Top brass to exit Segro

UK property head John Heawood, is to leave Segro after 11 years as the company confirmed a management restructure.

The company is reducing the number of its regional divisions from six to three. The new divisions will be the Slough Trading Estate, headed by Kevin O’Connor; London, headed by Phil Redding; and the regions, headed by Gareth Osborn.

Heawood will oversee the change in structure and leave the company in July 2008. Segro is currently looking for a replacement.

European head Walter Hens will head up a new business development division, leaving a space for a new European chief.

It has also been rumoured that Sego is planning to sell arond £500m of its UK property as part of the review.

However, a source said this was 'massively overexaggerated'.

A spokesman for Segro said: 'Segro is a net seller in the UK, and you would expect portfolios like this to come to the market.' He added that the company's policy was to dispose of 'non core' assets.

The developer has appointed Cushman & Wakegield to advise on the potential sale.

Read today’s Property Week for more on the shake-up and Segro’s exit from the FTSE 100.