Segro, the industrial real estate giant and the UK's largest real estate investment trust, is set to relocate its UK headquarters in London, CoStar News can reveal.
The REIT, which had a market capitalisation of £8.68 billion as of 10am GMT, is in talks to be the first office tenant at M&G's The Ribbon, moving from 1 New Burlington Place in the capital.
Segro would take the 13,000-square-foot fourth floor at the £250 million redevelopment at 134-140 Oxford Street. It would mark the second big occupier win in so many weeks for M&G after it announced that Warner Bros. Global Experiences had selected the development for a Harry Potter flagship store over two floors. The wizard emporium site is set to open in late 2026 and follows similar store openings in New York, Tokyo and Chicago in the Omni Chicago Hotel, as revealed by CoStar News in 2023.
The Ribbon site was originally home to drapers, or cloth sellers, in the Victorian era and has recently undergone a multi-million-pound redevelopment backed by capital from M&G’s £130 billion With Profits Fund, including the £68 billion PruFund which is aimed at investing in infrastructure and real estate for young individual savers. Office rents are estimated to be in excess of £70 per square foot.
The development had a large retail unit fronting Oxford Street on ground, basement and first floor levels, and new grade A offices above, on the second to eighth floors, with a large communal terrace on the ninth floor.
In its most recent full year results, published in February, Segro, the UK’s largest real estate investment trust and warehouse specialist, said it had secured £99 million of new headline rent in 2025, the highest in its history.
The record rent total included £66 million of leasing and reversion captured across its existing portfolio as well as £33 million of development signings, £26 million of which were new prelets. Segro said that the leasing market experienced an uptick towards the end of the year after "tariff uncertainty had moderated" and long-term structural trends in the industry "started to reassert themselves", resulting in a number of large prelets.
Letting agents at The Ribbon are Knight Frank and Hanover Green.