SEGRO, the UK real estate investment trust (REIT), has announced that Justin Read, the firm’s group finance director since August 2011, will step down later this year.
Read informed the board of his intention to retire, saying it had been “a great privilege to have played a part in the strategic repositioning of SEGRO over the past few years”.
The repositioning of the company referred to by Read has seen it dispose of office parks in recent years in order to build up its portfolio of industrial property and warehouses.
The firm now owns or manages 6 million square metres of space in £6.8 billion of assets (at 31 December 2015), serving customers in a wide range of industry sectors in 10 European countries – mainly the UK, France, Germany and Poland. The properties are located around major conurbations and key transport hubs.
Attention now turns to a possible successor for Read, with the SEGRO board saying it has started the search and will make a further announcement in due course. Read will stay with the firm until his successor is in place.