Prologis goes public with £12.6 billion bid for Segro

Prologis disclosed a £12.6 billion all-share bid for SEGRO on June 24, putting Britain’s biggest listed warehouse landlord under takeover pressure after SEGRO’s board rejected the approach the day before. The offer had been sent privately on June 16 and was structured as 0.084 new Prologis shares for each SEGRO share, implying 925 pence a share.

The price carried a 24.6% premium to SEGRO’s June 23 closing price of 742 pence, a 26.7% premium to its one-month volume-weighted average price and a 31.4% premium to its three-month VWAP. If completed, SEGRO shareholders would own about 10.5% of the combined company. Prologis said the enlarged group would be the world’s largest logistics REIT, with a market capitalization of $140.9 billion.

The bid puts a spotlight on the fight for warehouse and industrial space that has intensified in the e-commerce era. Segro controls a portfolio that sits at the center of distribution networks serving retailers, parcel carriers and data-heavy occupiers, and Prologis wants deeper control of that market at a time when London-listed property groups have looked inexpensive to overseas buyers. A deal of this size would not just reshape two balance sheets. It would also affect who controls warehouse capacity, how much pricing power landlords hold, and how quickly tenants can secure space close to major consumer markets.

SEGRO’s own 2025 numbers show why the company is viewed as a prize. It reported a record £99 million of new headline rent contracted, 6.0% like-for-like net rental income growth, 6.1% growth in adjusted earnings and dividends per share, and occupancy of 94.9% at the end of the year. The company also said 2026 had begun with stronger occupier enquiries and active pre-let talks across industrial, logistics and data-centre space.

SEGRO said the proposal fell well short of its view of value. Under UK takeover rules, Prologis now has until July 22, 2026, to announce a firm intention to make an offer or walk away. The public disclosure turned what had been a private exchange into a test of how far global capital will go to consolidate British industrial property.