Segro rejects Prologis takeover approach as UK property assets draw U.S. bidders
Consolidation pressure is building in the UK real estate market as overseas buyers target listed assets with takeover proposals. Segro has rejected an all-share approach from U.S.-based Prologis that values the warehouse landlord at £12.6 billion.
Highlights
- Prologis submitted an all-share proposal on June 16 offering 925p per Segro share, a 24.6 percent premium to Segro's 742p Tuesday close.
- Segro rejected Prologis’s takeover approach on June 23, as Prologis urged Segro shareholders to push the board to engage with the proposal.
- Prologis’s $140.9 billion market cap underscores U.S. firms' intensifying pursuit of UK property assets, signaling rising international dealmaking interest in London.
Bid terms and board response
As reported by Prologis in a statement on Wednesday, the San Francisco-based real estate group submitted its all-share proposal on June 16, offering 925p for each Segro share. The company says Segro rejected the approach on June 23.Prologis says the transaction would allow its global platform, balance sheet strength and diversified capital base to unlock value from Segro's development pipeline and data centre assets. It is also urging Segro shareholders to press the company's board to engage with the proposal.
Implications for the UK property market
The offer represents a 24.6 per cent premium to Segro's Tuesday closing share price of 742p. Prologis, the world's largest real estate investment trust, has a market capitalisation of $140.9 billion.The approach adds to signs of a broader dealmaking wave in London, with U.S. groups continuing to pursue UK assets. The rejected bid highlights how international buyers are seeking scale and development exposure in the British property sector.
In our earlier coverage of Prologis’s all-share takeover approach for Segro, we outlined how Segro rejected the proposal valuing the company at about £12.6 billion (925p per share), implying roughly a 24.7% premium. We also noted the UK takeover timetable, with Prologis facing a July 22 deadline to either announce a firm offer or walk away, keeping pressure on Segro’s board as investors weigh the strategic case for consolidation in logistics real estate.
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