The United Kingdom's biggest publicly traded proprietor of industrial assets Segro Plc (SGRO) ventured with Canada's Public Sector Pension Investment Board. The firm used Eur974 billion or US$1.3 billion for the said venture.

Segro will acquire 50% of the venture. The company is attempting to append value to its portfolio, an amount estimated to be Eur2 billion minimum. The added value will be gained through developments and acquisitions, according to the company's statement made today. Public Sector Pension Investment Board will contribute an amount close to Eur303 million worth of equity.

According to Segro's chief executive officer David Sleath, "The transaction is the first step in building what we expect to be a strong long-term relationship with PSP Investments as we seek to take advantage of the growth and consolidation opportunities in the continental European logistics market."

The company is looking for growth for its logistics unit based in Europe, predicting demand for warehouses and storage spaces will increase.