Half-year figures out today from Segro, Britain's largest industrial developer, are a demonstration of combining two age-old mantras. For any investor, timing is everything, and for those looking to buy and sell property, the three things that matter are location, location, location.

Segro decided a year ago to sell out of the US, judging that the commercial property market there had peaked. It started the sales process at the tail end of last year and completed the disposal nearly two months ago, bagging $2.9 billion (£1.45 million) in cash for investors.

Had he tried to sell the business today, Ian Coull, Segro's chief executive, believes he could only do so at a knock-down price.

Today Mr Coull warned that in the UK, prices of secondary commercial property – across all sectors from his industrial space to office and retail – were falling.

He believes that even yields of prime property will soften over the coming year, explaining total UK disposals of £380 million this past year.

Segro sees much stronger growth in continental Europe, where it has a sizeable presence but wants to get far bigger.

The company now has cash and borrowings totalling £1.3 billion to spend mosty on continental European expansion.

Equity investors have already priced wobbles ahead for UK property into Segro's shares, up 8p today to 522p, but still trading at a 30 per cent discount to the latest net asset value per share of 756p.

Segro has demonstrated sweet timing for its US exit. Investors may fear for the short-term outlook in the UK but the company's timing for its entry into Europe may prove to be spot on. Hold.

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