Full Year 2022 SEGRO PLC Earnings Call Transcript
Well, good morning, everybody, and welcome to our full year 2022 results presentation. Thank you very much for taking the time to join it here in person or, indeed, online. As usual, I'm going to make a few opening remarks, and then we'll dive into the not-inconsiderable detail of the presentation.
Now much of the debate a year ago was around the transitory or structural nature of inflation. And our overriding assumption was one of continuing momentum in both occupational and investment markets. And what a difference a year makes. So war in Ukraine, continuing lockdowns, widespread labor shortages and the consequential supply side tightening caused inflation to spike and gave central bankers the opportunity to put an end to the era of free money.
With rates rising and a cost of capital reset taking place through the second half of the year, real estate investment markets more or less ground to a halt. Most buyers and sellers decided to sit it out and wait and see what happened. And as a result, prices drifted downwards
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