Segro Chosen as Partner for 86-Acre East London Redevelopmentby
Mayor of London Boris Johnson announces redevelopment plan
Partnership with Segro expected to create 6,500 jobs
Segro Plc, the U.K.’s largest publicly traded industrial property owner, will team up with the Greater London Authority to redevelop 86 acres (35 hectares) of industrial land in East London.
Segro is expected to invest 180 million pounds ($273 million) in the project, which will take 10 years to complete, the company said Friday in an e-mailed statement.
The land, spread over five sites in Newham, Barking and Dagenham and Havering, will support about 1.4 million square feet (130,000 square meters) of logistics and industrial space. The agreement will create the biggest-ever partnership between the capital and a private land developer, according to the statement.
“London’s population is at a record high and people are increasingly looking to the east as a place to live and work,” London Mayor Boris Johnson said in the statement, “This site has bags of potential and I can see it becoming one of the most sought-after addresses for industry whether large or small.”