We've now seen some opinions filter through on today's interim management statement from SEGRO.
JP Morgan analyst Harm Meijer said the announcement was in line with expectations and the company even mentioned UK property value stabilization in the third quarter - although Continental values still appear under pressure.
"Now that the (well timed) Brixton acquisition is done and dusted, we believe the company needs to deliver on realizing the potential from the deal, particularly in reducing the vacancy rate which remained at 14% for the overall group (14% at 30-Jun)," he said.
"As expected, the occupier market remains challenging, with new enquiries continuing to "trend downwards" over Q3, and "downward pressure on rental levels" continuing, with lease renewals in the UK at 6.7% below ERV.
"Thankfully, insolvencies haven't worsened in Q3, but £6.8m of income is at risk with tenants in administration/liquidation.
"On Continental property, SEGRO said there is "still uncertainty on the likely timing of value stabilization" - SEGRO has previously said declines would continue into 2010, and it doesn't appear this view has changed."
"Thankfully, insolvencies haven't worsened in Q3, but £6.8m of income is at risk with tenants in administration/liquidation.
"On Continental property, SEGRO said there is "still uncertainty on the likely timing of value stabilization" - SEGRO has previously said declines would continue into 2010, and it doesn't appear this view has changed."
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