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Segro in Talks to Form European Warehouse Joint Venture With PSP

June 24 (Bloomberg) -- Segro Plc, the U.K.’s largest publicly traded owner of industrial properties, is in talks to use most of its warehouses in mainland Europe to form a venture with Canada’s Public Sector Pension Investment Board.

Segro would own 50 percent of the venture and manage its assets, the Slough, England-based company said in a statement today.

“The intention would be to grow the venture over time,” Segro said.

Segro wants to increase the value of its logistics business to 3 billion pounds ($4.6 billion), with mainland Europe accounting for about two thirds of the total, the Sunday Times reported yesterday. Europe needs 25 million square meters (296 million square feet) of new distribution and storage warehouses in the next five years, about 11 percent of existing modern space, to keep up with Internet sales growth, Jones Lang LaSalle Inc. said in March.

To contact the reporter on this story: Patrick Gower in London at pgower@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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