Segro signs two more pre-let developments

30th Sep 2011 07:49

Industrial property company Segro has signed two further pre-let developments in Poland, which in aggregate total 39,300 square metres (423,000 square feet) of logistics warehousing space.The firm has agreed to develop a new 31,700 square metres (341,200 square feet) distribution facility for a major retailer who will occupy the new facility under a 28 year lease. Construction will begin in October, subject to planning, and the group expects to complete the development in the third quarter of 2012.In addition, in an extension to Segro's Tulipan Park development inLodz, it is constructing a 7,600 square metres (81,800 square feet) centralised country-wide sorting hub for the Polish courier company, Opek. Opek has signed a 15 year lease and construction on this development, subject to planning, will begin in the fourth quarter. The project is currently scheduled for completion in the third quarter of 2012.Chief executive David Sleath said the deals show there is still good demand for build-to-suit projects on well located development sites in Segro's core markets."Segro's group-wide current pipeline of contracted and under construction developments now totals 25 projects comprising an aggregate of 256,000 square metres (2,755,600 square feet) and representing circa £200m of capital expenditure and £23m of annualised rental income, of which 75% is pre-let," Sleath disclosed.NR