SEGRO rejects unsolicited takeover proposals from Prologis

The Board of UK property investor SEGRO has confirmed that it received an unsolicited proposal from Prologis, regarding a possible offer to acquire all of SEGRO's shares.

SEGRO

The proposal involved exchanging 0.084 new Prologis shares for each SEGRO share. Based on Prologis's share price of $145.3 and a GBP: USD exchange rate of 1.32 at the close of trading on 23 June 2026, this offer valued each SEGRO share at 925 pence.

SEGRO's Board unanimously and definitively rejected the proposal, stating that it significantly undervalues the company.

SEGRO's Board, along with its advisors, viewed the proposal as opportunistically timed. They believe Prologis attempted to capitalise on the clear discrepancy between SEGRO's current share price and its strong underlying business fundamentals and promising prospects. This discrepancy has been exacerbated by major geopolitical issues, which have negatively affected valuations in the UK and European real estate sectors compared to the US REIT sector.

SEGRO highlighted building momentum in its occupational markets, a large and attractive development pipeline (including a strong data centre platform), and a long history of successful execution.

Consequently, the Board remains highly confident in SEGRO's ability to create substantial value for its shareholders in the coming years.

Prologis's announcement does not constitute a firm intention to make an offer, and there is no guarantee that an offer will be made or what its terms might be if it is. This statement from SEGRO was made without Prologis's consent.

Under Takeover Code rules, Prologis must, by 17:00 (London time) on 22 July 2026, either announce a firm intention to make an offer for SEGRO or state that it does not intend to make an offer. This deadline can only be extended with the Takeover Panel's consent.

Slaughter and May is acting as legal advisor to SEGRO.