Segro finance chief now CEO

Steve Dinneen
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Segro, one of Europe’s biggest industrial landlords, said yesterday it had appointed David Sleath as its new chief executive effective from April.

Sleath, the group’s finance director since January 2006, will replace Ian Coull, who will leave the board after the annual general meeting on 28 April, the company said yesterday.

Segro said in October that Coull would step down to become chairman of UK housebuilder Galliford Try from July next year.

Coull is broadly credited for pushing through the takeover of Segro’s long-term indebted rival Brixton close to the trough of the British real estate market in the summer of 2009.

Segro said in November its chief priority continued to be boosting its occupancy rate, after it had reduced vacant space in challenging market conditions in its third quarter.

Prior to joining Segro, Sleath, 49, was finance director of automotive engineering group Wagon and head of audit and assurance for the Midlands at Arthur Anderson.

Earlier this week Segro sold a portfolio of industrial properties near Heathrow Airport to the British Telecom Pension Scheme (BTPS) for £79.25m.

The Westcore Industrial Portfolio, sold to fund manager Hermes Real Estate acting for BTPS, comprises six multi-let freehold industrial estates, with a total lettable area of 71,600 square metres, Segro said in a statement on Monday.

Segro owns a £5.3bn portfolio of industrial and warehouse assets.