SEGRO and Pure Data Centres Group Form Second 50:50 Joint Venture for 48MW Paris Data Centre
SEGRO and Pure Data Centres Group Limited (Pure DC) announced on July 8, 2026, the formation of a second 50:50 joint venture to develop a fully fitted, 48MW IT load data centre in Paris, with the partnership targeting a pre-let agreement with a global hyperscaler.
The gross capital required for the project is anticipated to be approximately £0.8 billion, including the contribution value of SEGRO's powered land. SEGRO's estimated cash equity contribution is expected to be approximately £60 million over the total construction period, with the remaining equity to be contributed by Pure DC. Both partners are expected to retain their 50 percent stakes through to completion of the development.
Deal Structure and Site Details
SEGRO will contribute a prime site located in a key Paris Availability Zone to the joint venture, along with 75 MVA of pre-secured power capacity drawn from its 3.0 GVA European power bank. The company said the project is anticipated to deliver an attractive yield on cost, creating income and value prospects for both joint venture partners.
The joint venture will develop the data centre as a fully fitted facility, incorporating mechanical and electrical elements and long-lead equipment such as power distribution, cabling and cooling systems. IT equipment, including racking and servers, will be provided by the occupier on a customary basis under a long-term net lease structure.
Construction is set to begin once satisfactory planning permission has been received and lease commitments have been secured. The data centre will be delivered in phases, with the first phase expected to be complete approximately three years after construction starts and the final phase anticipated approximately one year after that. Income is expected to be generated incrementally as each phase is delivered.
SEGRO's First Continental European Data Centre
The Paris project represents SEGRO's first data centre development in Continental Europe. The UK-listed Real Estate Investment Trust, which owns and manages approximately 10.9 million square metres of warehousing, industrial property and data centres across the UK and seven other European countries, has framed the joint venture as part of a broader strategy to monetize its assembled pipeline of power-secured sites through a capital-efficient partnership model.
David Sleath, Chief Executive of SEGRO, said the 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."
Sleath added that the Paris project "will be our first data centre development in Continental Europe and is another great example of how combining our carefully assembled, prime, power-secured sites with Pure DC's technical expertise, can accelerate the delivery of highly profitable, fully fitted facilities."
Market Backdrop: Power Scarcity in FLAP-D Markets
Gary Wojtaszek, Executive Chairman and Interim-CEO of Pure DC, pointed to structural supply constraints as a key driver of the partnership's rationale. "Large-scale powered sites in Europe's leading metropolitan markets have become one of the scarcest and most strategically valuable resources in digital infrastructure," Wojtaszek said in the announcement.
Wojtaszek noted that demand for digital infrastructure across Europe is accelerating, but that access to suitable sites with secured power and favorable planning positions in the FLAP-D markets "remains the defining constraint." He described the portfolio SEGRO has assembled across Europe's major metropolitan markets as "an exceptionally rare asset."
Pure DC, which builds and operates data centres across Europe, the Middle East and Asia, counts over 1 GW of capacity live or under development. The company is backed by Oaktree Capital Management and Brookfield Properties, according to the announcement.
Park Royal Joint Venture Progress
The Paris announcement also included an update on the first SEGRO and Pure DC joint venture, the SEGRO Pure Premier Park Data Centre in Park Royal.
According to the companies, a comprehensive planning application for the Park Royal project was submitted in late 2025, in line with the H2 2025 submission target established at the joint venture's inception in March 2025. Final planning committee approval was received in March 2026, ahead of schedule.
Active marketing for the Park Royal facility has commenced, with the joint venture reporting it is in active dialogue with two customers, both of which are interested in taking the entire capacity of the site. Sleath noted that discussions are underway with "two global hyperscalers" for the Premier Park project.
Strategic Context
The Paris joint venture represents SEGRO's second data centre partnership with Pure DC. By contributing power-secured land at fair market value and limiting its cash equity outlay to approximately £60 million against a total project capitalization of roughly £0.8 billion, SEGRO is using the joint venture structure to participate in hyperscale data centre development while managing its cash equity exposure.
Pure DC's role encompasses hyperscale design, delivery and operational expertise, while SEGRO contributes planning and development capabilities alongside its land and power assets.
The specific address of the Paris site has not been disclosed. SEGRO described the location only as being within a key Paris Availability Zone.