Segro signs three new leases in Coventry

(Sharecast News) - Segro said in an update on Wednesday that it has signed three new leases totalling around 540,000 sq ft at Segro Park Coventry, including pre-lets with Volvo Group UK and DIRKS Consumer Logistics, alongside a lease with GigaCloud Technology for a completed speculative warehouse. The FTSE 100 firm said the agreements will generate £6m of annual rent and form part of the £53m of new headline rent secured during the first half, with almost 1.7m sq ft of the 3.7m sq ft development now leased.

The logistics property group said Volvo's 91,000 sq ft distribution centre and DIRKS' 306,000 sq ft warehouse are due to become operational in 2027, while GigaCloud has taken a 140,500 sq ft unit.

Head of national markets Dan Holford said the deals reflected "strong momentum" at SEGRO Park Coventry and across the group's UK big box portfolio, highlighting continued demand for well-located logistics space.

At 0923 BST, shares in Segro were up 0.05% at 861p.

Reporting by Josh White for Sharecast.com.

See latest RNS on Investegate