Prologis presses Segro shareholders after £12.6 billion takeover rejection

Prologis stepped up its campaign for Segro on Tuesday, pressing the London-listed landlord’s shareholders after the board rejected an all-share takeover proposal that would have valued the company at about £12.6 billion. Segro’s directors turned down the approach on June 23, and Prologis urged investors to push for a binding offer.

The proposal would have given Segro holders 0.084 new Prologis shares for each Segro share, valuing the stock at about 925 pence a share, or a 24.6% premium to Segro’s June 23 close of 742 pence. The deal would have left Segro shareholders with about 10.5% of the enlarged company. Under British takeover rules, Prologis now has until 1700 BST on July 22 to announce a firm offer or walk away.

Prologis first sent an indicative all-share proposal to Segro’s board on June 16. The price matched Segro’s EPRA net tangible assets per share of 925 pence at December 31, 2025, and Prologis argued the target has traded below the value of its underlying property portfolio. Prologis says Segro’s balance-sheet limits have kept it from fully exploiting its development pipeline and data-center opportunities tied to artificial intelligence.

Warehouses, industrial land and powered sites have become more strategic as e-commerce expands, supply chains are redesigned for resilience and data-center demand accelerates. Prologis is the global leader in logistics real estate and operates in 20 countries across four continents.

Segro’s 2025 results included record £99 million of new contracted rent commitments, 6.0% like-for-like net rental income growth and 6.1% growth in adjusted earnings and dividends per share. It operates in eight European countries and highlights a data-center strategy that includes a joint venture with Pure Data Centres Group to deliver its first fully fitted West London data center.