SEGRO on Tuesday reported a strong third quarter of letting activity and said it is moving forward with plans to expand its data center business.
The warehouse developer signed 22 million British Pounds in new rent during the period, bringing the total for the first nine months of the year to 53 million British Pounds, according to a trading update.
The company said its occupancy rate was 94.3%.
SEGRO is advancing its data center strategy, which it expanded in July through a joint venture with Pure DC Group to develop its first fully fitted data center.
"Our fully fitted data centre joint venture is on track to submit a planning application in the coming weeks, and we are progressing multiple negotiations on both powered shells and new fully fitted opportunities in the UK and Continental Europe," Chief Executive David Sleath said.
The company also said it added 190 megawatts of additional power capacity in a key London zone to support its pipeline.
SEGRO reported its strongest quarter for pre-letting activity in its development program since the first quarter of 2024 and expects total development capital expenditure for 2025 to be around 400 million British Pounds.