Segro to create £1bn data centre in JV with Oaktree-owned Pure Data Centres
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Segro announced a joint venture on Tuesday with Pure Data Centres - owned by Oaktree - to create its first fully fitted data centre, which it expects to pre-lease to a hyperscaler.
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The 50:50 joint venture with Pure DC, Segro Pure Premier Park Data Centre Limited, has been created with the intent to develop and deliver a £1bn fully fitted data centre in Park Royal, West London.
The JV brings together a 10-acre super-prime industrial site owned by Segro and 70MVA of power secured by Pure DC.
Segro chief executive David Sleath said: "Building on our 20 years of experience in the powered shell data centre market, we have been exploring how best to utilise our skills and 2.3GW land-enabled power bank to maximise the opportunity in this fast-growing sector.
"This innovative joint venture with Pure DC allows us to develop our first fully fitted data centre, alongside a highly experienced partner with an excellent track record of delivering world-class facilities to global hyperscalers.
"We expect this project to deliver an attractive risk-adjusted return and it will also help further strengthen Segro’s expertise in this area, enabling us to optimise and accelerate the significant value creation opportunity within our portfolio."
At 0850 GMT, Segro shares were up 3.4% at 714.40p.