Warehouse developer Segro said it had seen an 11% increase in pre-tax profits to £252m during the first six months of 2025.
Like-for-like rental income within its portfolio grew by 7.8%, driven by a 55% uplift from UK rent reviews and renewals.
David Sleath, Segro chief executive, said: “Our high quality, well-located land bank and options provide further opportunity to create value and grow income through development, with over £500m of potential rent.
“Whilst occupier decision making remains protracted, we are encouraged by the pick-up in our near-term pre-let development pipeline and the active conversations that we are having with customers.”
Segro added that although new development commitments had been lower over the past 18 months, it was encouraged by advanced pre-let conversations and the momentum building in its near-term pipeline.
Among its projects launched during the period, in May it opened Segro Centre Dagenham, a newly refurbished cross-dock logistics facility in East London.
