Prologis has agreed a recommended share-and-cash combination to acquire Segro plc for up to £14.3 billion, structured as 0.0920 new Prologis shares per Segro share alongside a partial cash alternative of up to £3.5 billion; the deal values Segro at up to £10.54 per share, a 42% premium to its 23 June 2026 closing price, and ranks among the largest foreign acquisitions of a UK-listed company on record. Completion is subject to shareholder, regulatory and court approvals.

Prologis (NYSE: PLD) is a San Francisco-based logistics REIT and the world's largest owner of industrial real estate, with gross AUM of approximately $215 billion, total assets of $96 billion and FY2025 net income of $3.3 billion.

Segro plc (LSE: SGRO) is a London-listed REIT and the UK and Europe's largest logistics landlord, owning approximately 10.9 million sq m across the UK and Europe, with a portfolio value of £18.5 billion, LTV of 31% and a 2.5GW powered land bank representing one of Europe's largest data centre development pipelines. Segro shareholders will own approximately 8.9% of the enlarged Prologis assuming the cash alternative is fully taken up. Combined pre-announcement market capitalisation exceeded $152 billion. Advisors: Goldman Sachs (Prologis); Morgan Stanley and Rothschild & Co (Segro).

The structural driver is the convergence of logistics and data centre real estate into a single asset class. Both companies have been expanding data centre pipelines alongside warehouse portfolios, and Segro's 2.5GW powered land bank is the strategic asset the headline logistics valuation obscures. Prologis is acquiring not just 10.9 million sq m of European warehousing, but the largest shovel-ready data centre land position in Europe at a moment when hyperscaler demand for powered European sites is structurally unconstrained.

The 42% premium reflects four rejected approaches and pressure from major shareholders APG, Norges Bank Investment Management and CCLA, whose public calls for negotiation effectively ended Segro's board resistance.

For Ireland, Segro operates logistics and light industrial assets in Dublin. Their transfer into Prologis's global platform gives Irish occupiers access to a deeper capital base and cross-border customer network, while concentrating European logistics ownership further among a small number of US-headquartered platforms.

Source: the-european.eu / reuters.com / segro.com / ir.prologis.com / investegate.co.uk