Segro (LSE:SGRO) has agreed to form a second 50:50 joint venture with Pure Data Centres Group to develop a fully fitted 48MW data centre in a key Paris availability zone, marking the FTSE 100 industrial and logistics real estate investment trust's first data centre development on the European continent.
Segro will contribute a prime Paris site and 75MVA of pre-secured power capacity, drawn from its 3.0GVA European power bank, at fair market value to the joint venture, with its cash equity contribution expected to reach around £60 million over the total construction period; Pure DC will provide the remaining equity.
The joint venture will target a long-term net lease with a global hyperscaler before breaking ground, with the first phase expected to complete approximately three years after construction starts and the final phase delivered around a year later.
"This second joint venture with Pure DC builds on the momentum across our European data centre platform and demonstrates how SEGRO can crystallise the significant value in its 3.0GVA power bank through a repeatable, capital-efficient model," said David Sleath, Chief Executive of Segro.
The announcement follows progress at the first Segro-Pure DC joint venture at Premier Park in Park Royal, where planning approval was secured in March 2026 ahead of schedule, with active discussions now underway with two global hyperscalers for the entire site capacity.
