SEGRO Starts Construction on 53,000-Square-Meter Logistics Development in Calvenzano, Italy

SEGRO has started construction of a 53,000-square-meter logistics development in the municipality of Calvenzano, in the province of Bergamo, Italy, the company announced Oct. 15. The project is being built on a speculative basis, and completion is scheduled for November 2027.

The development sits between the provinces of Milan and Bergamo in Lombardy. SEGRO said the location offers proximity to the motorway network and to important production and commercial districts.

SEGRO Calvenzano Development Details

The new building, equivalent to roughly 570,487 square feet, will include large warehouse areas and an office component arranged over three floors. The complex will have 54 loading bays and spaces designed for the handling of goods.

No tenant has been announced for the facility. SEGRO is developing the project speculatively, meaning construction is proceeding without a pre-lease.

Sustainability and Energy Specifications

SEGRO said the building will be constructed to obtain BREEAM New Construction Excellent certification and to achieve energy class A4. The project also includes 15 electric vehicle charging stations.

Comment From Luca Sorbara

Luca Sorbara, Managing Director, Italy, of SEGRO, said in the announcement: "The start of this new development represents an important milestone for SEGRO in Italy and confirms our desire to invest in strategic areas for the logistics sector. The choice of Calvenzano, thanks to its location and proximity to the main infrastructure connections, allows us to strengthen our presence in one of the territories of greatest interest for the market. With this project we continue to expand the number of modern, sustainable and efficient properties in our Italian portfolio to meet the needs of logistics companies and support the evolution of their activities."

Northern Italy Logistics Market Context

The development launches as Italy's logistics market posts strong occupier activity. Italy recorded approximately 1.6 million square meters of logistics take-up in the first half of 2026, the strongest first-half result on record, with third-party logistics expansion and consolidation among the main demand drivers.

Milan remains Italy's principal logistics hub. Prime logistics rents in Milan reached approximately €73 per square meter per year in the first half of 2026, up 4% year over year, while prime net yields were approximately 5.20%, down five basis points from a year earlier. Vacancy in prime locations has been declining as occupier demand for speculative projects returns, while secondary locations continue to show higher availability.

Supply is also building. More than 1.7 million square meters of logistics space is expected to be completed in Italy by the end of 2027, and broader estimates point to more than 2 million square meters of planned speculative capacity through 2028. As a result, demand at the corridor level, rather than national vacancy alone, is a key factor for projects of this kind.

SEGRO's Portfolio and Strategy

SEGRO is a UK-listed real estate investment trust, listed on the London Stock Exchange and Euronext Paris. It owns, operates and develops warehouses, industrial properties and data centres across the United Kingdom and seven other European countries, with a portfolio of 10.9 million square meters of space. The company was founded in 1920.

SEGRO's European Logistics Partnership reported £6.8 billion of assets under management at Dec. 31, 2025, with a 98% occupancy rate, €411 million of estimated rental value and €367 million of headline rent.

At 53,000 square meters, the Calvenzano project falls in the large-box logistics segment, where leasing can depend on a small number of major occupiers. With no pre-let announced, SEGRO retains leasing exposure through the November 2027 delivery date.

Sources

• SEGRO press release (English): https://www.segro.com/media/news/2026/151026-segro-strengthens-its-presence-in-northern-italy-with-a-new-53-000-m2-development
• SEGRO press release (Italian): https://www.segro.com/it/media/comunicati-stampa-e-media/2026/151026-segro-rafforza-la-propria-presenza-nel-nord-italia-con-un-nuovo-sviluppo-da-53000-m2