(Bloomberg) -- Segro Plc, a developer of warehouses and logistics facilities, is looking to raise as much as £800 million ($1 billion) by selling new shares to pursue growth opportunities including potential acquisitions.

The company consulted with a number of its “leading shareholders” before the sale, London-based Segro said in a statement Tuesday.  

“New equity will allow the group to pursue additional growth opportunities, including new and existing development projects and to take advantage of potential acquisition opportunities which may arise, whilst maintaining a strong balance sheet,” the company said.

Soaring rents have meant warehouses continue to be attractive to investors despite the wider downturn in commercial real estate caused by rising interest rates. Demand for data centers is also rising while online retail has kept demand high for logistics facilities, such as those Segro builds.

Morgan Stanley and UBS are arranging the stock sale. Segro also plans an offering to retail investors via investing platform PrimaryBid. 

Segro shares have risen 3.2% in the past year to 849.20 pence, valuing the company at 10.4 billion pounds.

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