UK's Segro tops FTSE 100 on $1.3 billion JV with Pure DC

Shares of British warehouse developer Segro SGRO.L rise as much as 3.21% to 713.2p; stock is top gainer on FTSE 100 .FTSE

SGRO announces joint venture with Pure Data Centres Group Ltd. (Pure DC) to develop about 1 bln pounds ($1.3 bln) worth fully-fitted data centre

Partnership to develop a 56MW data centre in Park Royal, London

Co says net yield on cost expected to be 9%-10%

Segro's estimated cash equity contribution to JV expected to be around 150 mln pounds over total construction period

"We expect this project to deliver an attractive risk-adjusted return and it will also help further strengthen SEGRO's expertise in this area, enabling us to optimise and accelerate the significant value creation opportunity within our portfolio" - CEO David Sleath

Stock down ~1.45% YTD

($1 = 0.77 pounds)