Segro invests €113m in expanding London portfolio

UK industrial specialist Segro has inked £100 mln (€113 mln) of off-market deals in Greater London, including deals Dagenham and Croydon, as well as its July purchase of eight acres of land in Tottenham.

The company completed the purchase of a 64,000 ft2 (5,945 m2) warehouse unit in Dagenham, via a sale and leaseback with Kuehne + Nagel. The logistics company has signed a 10-year lease on the unit, which is located on Orion Park which adjoins the A13.

Segro has also made its Croydon debut with the acquisition of two units on Greenland Way, comprising a total of 176,556 ft2. The facilities are utilised as a data centre and last-mile parcel delivery unit.

The deals follow plans to construct an 185,000 ft2 urban logistics hub in Tottenham, North London, following the off-market acquisition of eight acres of land at White Hart Lane.

'Population growth, land scarcity and the digitalisation of our society present major challenges for London,' said Alan Holland, business unit director for Greater London, Segro.

'High quality, well-connected acquisitions such as these therefore represent valuable additions to our Greater London portfolio for us and our customers,' Holland added.

Segro currently owns and manages a £3.8 bn portfolio of modern industrial space across London.

'With available sites at a premium we remain alive to opportunities to acquire assets that complement our existing holdings, particularly in our core London and South East markets where rental growth prospects remain strong and there continues to be high demand for urban logistics and data centres,' concluded Simon Pursey, head of UK investment, Segro.

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