LONDON, July 4, 2026, 00:04 BST
- SEGRO ended Friday at 880p, trading near the all-share value Prologis’s recent stock and sterling shifts suggest.
- The 925p headline offer isn’t as helpful as just looking at the current exchange ratio math.
- SEGRO’s £3 billion UK logistics joint venture is giving investors a new standalone value marker.
- SEGRO’s strategy update is set for next week. Prologis faces a July 22 deadline to make an offer or walk away.
The London Stock Exchange is closed Saturday. The regular trading session ran from 8:00 a.m. to 4:30 p.m. BST on Friday, July 3. There’s no trading set for July 4. Focus now shifts to wrapping up the week and looking at what’s next.
SEGRO plc (LON:SGRO) closed at 880p on Friday, off 0.43%. Shares are 45p below the 925p per-share level floated by Prologis Inc. NYSE:PLD, but that bid wasn’t a straight cash offer. The 925p was based on an all-share exchange. Now, the spread just moves with Prologis’s stock and the pound.
Based on Prologis’s 0.084-share exchange ratio and its last U.S. close of $139.43, with GBP/USD at about 1.3350, SEGRO has a look-through value near 877p a share. SEGRO’s Friday close is about 0.3% higher, but still 4.9% under the original 925p headline. Prologis’s June 24 offer valued SEGRO at roughly £12.6 billion, or 925p per share, matching SEGRO’s last reported EPRA NTA per share.
| Bid and price marker | Value | Investor read-through |
|---|---|---|
| SEGRO Friday close | 880p | Tracks current all-share terms |
| Prologis first bid headline value | 925p | Based on June 23 rates and FX |
| SEGRO’s June 30 figure for bid | 881p | SEGRO said the bid’s value dropped 5% |
| Bid value using latest PLD/GBP | about 877p | Bid premium is small unless Prologis lifts offer |
| Upside from Friday to 925p | about 5.1% upside | Headline figure isn’t all cash upside |
The bigger question is if Prologis can get SEGRO to budge after the board rejected its offer as “inadequate, opportunistic and one-sided.” SEGRO said on June 30 that the proposal valued shares at 881p and promised to share more about its growth, pipeline and data-centre plans during the week of July 6. WebDisclosure
The FTSE 100 (INDEXFTSE:UKX) added 0.25% to close at 10,679.03 on Friday, but SEGRO lagged and finished lower. British Land Company PLC (LON:BLND), LondonMetric Property PLC (LON:LMP), Land Securities Group plc (LON:LAND), and Tritax Big Box REIT PLC (LON:BBOX) all slipped too, according to Google Finance’s related stocks.
| Security | Friday level | Daily move |
|---|---|---|
| SEGRO plc (LON:SGRO) | 880.00p | fell 0.43% |
| FTSE 100 (INDEXFTSE:UKX) | 10,679.03 | rose 0.25% |
| British Land Company PLC (LON:BLND) | 417.20p | down 0.19% |
| LondonMetric Property PLC (LON:LMP) | 189.10p | off 0.11% |
| Tritax Big Box REIT PLC (LON:BBOX) | 162.30p | dropped 0.25% |
SEGRO’s latest plan hinges partly on the £3 billion UK “big box” joint venture unveiled this week. The deal targets logistics parks at Radlett, Coventry, and Northampton. Once let, SEGRO expects the sites to generate 925,000 square metres of space and about £135 million in headline rent, putting yield at 4.5% on fully developed gross asset value, before fees and financing. CEO David Sleath called it a “capital-efficient structure.” Morningstar
| JV metric | Figure | Why it matters |
|---|---|---|
| Fully developed gross asset value | £3.0 billion | New valuation for the joint venture |
| Expected space when fully let | 925,000 sq m | Works out to roughly 10 million sq ft |
| Expected headline rent | £135 million | Points to a 4.5% yield on gross asset value |
| Sale price to JV | about £1.0 billion | Matches book value numbers |
| Future development capex | about £820 million | Spend planned through 2030 |
The takeover code filings were busy on Friday. FIL reported 6.61 million SEGRO shares, or 0.48%, after selling at £8.81 and £8.86 and buying at £8.84. Invesco made a disclosure of 3.51 million shares, or 0.25%, buying at £8.83-£8.84 and dumping some stock at about the same prices.
The current trading range is important since it’s near the updated all-share offer, not the original 925p figure. The price action shows the market treating this as an ongoing exchange-ratio trade, with room for deal movement priced in but not expecting a big cash premium.
Reuters said most analysts weren’t expecting a major bump. Oli Creasey at Quilter Cheviot said Prologis would likely be “reluctant to increase the offer materially.” Panmure Liberum’s Bjorn Zietsman asked if the bid really “adequately compensates shareholders” for SEGRO’s future earnings and assets. Reuters
The deadline stands unless the Takeover Panel gives an extension. SEGRO said Prologis has until 5:00 p.m. London time on July 22 to make a firm offer or walk away. Leading up to that, during the week of July 6, SEGRO gets to lay out its numbers to support what it claims Prologis is missing.
