Prologis (NYSE:PLD) has disclosed that it submitted a preliminary all-share proposal to acquire SEGRO (LSE:SGRO) on 16 June 2026, valuing the UK logistics property group at approximately £12.6 billion. The proposal equated to 925 pence per SEGRO share, representing a premium of around 25% to 31% compared with recent market prices and broadly matching SEGRO’s latest reported EPRA Net Tangible Assets value.
According to Prologis, SEGRO’s board rejected the proposal on 23 June. Despite the rejection, the global logistics real estate specialist is encouraging SEGRO shareholders to support further discussions, arguing that a combination would provide investors with ownership in a larger, more diversified business. Under the proposed terms, SEGRO shareholders would hold approximately 10.5% of the enlarged group.
Prologis believes a merger would create one of the leading logistics real estate platforms in Europe, combining two substantial portfolios and generating benefits through greater scale and operational efficiencies. The company also argues that its larger balance sheet and broader access to capital would help accelerate development opportunities across SEGRO’s portfolio.
Management highlighted what it views as the potential to unlock additional value from SEGRO’s development pipeline, including projects linked to logistics infrastructure, power capacity and data centre opportunities. Prologis contends that its financial resources and global operating platform could help bring these projects to market more efficiently.
The US-based REIT also pointed to its long-term shareholder return record and capital strength as key advantages, suggesting that a combined business would be better positioned to pursue growth opportunities across major logistics markets.
While Prologis has made its intentions public, there is currently no certainty that a formal offer will be submitted. Under UK takeover regulations, the company has until 22 July to either announce a firm intention to make an offer or walk away from the process.
More about Prologis
Prologis, Inc. is the world’s largest logistics-focused real estate investment trust, with a market capitalisation of approximately $140.9 billion. The company owns, develops and manages industrial and logistics properties across major global markets, serving customers involved in e-commerce, distribution, supply chain management and data infrastructure. Its portfolio spans warehouse, fulfilment and logistics facilities that support global trade and digital economy growth.
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