SEGRO CAPITALISES ON STRONG LEASING MOMENTUM
15 July 2026
SEGRO CAPITALISES ON STRONG LEASING MOMENTUM WITH THREE NEW CUSTOMERS AT SEGRO PARK COVENTRY
SEGRO plc ("SEGRO") a leading owner, manager and developer of modern warehouses, industrial property and data centres, has signed three new lease agreements across c.540,000 sq ft of space at SEGRO Park Coventry. This includes pre-lets to Volvo Group UK and DIRKS Consumer Logistics, as well as a lease on a speculatively developed warehouse to GigaCloud Technology.
SEGRO Park Coventry is a state of the art industrial and logistics development on a 73-acre site which will offer 3.7 million sq ft of industrial and distribution space once fully developed. Including these lettings, almost 1.7 million sq ft of space is now leased and other customers include DP World and DHL.
SEGRO will develop a 91,000 sq ft build-to-suit warehouse for Volvo Group UK, on a prime 4.7-acre plot at the entrance to the park. The facility is expected to be operational in early 2027 and will serve as a new distribution centre that will support the storage and distribution of vehicle parts, enhancing the service to all Volvo group networks across the UK and Ireland.
DIRKS Consumer Logistics, the UK-based supply chain solutions firm which handles warehousing, order fulfilment and distribution services, is taking 306,000 sq ft of space in a pre-let warehouse facility. Part of the German based DIRKS Group, it will be relocating from its current base at another business park in Coventry once the development completes in the first half of 2027. The move forms part of the company's ongoing plan to achieve strategic growth as a third-party logistics partner for a range of leading retail brands, including European online pet store, Zooplus.
SEGRO has also leased an entire 140,500 sq ft speculatively developed unit to global B2B technology solutions provider, GigaCloud Technology.
The leases will add an aggregate £6 million of new rent, which was included in the £53 million of new headline rent the Company announced it had secured during a strong first half of 2026 within its Trading Update on 8 July 2026.
All units are being developed to a market-leading specification, targeting BREEAM 'Excellent' certification and an EPC A energy rating, providing a highly efficient and sustainable operating environment to support future business growth, as well as new employment opportunities for the local community. Once fully occupied, SEGRO Park Coventry is expected to employ up to 5,000 people.
Dan Holford, Head of National Markets at SEGRO, commented:
"These lettings reflect the strong momentum we are seeing at SEGRO Park Coventry and this demand is not limited to this site: we are seeing similarly positive activity across our UK big box portfolio, underlining the continued need for high-quality, well-connected space in the right locations.
"They also demonstrate the important role SEGRO plays in attracting and enabling international investment into the UK and the West Midlands. By providing the right infrastructure in the right locations, developments such as SEGRO Park Coventry create the conditions for globally mobile businesses to invest and grow here, supporting jobs, strengthening supply chains and driving economic growth."
Sabrina Loyer, General Manager, Service Operations & Technology, Volvo Group UK, commented:
"Our move to SEGRO Park Coventry is a significant investment in the future of Volvo Group UK's parts distribution network and will support our continued growth across the UK and Ireland. The purpose-built, highly efficient facility will give us the capacity and flexibility to strengthen supply chain resilience, improve service levels for our dealer network and support a more sustainable, future-ready operation."
Richard Parker, Mayor of West Midlands, commented:
"The right sort of investment into business infrastructure by companies like SEGRO and a partnership approach with local and regional stakeholders, as we have seen in Coventry, are vital for attracting the big-name companies who bring thousands of jobs with them.
"My Growth Plan is all about securing the confidence of investors and making sure local people are first in line to benefit from the jobs and opportunities that come with it. This is another sign that the plan is working. Momentum is building across the region as we work towards creating 100,000 jobs, raising living standards and putting more money back into people's pockets."
END
CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA ENQUIRIES:
SEGRO
| Susanne Schroeter (Chief Financial Officer) | Tel: +44 (0) 20 3387 4300 | |
| Claire Mogford (Head of Investor Relations) | Tel: +44 (0) 20 7451 9048 | |
| Gary Gaskarth (External Communications Manager) | Tel: +44 (0) 20 7451 9069 | |
| FTI Consulting | Richard Sunderland / Ellie Sweeney / Eve Kirmatzis | Tel: +44 (0) 20 3727 1000 |
About SEGRO
SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris. The company owns, manages and develops modern warehousing, industrial property and data centres across the UK and seven other European countries, with a portfolio of 10.9 million square metres of space (117 million square feet).
Founded in 1920, SEGRO's active approach to asset management and disciplined approach to capital allocation has created a portfolio of high-quality, sustainable buildings in some of Europe's largest cities and at key transport and digital infrastructure hubs.
From big-box logistics to urban warehousing and data centres, SEGRO creates the space that enables extraordinary things to happen. It provides the infrastructure of modern economies and everyday life, enabling efficient, low-carbon supply chains and digital connectivity across Europe, helping drive growth and job creation. This space supports a diverse customer base including retailers, manufacturers, logistics providers and technology companies.
SEGRO's is committed to being a force for societal and environmental good, prioritising Championing low-carbon growth, Investing in local communities and environments, and Nurturing talent.
For more information, visit www.SEGRO.com.
Forward-Looking Statements: This announcement contains certain forward-looking statements with respect to SEGRO's expectations and plans, strategy, management objectives, future developments and performance, costs, revenues and other trend information. All statements other than historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations and all forward-looking statements are subject to assumptions, risk and uncertainty. Many of these assumptions, risks and uncertainties relate to factors that are beyond SEGRO's ability to control or estimate precisely and which could cause actual results or developments to differ materially from those expressed or implied by these forward-looking statements. Certain statements have been made with reference to forecast process changes, economic conditions and the current regulatory environment. Any forward-looking statements made by or on behalf of SEGRO are based upon the knowledge and information available to Directors on the date of this announcement. Accordingly, no assurance can be given that any particular expectation will be met and you are cautioned not to place undue reliance on the forward-looking statements. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this announcement is provided as at the date of this announcement and is subject to change without notice. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), SEGRO does not undertake to update forward-looking statements, including to reflect any new information or changes in events, conditions or circumstances on which any such statement is based. Past share performance cannot be relied on as a guide to future performance. Nothing in this announcement should be construed as a profit estimate or profit forecast. The information in this announcement does not constitute an offer to sell or an invitation to buy securities in SEGRO plc or an invitation or inducement to engage in or enter into any contract or commitment or other investment activities. Neither the content of SEGRO's website nor any other website accessible by hyperlinks from SEGRO's website are incorporated in, or form part of, this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.