Prologis's $18.8bn recommended acquisition of SEGRO plc

On 4 August 2026, Prologis Inc announced it had reached agreement with the board of SEGRO plc on a recommended acquisition valuing SEGRO's entire issued and to-be-issued share capital at approximately $18.8bn. SEGRO's shareholders are due 1,031.7 pence per share on a fixed-price basis. This follows a public bidding process that began in June/July 2026, with Prologis's "Best and Final" proposal announced on the 22nd of July and the deadline extended before today's firm recommended terms.

Prologis is a US-listed global logistics real estate company, describing itself as building "intelligent infrastructure" for supply chains, with roughly $269bn in combined assets under management post-deal. SEGRO is a UK REIT listed on the LSE and Euronext Paris. It is a major owner, manager, and developer of 'big box' and urban warehouses across the UK and seven other European countries, serving logistics operators, retailers, manufacturers, and data-centre operators.

This is a public takeover of a UK-listed company via a scheme of arrangement, governed by the UK Takeover Code. A Rule 2.7 'firm intention' announcement was made alongside today's press release. SEGRO shareholders will vote at a Court Meeting and General Meeting. The scheme requires sanction by the High Court, alongside regulatory approvals. As part of the deal, Prologis will seek a secondary listing on the LSE, which is itself a condition of completion.

Consideration is structured as share-for-share with a partial cash alternative. SEGRO shareholders will receive 0.0920 new Prologis shares per SEGRO share by default, or can elect a mix of cash and shares, capped at an aggregate 3.5bn GBP, scaled back pro rata if oversubscribed. The cash portion is funded via a committed term loan facility plus existing liquidity.

Financial advisers to Prologis are N.M. Rothschild & Sons, J.P. Morgan Securities, Eastdil Secured International, and Merrill Lynch International.

Linklaters advised Prologis and Slaughter and May advised SEGRO, alongside other US counsel on the cross-border elements.

This is one of the largest European real estate M&A deals of 2026 and a major consolidation move in industrial and logistics property. This is a sector reshaped by e-commerce and, increasingly, data-centre demand. Prologis is buying one of Europe’s leading warehouse landlords to become even bigger and stronger across Europe.This gives Prologis greater scale, more warehouses in important European cities, stronger relationships with international customers, a larger development pipeline, and potentially lower costs through combining operations. It also makes it harder for smaller logistics-property companies to compete on scale. The proposed secondary London listing is significant because it should allow UK investors to continue trading Prologis shares in London.