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SEGRO has strengthened its leasing activity by signing three new agreements covering around 540,000 square feet at SEGRO Park Coventry. The deals include facilities for Volvo Group UK, DIRKS Consumer Logistics and GigaCloud Technology, adding GBP 6 million in annual rental income. The new leases form part of the GBP 53 million in new rent secured by the company during the first half of 2026. The developments will expand the park's occupied space, support logistics operations, create employment opportunities and reinforce SEGRO's industrial and warehousing portfolio across the UK.
SEGRO Plc has signed three new lease agreements covering approximately 540,000 square feet at SEGRO Park Coventry, further strengthening its leasing performance during the first half of 2026. The agreements are expected to generate GBP 6 million in additional annual rental income and are included in the GBP 53 million of new rent the company secured during the first half of the year.
The latest transactions include a build-to-suit warehouse for Volvo Group UK, a pre-let facility for DIRKS Consumer Logistics and a completed speculative warehouse leased to GigaCloud Technology. The agreements highlight continued demand for high-quality logistics and industrial space in the UK, particularly in well-connected distribution hubs such as Coventry.
As part of the agreements, SEGRO will develop a 91,000-square-foot warehouse for Volvo Group UK on a 4.7-acre site within SEGRO Park Coventry. The facility is scheduled to become operational in early 2027 and will serve as a vehicle parts distribution centre supporting Volvo's operations across the UK and Ireland.
DIRKS Consumer Logistics has pre-leased a 306,000-square-foot warehouse and is expected to relocate from its existing Coventry facility after the project is completed in the first half of 2027. Meanwhile, GigaCloud Technology has leased a fully developed 140,500-square-foot warehouse, expanding its presence in the UK logistics market.
SEGRO Park Coventry spans around 73 acres and is planned to provide approximately 3.7 million square feet of industrial and logistics space upon full completion. Following these latest agreements, nearly 1.7 million square feet of the development has now been leased. Existing occupiers at the park include DP World and DHL, reflecting its growing position as a key logistics destination in the West Midlands.
The company said the new facilities are being developed to achieve BREEAM 'Excellent' certification and an EPC A energy rating, in line with its sustainability strategy. Once the entire park is fully occupied, the development is expected to support up to 5,000 jobs. SEGRO, a UK-listed real estate investment trust, owns, develops and manages warehousing, industrial properties and data centres across the UK and seven other European countries.
Source Reuters
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