0942 GMT - Segro's announced joint venture with Pure Data Centres for a London data center looks like an attractive use of capital, ING analyst Jesse Norcross says in a note. The warehouse landlord already owns the land, which is in an attractive location, the analyst says. This should drive good demand from hyperscalers as it is in a key London availability zone--a data center containing its own power and network connectivity--with limited current power capacity, Norcross says. Although the 9% to 10% yield on costs looks decent it is slightly lower than the 10% to 12% global average for data center development, Norcross says. With a relatively long timeline, securing lease commitments will be an important next step, he says. Shares are up 2.9% at 711 pence.(anthony.orunagoriainoff@dowjones.com)
(END) Dow Jones Newswires
March 25, 2025 05:43 ET (09:43 GMT)
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