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SEGRO : UK property group Segro lists shares in Paris as Brexit looms

11/25/2020 | 02:40am

PARIS (Reuters) - British real estate investment trust Segro listed its shares on the Paris stock market on Tuesday, in the latest sign of British companies looking to move assets and operations over to mainland Europe as Brexit looms.

Segro, which manages warehouses and industrial property, said in a statement that its secondary stock market listing in Paris would "ensure its presence on a stock exchange in the European Union after the transition period of Brexit".

"We're delighted that our shares commence trading today on our secondary listing on Euronext Paris, reflecting the growth and importance to Segro of our continental European investor base and operations," said chief financial officer Soumen Das.

French President Emmanuel Macron is promoting France as a top investment hub in a post COVID-19 and Brexit world.

A survey by consultants EY published in October said that more than 7,500 finance jobs and a trillion pounds in assets have already left Britain for the European Union as banks prepare for full Brexit in January.

French bank BNP Paribas said in July it was creating 400 jobs in continental Europe due to Brexit, while sources told Reuters this month that Mediobanca was relocating at least a third of its mergers and acquisitions bankers from London to Milan.

British officials are also trying to protect London's role as a global financial capital post-Brexit, with Britain launching a review this month to keep London competitive in the battle for stock market listings.

(Reporting by Sudip Kar-Gupta; editing by Jason Neely)

By Sudip Kar-Gupta

© Reuters 2021
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