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SEGRO plc is a property investment and development company, based in the UK, that focuses on city fringe locations in the UK and Europe, and is the largest industrial property company in Europe.
The REIT was appointed by the Greater London Authority (GLA) to provide industrial and logistics schemes across 5 sites, totalling 86 acres of land in East London, owned by the GLA. The sites span from Newham, Barking, Dagenham and Havering, on both sides of the A13 corridor, which will provide excellent links between central London and the Port of Tilbury. SEGRO competed against companies such as Goodman, Kier and Marick, a process which took over 9 months.
The planned 10-year partnership will see 86 acres of land, across five sites, rejuvenated for a range of industrial uses, with the land to be transferred to SEGRO in stages, over the life of the partnership. SEGRO estimates that the sites can support approximately 1.4 million sq. ft. of new urban logistics and light industrial spaces, suitable for occupiers ranging from blue-chip companies to start-up firms. SEGRO’s investment is expected to be approximately £180 million over the coming years.
It is thought SEGRO are planning to bring 300,000 sq. ft. of speculatively built units to the market as soon as possible, to help ease the under supply. The GLA will receive a combination of guaranteed minimum return for its land interest and a share of the profitability of investment value.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.