Industrial developer plans four new UK schemes and will develop speculatively on the Continent later this year
Industrial property firm Segro has announced it is to press ahead with four new developments in the UK worth £75m.
The company said it was responding to specific demand from occupiers for more space in the face of limited availability of new units.
Segro added that it expected to selectively recommence some speculative development, albeit in Continental Europe, before the end of the year.
The firm said that £34m had already been spent on development in the first three months of the financial year, and that it would spend another £40m on committed developments.
It also said it had done a deal with BAA to buy its share of a £244m joint venture with Aviva for industrial property around Heathrow airport.
Ian Coull, chief executive of Segro, said: “Our priorities continue to be to stay close to our customers, to fill empty space, to manage our finances and other risks prudently, and to recycle our capital into suitable reinvestment opportunities, particularly pre-let development.”