SEGRO has secured three lease agreements across 540,000 sq ft of space at SEGRO Park Coventry.
SEGRO Park Coventry
The deals include pre-lets to Volvo Group UK and DIRKS Consumer Logistics, as well as a lease on a speculatively developed warehouse to GigaCloud Technology, adding an aggregate £6m of new annual rent.
SEGRO Park Coventry will offer 3.7m sq ft of industrial and distribution space once fully developed, and almost 1.7m sq ft is now leased to customers including DHL and DP World.
“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,” said Dan Holford, head of national markets at SEGRO.
“They also demonstrate the important role SEGRO plays in attracting and enabling international investment into the UK and the West Midlands.”
SEGRO will develop a 91,000 sq ft build-to-suit warehouse for Volvo Group UK on a 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 distribution centre.
DIRKS Consumer Logistics, the UK-based supply chain solutions firm, is taking 306,000 sq ft of space in a pre-let warehouse facility. Part of the German-based DIRKS Group, it will relocate from its current base at another business park in Coventry once the development completes in the first half of 2027.
SEGRO has also leased an entire 140,500 sq ft speculatively developed unit to global B2B technology solutions provider GigaCloud Technology.
Sabrina Loyer, general manager, service operations and technology at Volvo Group UK, said: “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 the West Midlands, added: “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.”
The lettings will be viewed by SEGRO’s board as a boost for the REIT as it battles an attempted takeover from US warehousing giant Prologis.
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