Segro Board rejects Prologis acquisition proposal

Reaffirming its position from 24 June 2026, the Board of Segro has unanimously and unequivocally rejected Prologis’ unsolicited proposal to acquire the company’s entire share capital.

SEGRO

The Board believes Segro's independent growth strategy offers vastly superior value to shareholders compared to the proposal.

It pointed out that Segro’s prime assets are uniquely focused on urban, supply-constrained European cities, built over decades to outperform the market.

The company’s Net Tangible Assets (NTA) do not reflect the substantial scarcity value of its portfolio or its exceptional logistics, industrial, and data centre development pipeline.

The Board also stressed that capital availability is not a constraint.

The proposal is currently valued at 881 pence per share, representing a 5% drop since the start of the offer period.

The Segro Board characterised the Prologis proposal as inadequate as it completely ignores a standard change-of-control premium, alongside the future income potential of Segro’s data centre and logistics pipelines.

It is also opportunistic as the bid capitalises on temporary share price dislocations caused by the Middle East conflict. It is timed precisely as Segro is poised to benefit from European data centre expansion and rebounding occupier markets.

Finally, Segro believes it is one-sided because, while Prologis stands to gain immense strategic benefits, Segro shareholders would see their returns diluted—trading a 100% stake in Segro's targeted growth for an approximate 10% share in a broader, combined portfolio.

Segro strongly advises shareholders to take no action regarding the Prologis proposal.

Andy Harrison, chairman of Segro, commented: “Prologis is trying to acquire Segro on the cheap when our share price has been dislocated by the Middle East conflict and at a price that reflects none of the quality, scarcity and growth embedded in the business. We have unanimously rejected their Proposal because we continue to believe our compelling standalone investment case can deliver superior shareholder value.”