Vacancy Valuation Valuation Valuation TrueLettable rent** at (ERV) at rate by at surplus/ surplus/ Initial Equivalent

space 30.06.08 30.06.08 space 30.06.08 (deficit) (deficit) yield Yield(sq m) (£m) (£m) (%) (£m) (£m) (%) (%) (%)

Slough Trading Estate 615,538 65.3 73.9 9.3 1,024.0 (101.0) (9.0) 6.4 7.0London Markets 628,792 46.3 54.5 9.7 778.4 (91.3) (10.5) 5.9 6.4National Markets 1,245,945 74.2 89.0 13.2 1,116.8 (149.2) (11.8) 6.6 7.5Tesco joint venture (50%) 22,402 4.5 5.7 0.0 85.0 (5.7) (6.3) 5.3 6.5

Total 2,512,677 190.3 223.1 11.2 3,004.2 (347.2) (10.4) 6.3 7.0

Largest HoldingsRental data Valuation data

Marketrental



Slough Trading Estate 615,538 65.3 73.9 9.3 1,024.0 (101.0) (9.0) 6.4 7.0Reading, Winnersh Triangle 105,091 13.3 13.7 8.1 168.6 (38.1) (18.4) 7.9 7.8Manchester, Heywood Distribution Park 249,547 10.2 11.3 9.9 158.6 (17.4) (9.9) 6.4 7.0Feltham, North Feltham Trading Estate 79,605 7.7 9.4 16.4 150.4 (9.8) (6.1) 5.1 5.9Dunstable, Woodside Industrial Estate 141,868 6.8 8.4 16.1 95.8 (20.4) (17.6) 7.1 7.9Crawley, London Road 59,891 5.9 6.8 0.0 80.7 (11.3) (12.3) 7.3 6.2Portsmouth, (see page 5) 72,977 4.6 6.2 20.1 79.5 (8.0) (9.1) 5.8 6.8Heston, Heston Centre 45,980 4.2 4.3 11.3 78.0 (8.3) (9.6) 5.4 6.1Birmingham, Kings Norton Business Centre 74,649 4.9 5.4 7.8 76.1 (8.0) (9.5) 6.4 6.8Farnborough, IQ Farnborough 26,745 3.7 5.4 22.9 67.8 (2.6) (3.7) 5.5 7.2Cardiff, Treforest Industrial Estate 98,661 2.9 4.4 27.5 53.3 (6.2) (10.4) 5.4 7.8Tesco joint venture (50%) 22,402 4.5 5.7 0.0 85.0 (5.7) (6.3) 5.3 6.6

Total 1,592,954 134.0 154.9 2,117.8 (236.8) (10.1) 6.3


** Excludes £5.4m of rent frees.

Largest customersAnnual Rent

(£m)

Tesco Hatfield; Rotherhithe; York 6.7Thales London Road, Crawley 5.9Mars Slough Trading Estate; Winnersh Triangle 4.4O2 Slough Trading Estate; Pucklechurch; Woodside Industrial Estate, Dunstable; Rotherhithe 3.7UCB Slough Trading Estate 3.7Heathrow Airports Colnbrook 2.5Lonza Slough Trading Estate; Winnersh Triangle, Reading 1.8Argos Heywood Distribution Park, Manchester 1.8Intel Slough Trading Estate; Winnersh Triangle, Reading 1.8Next Heywood Distribution Park, Manchester 1.7


SEGRO.com 07

UK Property Portfolio as at 30 June 2008Joint Logistics Other

Venture Property Land area warehouses industrial Offices Retail Total Number of Rent rollLocation (%) class (hectares) (sq m) (sq m) (sq m) (sq m) (sq m) occupiers (£000)

UNITED KINGDOMLondon Markets 160 31,580 584,076 23,143 – 638,799 360 47,639National Markets 458 137,656 1,021,074 91,600 520 1,250,850 672 74,183Slough 192 – 523,394 78,206 13,938 615,538 400 65,270Retail 18 – – 393 44,412 44,805 73 8,966

Total 828 169,236 2,128,544 193,342 58,870 2,549,992 1,505 196,058

HelioSlough 124 – 29,877 – – 29,877 3 1,068

Grand Total 952 169,236 2,158,421 193,342 58,870 2,579,869 1,508 197,126

SLOUGHSlough Slough Trading Estate I 192 – 523,394 78,206 13,938 615,538 400 65,270

Total 192 – 523,394 78,206 13,938 615,538 400 65,270

LONDON MARKETSHeathrow AreaColnbrook Blackthorn Rd I 2 – 8,180 – – 8,180 10 509Colnbrook Colndale Road I 2 – 10,264 – – 10,264 11 923Colnbrook Horton Road I 1 – 4,665 – – 4,665 – –Colnbrook Willow Road I 2 – 12,498 – – 12,498 14 578Colnbrook Lakeside Industrial Centre I 3 – 9,511 1,815 – 11,326 1 1,200Colnbrook Logistics Centre 50 I 20 – 15,226 – – 15,226 1 2,593Feltham Faggs Road I 3 – 8,970 – – 8,970 – –Feltham 755 Forest Road I 3 – 4,260 5,278 – 9,538 1 450Feltham North Feltham Trading Estate I 20 – 70,937 8,668 – 79,605 35 7,650Hayes Chesterfield Way I 3 – 13,479 – – 13,479 30 1,215Hayes Trinity Trading Estate I 2 – 8,920 – – 8,920 5 748Heston Heston Centre and Airlinks I 10 – 45,980 – – 45,980 18 4,151Hounslow Pulborough Way I 4 – 17,416 – – 17,416 10 706Isleworth Victory Business Centre I 1 – 4,266 – – 4,266 8 468West Drayton Stockley Close I 4 – 21,041 – – 21,041 5 1,380West Drayton Stone Road I 3 – 12,597 – – 12,597 7 1,203

Greater London AreaActon I 4 – 19,512 – – 19,512 12 1,914Barking Gascoigne Road I 3 – 13,338 – – 13,338 5 860Basildon Zenith, Paycocke Rd I 1 – 18,917 – – 18,917 9 1,067Chelmsford Waterhouse Lane I 4 – 15,691 – – 15,691 9 847Croydon Commerce Park I 3 – 13,441 13,441 9 890Croydon Marlowe Way I 2 – 6,549 6,549 1 600Edmonton Advent Way I 2 – 16,836 – – 16,836 1 435Enfield Morson Rd Ponders End I 5 – 29,773 – – 29,773 1 1,000Epsom Blenheim Road I 1 – 6,105 – – 6,105 6 233Greenford Fairways Industrial Estate I 6 – 24,955 – – 24,955 12 1,856Hatfield Welham Green I 6 31,580 – – – 31,580 1 2,500Park Royal Grand Union & Tudor Estate I 4 – 21,735 397 – 22,132 35 1,963Park Royal Frogmore Industrial Estate I 2 – 9,971 – – 9,971 4 873Radlett Parkbury I 11 – 35,072 – – 35,072 19 2,222Sunbury Brooklands Close I 4 – 11,322 4,319 – 15,641 21 1,600Swanley Teardrop Centre I 1 – 6,448 – – 6,448 1 425Uxbridge Riverside Way I 7 – 13,267 2,666 – 15,933 12 1,473WelwynGarden City Mundells Ind Ctr I 1 – 7,344 – – 7,344 11 596WelwynGarden City Little Mundells I 1 – 2,199 – – 2,199 10 191West Thurrock J31 Park I 6 – 31,024 – – 31,024 23 1,419West Thurrock J31 Park T 1 – 2,394 – – 2,394 1 –Wimbledon Weir Road I 2 – 9,973 – – 9,973 1 901

Total 160 31,580 584,076 23,143 – 638,799 360 47,639

All amounts including trading properties, investment properties and 100% share of joint ventures.I = Investment property (property held for the purpose of earning a return on investment, either in the form of rent or capital gain).T = Trading property (property held for trading purposes and shown as current assets in the balance sheet).


SEGRO.com 08

UK Property Portfolio as at 30 June 2008 (continued)Joint Logistics Other


NATIONAL MARKETSMidlands & NorthBirmingham Kings Norton Business Centre I 23 – 69,444 5,205 – 74,649 86 4,866Birmingham Meteor Park I 5 10,690 10,952 – – 21,642 – –Cardiff Treforest Industrial Estate I 53 – 95,523 3,138 – 98,661 94 2,819Derby East Midlands Airport Cargo Ctr I 4 – 13,631 4,034 – 17,665 11 1,254Manchester Heywood Distribution Park I 79 115,949 128,804 4,473 321 249,547 48 10,216Northampton Moulton Park Estate I 5 11,017 9,548 – – 20,565 2 561Oldbury I 2 – 4,314 1,575 – 5,889 5 435Peterborough Manasty Road I 8 – 29,786 – – 29,786 18 972Runcorn Pembroke Court I 4 – 13,697 – – 13,697 4 637Warrington RUF & RIV Courts I 5 – 20,674 – – 20,674 26 837

Home CountiesBracknell Bilton Industrial Estate I 2 – 6,553 – – 6,553 14 429Camberley I 2 – – – – – – –Cambridge I 42 – – 7,309 – 7,309 13 832Crawley London Road I 9 – 42,313 17,578 – 59,891 2 5,912Dunstable Woodside Industrial Estate I 37 – 141,669 – 199 141,868 28 6,757Farnborough IQ Farnborough I 45 – 3,153 23,592 – 26,745 24 3,742Frimley Albany Park I 4 – 24,228 – – 24,228 20 1,827High Wycombe Cressex Industrial Estate I 3 – 12,150 – – 12,150 5 849High Wycombe M40 Industrial Centre I 3 – 9,867 2,169 – 12,036 14 1,143High Wycombe The Gateway Centre I 3 – 9,547 – – 9,547 8 899Luton Bilton Way I 9 – 39,207 – – 39,207 36 2,075

Thames ValleyBasingstoke Sherrington Way I 1 – 4,937 – – 4,937 8 362Bristol Emersons Green I 7 – 21,892 – – 21,892 16 1,544Bristol Ashton Vale I 7 – 32,800 – – 32,800 31 1,438Bristol Pucklechurch Trading Estate I 8 – 25,476 – – 25,476 22 1,187Bristol Beeches Ind. Estate, Yate I 9 – 31,568 – – 31,568 27 1,572Fareham Trilogy I 3 – 12,169 – – 12,169 1 230Newbury The Plenty Site I 3 – 10,080 – – 10,080 1 500Oxford Oxonian Park I 3 – 12,431 – – 12,431 8 923Reading Winnersh Triangle I 33 – 82,564 22,527 – 105,091 41 13,343Portsmouth Mitchell Way I 6 – 20,083 – – 20,083 11 894Portsmouth Motor Park I 5 – 15,111 – – 15,111 8 1,853Portsmouth Railway Triangle I 8 – 30,270 – – 30,270 26 1,853Portsmouth Voyager Park I 11 – 7,513 – – 7,513 2 29Portsmouth Voyager Park T 1 – 4,905 – – 4,905 1 –Southampton Southern Cross Park I 3 – 13,035 – – 13,035 5 690Swindon Faraday Road I 3 – 11,180 – – 11,180 6 703

Total 458 137,656 1,021,074 91,600 520 1,250,850 672 74,183

RetailRotherhithe Surrey Quays 50 I 9 – – 393 25,108 25,501 63 5,361York Clifton Moor 50 I 9 – – – 19,304 19,304 10 3,605

Total 18 – – 393 44,412 44,805 73 8,966

HelioSloughDoncaster Stainforth 50 T 1 – – – – – – –Doncaster Rossington 50 T 61 – – – – – – –NewcastleUnder Lyme Lymedale Cross 50 T 9 – 29,877 – – 29,877 3 1,068Sheffield SIRFT 50 T 4 – – – – – – –Tees Valley Wynyard 2 50 T 49 – – – – – – –

Total 124 – 29,877 – – 29,877 3 1,068



SEGRO.com 09

Carré Des Aviateurs, Le Blanc Mesnil, ParisSEGRO delivers high-quality assets that meet business needs

• 35,000 sq m of development• Ten buildings ranging in size from 700 to 5,000 sq m• Modern facilities available to meet varying sizes of client requirements• Excellent access by road, rail and air

PROPERTY ANALYSIS

CONTINENTALEUROPE

32

29

28

31

27

30

6

5

7

41 8

11

1210

363435

339

1613

15

18

25

17

26

23

20

24

21

22

23

19


Prospective location

Existing logistics corridor

Logistics corridor underconstruction or planned

PORT

UG

AL

Frankfurt

DüsseldorfEssen

DortmundLódz

Lyon

14

Aachen

Hamburg

München

Poznan

Wroclaw

Gdansk

Katowice

Milan

Valencia

Alicante

Sevilla

Marseille

Nürnberg

BrequetlaanHoofddorp

Almere

Rotterdam

Paris

LilleBrussels

BerlinNadarzyn

Prague

Budapest

Bratislava

Bucharest

BarcelonaZaragoza

Madrid

AUSTRIA

THE NETHERLANDS

FRANCE

GERMANY

ITALY

SPAIN

BELGIUM

SWITZ.HUNGARY

CZECH REPUBLIC

SLOVAKIA

POLAND

ROMANIASLOVENIA

CROATIA

BOSNIA& H.

BULGARIA

SERBIA

Our Continental European business is located on 904 hectares of land across nine countries. It has 2.4 million sq m of spacein 151 separate holdings and serves more than 200 customers with a rent roll of £101.3 million per annum.*

* All amounts include trading properties, investment properties and 100% share of joint ventures, as per property portfolio tables on pages 13 to 15.

Belgium1 Brussels

Czech Republic2 Prague3 Ostrava

France4 Lille*5 Lyon6 Marseille*7 Paris

Germany8 Aachen9 Berlin10 Dortmund11 Düsseldorf12 Essen13 Frankfurt14 Hamburg*15 München16 Nürnberg

Hungary17 Budapest

Italy18 Milan

Poland19 Gdansk*20 Katowice21 Lódz22 Nadarzyn23 Poznan24 Wroclaw*

Romania*25 Bucharest*

Slovakia*26 Bratislava*

Spain27 Alicante28 Barcelona29 Madrid30 Sevilla31 Valencia*32 Zaragoza

The Netherlands33 Almere34 Brequetlaan35 Hoofddorp36 Rotterdam

* Prospective location

SEGRO.com 10

Locations

JFAHG

L

D

Paris

K

I B

CEA14

A85A10

A6

A1

A3

A15

Brussels

EB A

CD

E40

E19

E40

A12

E411

E31

AB

C

E

D

Neuss

Willich

Mönchengladbach

Düsseldorf

CE

A

BE42

E451

E451

E41

Hanau

Offenbacham Main

FrankfurtD

SEGRO.com 11

CONTINENTAL EUROPE PROPERTY ANALYSIS (continued)

ParisA Aulnay sous Bois

B Bondoufle

C Bonneuil-Sur-Marne

D Colombes

E Emerainville

F Gonesse

G La Courneuve

H Le Blanc Mesnil

I Les Ulis

J Marly La Ville

K Nanterre

L Saint Ouen L’Aumône

BrusselsA Diegem

B Kobbegem

C St Stevens –Woluwe

D Zaventem

E Zellik

DüsseldorfA Düsseldorf,Dillenburg Ave

B Düsseldorf,Waagenstraße

C Mönchengladbach

D Neuss

E Willich

FrankfurtA Neckermann.de,HanauerLandstraße 360

B Alzenau 1

C Butzbach

D I Höchst

E II AmMartinszehnten

Marly La Ville

Pegasus Park, Diegem

Mönchengladbach

Neckermann.de

SEGRO.com 12


Marketrental



Belgium 168,443 14.3 16.4 17.6 225.9 (0.8) (0.4) 6.3 7.0Central Europe 299,099 9.2 10.1 9.3 141.5 3.5 2.5 6.5 7.0France 520,023 22.9 25.0 9.9 339.5 (0.3) (0.1) 6.7 7.3Germany 726,056 25.1 26.0 1.7 326.5 1.9 0.6 7.7 7.4Italy 68,567 5.3 5.2 0.0 74.4 1.2 1.6 7.1 5.8The Netherlands 86,046 4.4 5.1 3.4 57.3 2.4 4.4 7.7 6.9Spain 1,996 0.1 0.1 0.0 1.2 0.0 0.0 8.3 7.4

Total 1,870,230 81.3 87.9 6.7 1,166.3 7.9 0.7 7.0 7.2

Largest HoldingsRental data Valuation data

Marketrental



Germany, Frankfurt, Neckermann.de 367,737 15.1 14.9 0.9 153.3 0.3 0.2 9.8 7.0Belgium, Diegem, Pegasus Park 81,643 9.3 10.4 19.4 151.9 (1.2) (0.8) 6.1 7.0Italy, Milan, Vimercate 68,567 5.3 5.2 0.0 74.4 1.3 1.8 7.1 5.8France, Paris, Marly La Ville 97,730 4.6 4.1 0.0 55.8 (0.3) (0.5) 8.2 7.3Germany, München, Krauss-Maffei-Str 154,137 4.4 4.4 0.0 63.3 1.2 1.9 7.0 6.3Czech Republic, Prague, Tulipan Park 37,606 1.2 1.7 24.4 23.8 0.3 1.3 5.0 7.1France, Paris, Blanc Mesnil 34,229 2.1 2.6 3.0 35.4 1.5 4.4 5.9 7.3Poland, Poznan, Komorniki 73,285 2.5 2.6 6.6 37.4 0.9 2.5 6.7 7.4France, Lyon, St Exupery 54,587 2.4 2.5 21.4 34.7 0.2 0.6 6.9 7.3France, Paris, La Courneuve 52,861 1.2 1.7 0.0 18.8 0.1 0.5 6.4 7.8France, Paris, Cergy Pontoise 51,645 2.4 2.1 0.0 30.2 0.2 0.7 7.9 7.3

Total 1,074,027 50.5 52.2 679.0 4.5 0.7 7.4 –


** Excludes £1.5m of rent frees.

Largest customersAnnual Rent

(£m)

Neckermann.de Alzenau and Frankfurt, Germany 13.2Deutsche Poste Across France, Belgium and the Netherlands 12MPM München, Hannover and Nürnberg, Germany 6.4Antalis Across France, Belgium, Italy, Spain and Germany 6.1KarstadtQuelle Across Germany 5.2Alcatel Vimercate, Italy 5Cisco Pegasus Park, Belgium 3.8Geodis Logistics Cergy Pontoise and Marly La Ville, France 2.1Conforama Colombes, France 1.6Corning Lódz, Poland 1.3


SEGRO.com 13

Continental Europe Property Portfolio as at 30 June 2008Joint Logistics Other


BELGIUMBornem 50 T 11 16,517 – – – 16,517 1 744Diegem Diegem 2 50 T 3 – – – – – – 0Diegem Pegasus Park, Phase 1 I 15 – – 81,643 – 81,643 28 9,264Diegem Pegasus Park, Phase 3 25 T 1 – – 5,073 – 5,073 3 179Diegem UPS 50 I 3 10,131 – – – 10,131 1 638Diegem UPS Extension 50 I 1 – 3,343 – – 3,343 7 195Kobbegem I 5 20,018 6,000 – – 26,018 1 1,197Kontich I 12 – – – 200 200 – 0Kortenberg 50 T 5 – – – 460 460 1 35Nivelles 50 T 6 – 8,424 – – 8,424 1 188Rumst 50 T 15 59,202 – – – 59,202 2 2,046St Stevens Woluwe I 4 – 20,532 – – 20,532 21 1,143Zaventem Zeventem 3 50 T 7 – – – – – – 0Zaventem II Horizon I 2 – 6,536 – – 6,536 5 297Zaventem E40 I 1 – 3,736 – 3,707 7,443 8 387Zellik Relegem Sphere I 4 – 19,334 – – 19,334 21 1,664Zellik Zellik II 50 T 1 – 2,262 – – 2,262 4 170

96 105,868 70,167 86,716 4,367 267,118 104 18,147

CENTRAL EUROPEPolandKatowice Silesia I 48 57,025 – – – 57,025 6 1,694Lódz Stryków, Main site I 61 121,565 9,618 – – 131,183 7 3,722Lódz Stryków, Extension T 26 – – – – – – 0Lódz T 7 – – – – – – 0Nadarzyn I 35 – – – – – – 0Poznan Komorniki, Main site I 10 49,758 – – – 49,758 5 1,531Poznan Komorniki, Extension I 12 – – – – – – 0Poznan Komorniki I 7 23,527 – – – 23,527 1 983

Czech RepublicOstrava I 4 – – – – – – 0Prague Tulipan 2 & 3, Hostivice I 16 37,606 – – – 37,606 5 1,242Prague Tulipan 4, Hostivice I 50 – – – – – – 0

HungaryBudapest Vendel Park, Biatorbágy T 9 29,216 – – – 29,216 3 563Budapest Ullo I 38 – – – – – – 0Budapest M3 I 12 – – – – – – 0

335 318,697 9,618 – – 328,315 26 9,735

FRANCEAvignon T 1 – 2,563 – – 2,563 1 82Besancon T 2 – 7,529 – – 7,529 1 210Bordeaux Canéjan T 4 – 4,751 – – 4,751 1 207Lille Libercourt I 3 – 5,490 – – 5,490 1 240Lille Sequetin I 3 – 8,813 – – 8,813 1 420Lyon Corbas I 2 – 8,591 – – 8,591 1 307Lyon L’Isle D’Abeau I 2 – 3,340 – – 3,340 1 119Lyon Saint Priest T 5 – 16,045 – – 16,045 1 610Lyon St Exupery 1 I 1 – 5,064 – – 5,064 1 337Lyon St Exupery 2 I – – 2,288 – – 2,288 1 221Lyon St Exupery 3 I 2 – 11,704 – – 11,704 – 0Lyon St Exupery 4 I 1 – 4,739 – – 4,739 1 138Lyon St Exupery 5 I 1 – 6,190 – – 6,190 1 294Lyon St Exupery 6 I 1 – 5,457 – – 5,457 1 206Lyon St Exupery 7 I 3 – 13,118 – – 13,118 1 621Lyon St Exupery 8 I 1 – 6,027 – – 6,027 1 564Lyon Venissieux I 3 10,300 – – – 10,300 1 490Marseille Aubagne T 1 – 2,200 – – 2,200 1 105Molsheim T 1 – 3,714 – – 3,714 1 118



SEGRO.com 14

Continental Europe Property Portfolio as at 30 June 2008 (continued)Joint Logistics Other


FRANCE (continued)Montpellier St Jean de Védas T 1 – 2,336 – – 2,336 1 93Nantes La Haye Fouassiere T 1 – 1,718 – – 1,718 1 48Nantes Thouare T 1 – 2,286 – – 2,286 1 82Orleans Checy T 2 – 4,628 – – 4,628 1 221Paris Aulnay sous Bois I 2 11,155 – – – 11,155 – 0Paris Aulnay sous Bois, DHL I 4 11,873 – – – 11,873 1 660Paris Bondoufle, Evry I 5 26,087 – – – 26,087 2 1,248Paris Bondoufle, IN I 7 – 21,252 – – 21,252 – 0Paris Bondoufle, Les Bordes I 3 – – – – – – 0Paris Bonneuil-Sur-Marne I 2 – 6,572 – – 6,572 1 417Paris Colombes I 3 – – – 17,812 17,812 1 1,580Paris Croissy-Beaubourg T 4 17,894 – – – 17,894 1 639Paris Emerainville, Seine-et-Marne I 15 46,276 – – – 46,276 1 1,652Paris Gonesse I 13 – – – – – – 0Paris Gonesse, Antalis T 2 – 10,696 – – 10,696 1 525Paris Gonesse, DHL I 6 26,342 – – – 26,342 1 1,150Paris La Courneuve I 4 – – – – – – 0Paris La Courneuve, Alstom I 6 – 52,861 – – 52,861 1 1,249Paris Le Blanc Mesnil I 7 – 34,229 – – 34,229 20 2,113Paris Les Ulis, Bures Orsay I 4 19,264 – – – 19,264 2 640Paris Marly La Ville I 25 97,730 – – – 97,730 5 4,587Paris Nanterre I – – – 5,804 – 5,804 1 1,256Paris Saint Denis 50 T 1 – – – – – – 0Paris Saint Ouen L’Aumône,

Cergy Pontoise I 10 51,645 – – – 51,645 2 2,398Paris Trappes T 1 – 2,965 – – 2,965 1 129Rennes Melesse T 1 – 1,760 – – 1,760 1 49Rouen Verneuil Sur Avre T 1 – 2,365 – – 2,365 1 62Toulouse Balma T 4 – 6,323 – – 6,323 1 301Toulouse Fenouillet T 1 – 2,863 – – 2,863 1 102

173 318,566 270,477 5,804 17,812 612,659 50 26,490

GERMANYAachen I 1 – 6,095 – – 6,095 4 271Aachen Site T 1 – – – – – – 0Aachen Jülich I 9 23,192 – – – 23,192 1 476Berlin Antalis T 1 – 4,770 – – 4,770 1 215Berlin Industriestr T 2 – 10,769 – – 10,769 9 610Berlin Naumburger T 3 40,036 – – – 40,036 5 1,651Berlin Queis Antalis T 1 – 5,483 – – 5,483 1 148Berlin Stottrop T 3 – – – – – – 0Braunschweig T 5 15,318 – – – 15,318 1 210Dortmund Holzwickede I 5 33,599 – – – 33,599 1 446Dresden Hoyerswerda T 1 – 472 – – 472 1 5Dresden Kesseldorf Dresden T – – – – 849 849 1 39Düsseldorf Dillenburger Weg I 1 18,207 – – – 18,207 1 176Düsseldorf Waagenstraße I – – 1,430 – – 1,430 2 17Essen Haedenkamp I – – 9,907 – – 9,907 1 152Essen Westendstr T 2 – 5,274 – – 5,274 7 253Frankfurt Neckermann.de I 23 311,869 – – – 311,869 1 12,381Frankfurt Alzenau 1 I 9 25,172 – – – 25,172 1 779Frankfurt Alzenau 2 T 11 – – – – – – 0Frankfurt Butzbach I 3 – 10,298 – 1,260 11,558 1 621Frankfurt Darmstadt T 3 14,797 – – – 14,797 2 262Frankfurt Floersheim T 11 – 6,772 – – 6,772 1 180Frankfurt I Höchst I 2 – 10,862 – – 10,862 15 757Frankfurt II Am Martinszehnten I 1 – 8,276 – – 8,276 11 529Frankfurt II Am Martinszehnten Site T 1 – – – – – – 0Gießen T 2 – 7,541 – – 7,541 1 121Göttingen T 2 – 11,219 – – 11,219 4 98Hamburg T 5 32,612 – – – 32,612 1 663



SEGRO.com 15

Continental Europe Property Portfolio as at 30 June 2008 (continued)Joint Logistics Other


GERMANY (continued)Hannover MPM T 7 38,904 – – – 38,904 1 1,151Kiel Flintbeck T 2 – – – – – – 0Kiel Rendsburg T 1 – 6,364 – – 6,364 1 74Krefeld T 2 – 7,598 – – 7,598 8 375Krefeld Log T 29 – – – – – – 0Krefeld Oberschlesien T 3 – – – – – – 0Lübeck T 2 11,087 – – – 11,087 3 225Mönchen-gladbach Krefelder Straße I 5 23,209 – – – 23,209 1 711Mönchen-gladbach Willicher Damm T 2 – 11,001 – – 11,001 15 571München MPM I 22 136,667 – 17,470 – 154,137 1 4,365Neuss Dormagen T 1 – 6,327 – – 6,327 1 389Neuss Grevenbroich-Kapellen I 5 20,078 – – – 20,078 1 605Neuss Neuss IV T 4 – 8,702 – – 8,702 13 618Nürnberg Fraunaurach I 7 18,472 – – – 18,472 1 843Nürnberg Fürth I 5 23,340 – – – 23,340 1 855Nürnberg Neumarkt I 6 – 12,838 – – 12,838 1 706Nürnberg MPM T 5 31,669 – – – 31,669 1 872Schweinfurth Sennfeld T 1 – 2,181 – – 2,181 1 109Stuttgart Aulendorf T 1 – 2,002 – – 2,002 1 50Willich Siemensring I 2 13,815 – – – 13,815 1 385Willich Site I 1 – – – – – – 0

221 832,043 156,181 17,470 2,109 1,007,803 126 33,964

ITALYBologna T 7 24,629 – – – 24,629 1 998Nepi-Viterbo T 2 – 7,505 – – 7,505 1 245Parma T 3 11,894 – – – 11,894 1 460Milan Vimercate Zinc 1-6 I 15 – 68,567 – – 68,567 1 5,292

27 36,523 76,072 – – 112,595 2 6,995

PORTUGALPorto Oporto T – – 3,823 – – 3,823 1 98

– – 3,823 – – 3,823 1 98

SPAINAlicante I – – 300 – – 300 1 13Madrid Torregón de Ardoz T 1 – 8,935 – – 8,935 1 279Madrid Velilla T 4 19,701 – – – 19,701 1 990Sevilla I – – 1,205 – 1,205 1 52Valencia Paterna T 1 – 2,650 – – 2,650 1 94Zaragoza I – – 491 – – 491 1 28

6 19,701 13,581 – – 33,282 1 1,456

THE NETHERLANDSAlmere Grindzuigerstraat 8 I 3 – 9,465 – – 9,465 1 1,058Amsterdam Lutkemeer, Osdorp 60 T 8 – – – – – – 0Brequetlaan Oude Meer I 1 – 6,853 – – 6,853 5 620Hoofddorp De Hoek 51 T 17 – – – – – – 0Hoofddorp Hoeksteen 16, De Hoek 80 I 1 – 1,379 – – 1,379 1 113Hoofddorp Hoeksteen 26, De Hoek 80 I 2 – 18,895 – – 18,895 2 451Hoofddorp Kruisweg 603, De Hoek 60 I 2 – 9,153 – – 9,153 1 481Hoofddorp Rijnlanderweg 766, De Hoek 51 I 5 – – – – – – 0Hoofddorp Zandsteen 1-33, De Hoek 80 I 1 – 4,301 – – 4,301 11 333Nieuw Vennep Formaeren 20 T 1 – – – – – – 0Rijswijk Mainbuilding, Hoornwijk 60 T – – – – – – – 0Rotterdam Nieuwesluisweg I 5 36,000 – – – 36,000 1 1,331

46 36,000 50,046 – – 86,046 22 4,387



SEGRO.com 16

Group Development Pipeline*Potential Development Starts

Construction 2010 Totalin progress H2 2008 2009 & beyond programme

Land area ha 79 51 123 351 604

SpaceLogistics warehouses sq m 252,052 52,711 350,042 811,661 1,466,466Other industrial sq m 85,039 25,987 176,262 546,234 833,522Offices sq m 56,509 27,482 36,459 251,429 371,879Retail sq m 1,858 1,626 0 4,266 7,750

Total sq m 395,458 107,806 562,763 1,613,590 2,679,617

Investment properties % 80 77 64 62 65Trading properties % 20 23 36 38 35

Pre-let % 39 35 1 0 8

Planning status– fully approved % 100 46 17 5 23– zoned/outline approval % 0 47 74 79 65

Gross rental value when completed £m 29.3 10.7 35.8 110.4 186.2

Current valuation £m 232.2 32.9 107.1 332.3 704.5

Forecast future costs to completion £m 150.7 101.5 335.2 997.6 1,585.0

* Including the Group’s share of joint venture properties.

Potential Development Timing2008 2009 2010 2011 2012 Thereafter Total

Space (by sq m) by year of completionConstruction in progress 318,372 60,263 16,823 395,458Potential 2008 starts 1,626 95,032 11,148 107,806Potential 2009 starts 326,699 199,550 36,514 562,763Potential 2010 & beyond 219,209 384,828 245,390 764,163 1,613,590

Total 319,998 481,994 446,730 421,342 245,390 764,163 2,679,617

ERV (£m) by year of completionConstruction in progress 21.7 3.0 4.6 29.3Potential 2008 starts 0.4 7.3 3.0 10.7Potential 2009 starts 14.3 18.8 2.7 35.8Potential 2010 & beyond 9.5 25.9 13.7 61.3 110.4

Total 22.1 24.6 35.9 28.6 13.7 61.3 186.2

Capital Expenditure (£m)Construction in progress 100.9 42.9 6.9 150.7Potential 2008 starts 31.1 63.9 6.5 101.5Potential 2009 & beyond 37.8 218.0 280.6 242.0 161.9 392.5 1,332.8

Total 169.8 324.8 294.0 242.0 161.9 392.5 1,585.0

Disclaimer: All amounts are indicative only and are liable to change. Certain properties included in the development programme are currentlyincome producing and are expected to be redeveloped. At 30 June 2008 such buildings had a book value of £102m and produced rental incomeof approximately £6.5m per annum.

PROPERTY ANALYSIS

DEVELOPMENTPIPELINE

SEGRO.com 17

UK Development Pipeline*Potential Development Starts


Land area ha 10 32 18 83 143

SpaceLogistics warehouses sq m 0 0 0 0 0Other industrial sq m 31,746 10,768 48,234 238,944 329,692Offices sq m 27,049 16,170 32,459 21,809 97,487Retail sq m 1,858 1,626 0 4,266 7,750

Total sq m 60,653 28,564 80,693 265,019 434,929


Pre-let % 67 54 10 0 15




Forecast future costs to completion £m 82.2 54.9 131.7 244.4 513.2


UK Potential Development Timing2008 2009 2010 2011 2012 Thereafter Total

Space (by sq m) by year of completionConstruction in progress 35,981 7,849 16,823 60,653Potential 2008 starts 1,626 15,790 11,148 28,564Potential 2009 starts 15,014 65,679 80,693Potential 2010 & beyond 82,006 29,223 153,790 265,019

Total 37,607 38,653 93,650 82,006 29,223 153,790 434,929

ERV (£m) by year of completionConstruction in progress 6.1 0.9 4.6 11.6Potential 2008 starts 0.4 2.6 3.0 6.0Potential 2009 starts 1.4 11.8 13.2Potential 2010 & beyond 10.7 3.9 17.0 31.6

Total 6.5 4.9 19.4 10.7 3.9 17.0 62.4

Capital Expenditure (£m)Construction in progress 36.6 38.7 6.9 82.2Potential 2008 starts 14.5 33.9 6.5 54.9Potential 2009 & beyond 85.4 106.9 71.9 42.3 69.6 376.1

Total 51.1 158.0 120.3 71.9 42.3 69.6 513.2

UK Major Land Holdings as at 30 June 2008Current book value Land area Space to be built Anticipated

(£m) (Ha) (Sq m) Development Period

Farnborough, IQ Farnborough 44.3 19 22,235 2008 to 2010Feltham, North Feltham Trading Estate 8.0 3 12,880 2012 to 2013Crawley, London Road 15.1 3 14,000 2009 to 2010Enfield, Ponders End 9.8 5 24,498 2013 to 2016Slough Trading Estate 74.5 9 43,679 2008 to 2013Reading, Winnersh Triangle 25.6 4 30,758 2008 to 2010Cambridge, Cambridge Research Park 15.8 11 0

Total 193.1 54 148,050

DEVELOPMENT PIPELINE (continued)

SEGRO.com 18

Continental Europe Development Pipeline*Potential Development Starts


Land area ha 69 19 105 268 461

SpaceLogistics warehouses sq m 252,052 52,711 350,042 811,661 1,466,466Other industrial sq m 53,293 15,219 128,028 307,290 503,830Offices sq m 29,460 11,312 4,000 229,620 274,392Retail sq m 0 0 0 0 0

Total sq m 334,805 79,242 482,070 1,348,571 2,244,688


Pre-let % 34 28 0 0 6




Forecast future costs to completion £m 68.5 46.6 203.5 753.2 1,071.8


Continental Europe Potential Development Timing2008 2009 2010 2011 2012 Thereafter Total

Space (by sq m) by year of completionConstruction in progress 282,391 52,414 334,805Potential 2008 starts 79,242 79,242Potential 2009 starts 311,685 133,871 36,514 482,070Potential 2010 & beyond 219,209 302,822 216,167 610,373 1,348,571

Total 282,391 443,341 353,080 339,336 216,167 610,373 2,244,688

ERV (£m) by year of completionConstruction in progress 15.6 2.1 17.7Potential 2008 starts 4.7 4.7Potential 2009 starts 12.9 7.0 2.7 22.6Potential 2010 & beyond 9.5 15.2 9.8 44.3 78.8

Total 15.6 19.7 16.5 17.9 9.8 44.3 123.8

Capital Expenditure (£m)Construction in progress 64.3 4.2 68.5Potential 2008 starts 16.6 30.0 46.6Potential 2009 & beyond 37.8 132.6 173.7 170.1 119.6 322.9 956.7

Total 118.7 166.8 173.7 170.1 119.6 322.9 1,071.8

Continental Europe Major Land Holdings as at 30 June 2008Current book value Land area Space to be built Anticipated

(£m) (Ha) (Sq m) Development Period

France, Gonesse, Paris 22.2 13 56,441 2008 to 2011France, La Courneuve, Paris 14.3 4 22,901 2008 to 2011Germany – Krefeld 18.2 32 138,601 2009 to 2015Germany, BBI, Berlin 1.5 38 183,000 2009 to 2020The Netherlands, De Hoek Noord, (51%) 15.3 11 71,546 2008 to 2016Poland, Stryków, Lódz, 17.0 51 236,709 2008 to 2013Poland, Komorniki, Poznan 21.4 35 135,735 2008 to 2012Poland, Nadarzyn, Warsaw 13.5 36 145,318 2008 to 2012Poland, Gliwice, Silesia 12.4 27 113,558 2008 to 2010Czech Republic, Hostivice, Prague 30.6 55 223,649 2008 to 2014Hungary, Ullo, Budapest 14.8 38 152,900 2009 to 2015Belgium, Pegasus Park 54.1 11 154,700 2008 to 2017

Total Europe 235.4 351 1,635,058


SEGRO.com 19

Completed Construction 2008 and 2007Continental Let or Sold

UK Europe at 30.06.08Period Country Scheme Type sq m sq m sq m

2008 UK Slough Trading Estate, Building 3D extension Office 957 9572008 UK West Thurrock Industrial 3,636 9062008 UK Epsom Industrial 3,754 3,2852008 UK West Drayton Industrial 3,189 2,0752008 UK Portsmouth, Building 277 Industrial 3,369 3,3692008 France Le Blanc Mesnil Industrial 8,303 7,2622008 Belgium Rumst I Logistics warehouses 7,024 7,0242008 Germany Essen, Phase I Industrial 5,274 4,3292008 Germany Berlin Industrial 10,769 9,9622008 Germany Darmstadt Logistics warehouses 4,885 02008 Poland Stryków, Building E Logistics warehouses 19,904 13,4242008 Poland Tulipan House Offices 17,895 17,8952008 Poland Silesia, Katowice DC01 Logistics warehouses 40,865 36,8052008 Czech Republic Hostivice, Building 2B Logistics warehouses 11,088 7,3482008 Hungary Vendel 1 Logistics warehouses 16,327 02007 UK Slough Trading Estate, 2 Buckingham Avenue Industrial 7,222 7,2222007 UK Feltham, 145 Faggs Rd Industrial 8,971 02007 UK Heywood Distribution Park Industrial 7,146 4,3762007 UK Elstree, Northpoint Industrial 7,253 7,2532007 UK Crawley, Thales Site Office & Industrial 34,462 34,4622007 UK Hayes, 183 Bilton Way Industrial 1,466 1,4662007 UK Winnersh Triangle, 710 Wharfedale Road Office 1,858 1,8582007 UK Slough Trading Estate, 630 Ajax Avenue Industrial 5,693 5,6932007 UK Slough Trading Estate, 838, 840 & 842 Yeovil Road Industrial 5,017 02007 UK Feltham, 1-17 Forest Road Industrial 10,282 1,3232007 UK Birmingham, Meteor Park Industrial 21,642 02007 UK IQ Farnborough, Building 600 Industrial 2,940 2,9402007 UK Treforest Industrial Estate, 1-6 Trade Park Industrial 2,736 1,0952007 France Le Blanc Mesnil, JAA Building Industrial 5,452 5,4522007 Belgium Rumst II Logistics warehouses 42,433 42,4332007 Belgium Pegasus Park 2 Office 5,073 5,0732007 Germany FFM-Am Martinszehnten Industrial 8,276 6,0652007 Germany MG Krefelder Logistics warehouses 6,224 3,1502007 Germany Kapellen Logistics warehouses 7,892 1,7122007 Poland Stryków, Azymut Industrial 9,618 9,6182007 Poland Stryków, Komfort/Sonoco Logistics warehouses 23,504 23,5042007 Poland Komorniki, Huntleigh Logistics warehouses 26,521 26,5212007 Poland Stryków, Investa Logistics warehouses 9,993 9,9932007 Poland Stryków, Building D Logistics warehouses 25,153 25,1532007 Poland Komorniki, Building 1B Logistics warehouses 23,568 18,3952007 Poland Silesia Logistics warehouses 16,123 16,1232007 Czech Republic Hostivice, Building 2A Logistics warehouses 17,363 15,9312007 Czech Republic Hostivice, Building 3C Logistics warehouses 10,488 5,0602007 Hungary Vendel 1 Logistics warehouses 13,034 13,034

Total Completed Area 131,593 393,049 409,546

Completed Construction in H1 2008Continental

Completions in H1 2008 UK Europe Total

Total space (sq m) Investment 12,209 80,160 92,369Trading 2,696 62,174 64,870

Total 14,905 142,334 157,239

% Let % 71% 73% 73%


SEGRO.com 20

Under Construction at 30 June 2008Space to Pre-let Estimated Current Estimated Estimated Expectedbe built space rental value Book value future spend total spend completion(sq m) (sq m) (£m) (£m) (£m) (£m)

UKBath Road, Slough Trading Estate 10,226 10,226 3.0 31.7 12.3 44.0 Dec-08Galvin Road, Slough Trading Estate 13,935 13,935 1.8 22.2 4.7 26.9 Sep-08IQ Farnborough, infrastructure n/a 0.0 4.5 4.6 9.1 Jun-09Stanhope Road, Camberley 9,962 3,983 0.9 8.0 3.4 11.4 Nov-08Winnersh Triangle, Reading 16,823 6,735 4.6 14.5 51.5 66.0 Jan-10Radlett, St Albans 7,849 3,716 0.8 4.5 5.4 9.9 Jan-09Surrey Keys shopping centre (50%) 1,858 1,858 0.5 1.0 0.3 1.3 Sep-08

Total UK 60,653 40,453 11.6 86.4 82.2 168.6

% Pre-let 67%

Continental EuropeAlzenau, Germany 17,494 0.8 6.8 1.5 8.3 Sep-08Essen Business Park, Germany 10,307 10,307 0.6 3.5 3.6 7.1 Nov-08Bornem, Belgium (50%) 6,972 0.3 2.3 0.7 3.0 Jul-08Kontich, Belgium 13,858 0.4 6.0 0.9 6.9 Oct-08Pegasus Park, Belgium 17,081 17,081 1.8 27.1 0.8 27.9 Sep-08Hoofdorp, The Netherlands (51%) 10,040 6,256 0.8 3.4 5.7 9.1 May-09Le Blanc Mesnil (Bld 4), Paris, France 3,599 3,599 0.3 3.1 1.5 4.6 Aug-08Gonesse, Paris, France 19,927 1.5 13.1 4.0 17.1 Sep-08La Courneuve, Paris, France 9,420 0.7 7.5 1.2 8.7 Jul-08Marly La Ville, Paris, France 20,795 0.9 9.4 2.5 11.9 Aug-08Saint Denis, Paris, France (50%) 12,379 12,379 2.9 25.0 2.7 27.7 Sep-08Stryków Bld F, Poland 31,709 12,253 0.9 6.6 4.9 11.5 Sep-08Gliwice, Silesia, Poland 42,374 1.3 4.1 12.0 16.1 Jan-09Stryków, Lódz, Poland 30,000 18,626 1.1 3.3 9.6 12.9 Dec-08Nadarzyn, Poland 25,318 0.8 2.7 7.1 9.8 Sep-08Tulipan Park III, Prague, Czech Republic 27,797 11,100 1.3 11.4 4.5 15.9 Nov-08Komorniki, Poznan, Poland 35,735 23,441 1.3 10.5 5.3 15.8 Aug-08

Total Continental Europe 334,805 115,042 17.7 145.8 68.5 214.3

% Pre-let 34%

Total Group 395,458 155,495 29.3 232.2 150.7 382.9

% Pre-let 39%

Development Pipeline reconciliation to accountsContinental

UK Europe Total(£m) (£m) (£m)

Current book value per development programme table 363 341 705add land relating to finance leases 13 13add owner occupied premises 12 1 13less redevelopments in completed land & buildings (102) 0 (102)

Total per Accounts 287 342 629

Included within:Investment Properties 179 9 188Development Properties 101 241 342Trading Properties 0 67 67Joint Ventures 7 24 31

Total 287 342 629


SEGRO.com 21

Potential Schemes Starting in H2 2008Current Estimated Estimated

Space to Pre-let Estimated Book future totalPlanning be built space rental value value spend spend Potential Potential

status (sq m) (sq m) (£m) (£m) (£m) (£m) start completion

UKYeovil Rd, Slough Trading Estate Full 3,800 0.5 1.7 4.1 5.8 Sep-08 Sep-09Clifton Moore shopping centre, York Full 1,626 1,626 0.4 0.0 1.0 1.0 Jul-08 Nov-08IQ Farnborough Outline 2,235 0.5 1.8 5.3 7.1 Oct-08 Oct-09Winnersh Triangle, Reading Full 2,787 2,787 0.7 2.6 5.3 7.9 Jul-08 Apr-09Winnersh Triangle, Reading Full 11,148 11,148 3.0 8.5 32.9 41.4 Jul-08 Jan-10Radlett, St Albans None 6,968 0.8 1.8 6.3 8.1 Dec-08 Oct-09Other 0 0.0 5.3 0.0 5.3

Total UK 28,564 15,561 6.0 21.7 54.9 76.6

% Pre-let 54%

Continental EuropeAachen II, Germany Outline 5,568 2,264 0.4 0.8 4.1 4.9 Oct-08 Jun-09M3, Budapest, Hungary Outline 10,000 0.4 0.9 3.6 4.5 Oct-08 Apr-09Ullo, Budapest, Hungary Outline 18,500 0.7 1.8 5.6 7.4 Sep-08 Apr-09De Formaeren, The Netherlands Full 802 0.1 0.2 0.4 0.6 Oct-08 Jun-09Am Martinszehnten, Frankfurt, Germany Full 5,750 0.5 1.6 3.1 4.7 Jul-08 Feb-09Silesia, Katowice, Poland Full 14,184 14,184 0.7 2.3 6.0 8.3 Jul-08 Apr-09Ostrava Privoz, Czech Republic Full 10,027 0.4 0.9 4.0 4.9 Oct-08 Mar-09Vimercate, Milan, Italy Outline 11,312 6,019 1.4 1.2 15.2 16.4 Oct-08 Nov-09Willich-Munchheide, Germany Outline 3,099 0.2 0.5 1.4 1.9 Sep-08 Apr-09Other 0 0.0 1.0 3.2 4.2

Total Continental Europe 79,242 22,467 4.7 11.2 46.6 57.8

% Pre-let 28%

Total Group 107,806 38,028 10.7 32.9 101.5 134.4

% Pre-let 35%


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Glossary of Terms*

Combined portfolioThe investment, development and trading properties ofthe Group, including the relevant share of joint ventures’properties.

Development pipelineThe Group’s current programme of developmentsauthorised or in the course of construction at the balancesheet date, together with potential schemes not yetcommenced on land owned or controlled by the Groupor its joint ventures.

Equivalent yieldThe internal rate of return from an investment property,based on the value of the property assuming the currentpassing rent reverts to ERV and assuming the propertybecomes fully occupied over time. Assumes rent is receivedquarterly in advance. See also True equivalent yield.

Estimated rental value (ERV)The estimated annual market rental value of lettable spaceas determined biannually by the Company’s valuers. Thiswill normally be different from the rent being paid.

Gross rental incomeContracted rental income recognised in the period,including surrender premiums, interest receivable onfinance leases and service charge income. Lease incentives,initial costs and any contracted future rental increases areamortised on a straight line basis over the lease term.

* For full Glossary of Terms go tohttp://www.segro.com/segro/investors/glossaryofterms.htm

Hectares (Ha)The area of land measurement used in this analysis. Theconversion factor used, where appropriate, is 1 hectare =2.471 acres.

Initial yieldAnnualised current passing rent expressed as apercentage of the property valuation.

Joint ventureAn entity in which the Group holds an interest and whichis jointly controlled by the Group and one or morepartners under a contractual arrangement wherebydecisions on financial and operating policies essential tothe operation, performance and financial position of theventure require each partner’s consent.

Net rental incomeGross rental income less ground rents paid, service chargeexpenses and property operating expenses.

Passing rentThe annual rental income currently receivable on aproperty as at the balance sheet date (which may be moreor less than the ERV – see over-rented and reversionary).

Pre-letA lease signed with an occupier prior to completion of adevelopment.

REITA qualifying entity which has elected to be treated as aReal Estate Investment Trust for tax purposes. In the UK,such entities must be listed on a recognised stockexchange, must be predominantly engaged in propertyinvestment activities and must meet certain ongoingqualifications. SEGRO plc and its UK subsidiaries electedfor REIT status with effect from 1 January 2007.

Reversionary yieldThe ERV of a property, expressed as a percentage of theproperty’s valuation. In the case of portfolio data, thereversionary yield assumes all properties are fully occupied.

Square metres (sq m)The area of buildings measurements used in this analysis.The conversion factor used, where appropriate, is 1 squaremetre = 10.639 square feet.

Topped up initial yieldAnnualised current passing rent plus the value ofannualised rent free periods expressed as a percentageof the property valuation.

Topped up initial yield excluding vacant propertiesTopped up initial yield calculated for occupied propertiesonly.

True equivalent yieldThe equivalent yield assuming rent is received quarterlyin arrears.

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SEGRO.com

234 Bath RoadSlough SL1 4EEEnglandTelephone: (44) 1753 537171Fax: (44) 1753 820585

August 2008

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