LONDON, June 27, 2026, 21:03 BST
- SEGRO closed Friday at 880.20p, gaining 19% for the week after Prologis revealed a rejected all-share proposal.
- The 925p headline offer worked out to around 890.5p by Friday, after factoring in Prologis’ share price and GBP/USD rates.
- The week ahead is about the live all-share spread, not only the headline bid price.
SEGRO plc (LON:SGRO) starts the week trading with a real bid gap that’s narrower than the headline 925p from Prologis Inc’s NYSE:PLD rejected all-share approach. Prologis’ stock has slipped since the bid.
SEGRO finished Friday at 880.20p. The stock jumped 19.0% from 739.80p a week ago. The FTSE 100 (INDEXFTSE:UKX) was up 1.4% for the week but closed out Friday 0.21% lower at 10,508.02.
Prologis is offering 0.084 of its own shares for each SEGRO share. Based on Prologis’ June 23 closing price of $145.30 and a GBP/USD rate of 1.32, the deal values SEGRO at 925p per share, or about £12.6 billion. That’s a 24.6% premium over SEGRO’s June 23 close at 742p. The offer matches SEGRO’s last stated EPRA net tangible assets per share. Prologis has until 5:00 p.m. in London on July 22 to either make a formal bid or pull back.
By Friday, Prologis traded at $139.97 and GBP/USD closed at 1.3203. Using that exchange rate, the bid worked out to around 890.5p, or 3.7% under the launch value. SEGRO finished at 880.20p, down 1.2% from the live value, but not 4.8% off the 925p headline.
This is key for event-driven holders. With SEGRO trading higher, they need either a stronger exchange ratio or a rebound in Prologis shares. Foreign exchange could still swing the headline value before a firm offer comes in.
SEGRO’s board called the proposal “opportunistically timed” and said it “falls a long way short” of what they see as fair value. Oli Creasey, head of property research at Quilter Cheviot, told Reuters Prologis is likely to be “reluctant to increase the offer materially and take it above NAV.” Panmure Liberum’s Bjorn Zietsman questioned if the bid “adequately compensates shareholders” for SEGRO’s future growth and assets. Reuters
SEGRO’s April trading update puts numbers behind its stance. In the first quarter, new headline rent came in at £23 million, including £12 million on development lettings. Rent reviews, renewals and regears lifted group rent 19%, with the UK up 38%. Occupancy stood at 94.8%. CEO David Sleath said the Middle East conflict so far has had “no discernible effect” on leasing momentum. SEGRO
Prologis is after SEGRO’s development and data centre pipeline. SEGRO said in its update that projects being built or close to starting could bring in £73 million in potential rent, with 67% of that already pre-let and returning a 7.6% development yield. The company also landed a 30,000 sq m powered-shell data centre pre-let at Slough Trading Estate, and got planning approval for a 56 MW fully fitted data centre in West London. SEGRO posts half-year numbers July 30.
SEGRO got a lift on Friday as Citigroup Inc NYSE:C put a fresh “buy” on the stock with a 1,043p target. That’s above the 925p main offer and higher than the current paper value after Prologis closed on Friday. Share Prices
SEGRO shares on Friday were nearly at Prologis’ offered stock-for-stock value. For Monday’s open, the simple story is the spread to that live value.
