UK industrial real estate investment trust Segro is planning to invest £2bn (€2.3bn) in the West Midlands as part of a ten-year development programme.
The London-listed owner, manager and developer of industrial space said it has partnered with the West Midlands Combined Authority (WMCA) to deliver 13.5m sqft net-zero warehouse facilities in the English county by the end of 2033.
The investment includes the development of Segro Park Coventry - a 450-acre site for the construction of 3.7m sqft of industrial buildings and warehouses.
David Sleath, Segro’s CEO, said: “There is a long-term shortage of modern, sustainable industrial employment space in the West Midlands, which is vital to enable the efficient movement of goods across the country and to support high-tech research & development and manufacturing.
“By working closely with the West Midlands Combined Authority we can identify and unlock brownfield sites for development and deliver critical infrastructure that serves the whole of the UK, creating a diverse mix of local employment and supporting the creation of a more resilient economy across the country.
Segro’s investment into the West Midlands will support the region’s Plan for Growth – a roadmap to develop eight specific industrial clusters.
Andy Street, mayor of West Midlands said: “Segro becoming a strategic partner is another welcome vote of confidence in our region and the investment programme they have committed to today is testament to their level of belief in a bright future ahead for the West Midlands.
“It is exactly this kind of private sector investment – combined with the public sector creating the right conditions – that will ultimately drive our prosperity in the months and years ahead.”
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