London, June 29, 2026, 15:04 BST
- SEGRO was little changed at 879.4p in delayed London trade, after last week’s bid-led jump.
- Prologis’s 925p headline approach now marks closer to 878p using its 0.084-share exchange ratio, the latest Prologis price and a GBP/USD rate of 1.3241.
- SEGRO still trades below its 2026 consensus adjusted NAV of 959p a share, but above the 850p median analyst target.
- Prologis has until 1700 London time on July 22 to make a firm offer or walk away.
SEGRO plc (LON:SGRO) shares sat just below 880p on Monday, a level that shows the market is pricing the Prologis Inc. NYSE:PLD approach less as a clean 925p bid and more as a live all-share ratio tied to the U.S. suitor’s stock. SEGRO was down 0.09% at 879.4p at 14:47 BST, with 1.49 million shares traded, while the FTSE 100 (INDEXFTSE:UKX) was little changed.
The gap is in the paper math. Prologis said on June 24 that its 0.084-share exchange ratio valued SEGRO at 925p a share, based on a Prologis price of $145.30 and GBP/USD at about 1.32. Prologis shares were last at $138.36 on Monday. Using the same ratio and a GBP/USD rate of 1.3241, the implied value is about 878p, almost flat to SEGRO’s quoted price.
| Measure | Pence per SEGRO share | Gap to 879.4p |
|---|---|---|
| Latest SEGRO price | 879.4p | — |
| Prologis headline proposal | 925p | +5.2% |
| Prologis paper value, marked to market | ~878p | -0.2% |
| 2026 consensus adjusted NAV | 959p | +9.1% |
| Median analyst target | 850p | -3.3% |
That split matters for holders deciding whether to back SEGRO’s board or press it to talk. The board has said the offer “falls a long way short” of its view of value. Prologis has urged SEGRO shareholders to push the board to engage. Reuters
Oli Creasey, head of property research at Quilter Cheviot, told Reuters: “In our view Prologis would be reluctant to increase the offer materially and take it above NAV.” Panmure Liberum analyst Bjorn Zietsman questioned whether the proposal “adequately compensates shareholders” for future growth and SEGRO’s assets. Reuters
The share-price trail shows why the debate has shifted. SEGRO closed at 742p on June 23, before the public disclosure of the approach, then rose 17.4% on June 24 and has since held near 880p. Volume peaked at 18.9 million shares on June 24, more than eight times the June 23 turnover.
| Date | Price | Move | Volume |
|---|---|---|---|
| Jun. 23 | 742.0p | -0.30% | 2.32 mln |
| Jun. 24 | 871.4p | +17.44% | 18.87 mln |
| Jun. 25 | 880.0p | +0.99% | 5.43 mln |
| Jun. 26 | 880.2p | +0.02% | 6.18 mln |
| Jun. 29 | 879.8p | -0.05% | 1.43 mln |
SEGRO’s own operating case rests on rent growth, power access and data centres. In its first-quarter update, the company said it contracted £23 million of new headline rent, had 94.8% occupancy, booked a 19% group uplift on rent reviews, renewals and regears, and had £1.5 billion of cash and undrawn committed facilities. Chief Executive David Sleath said SEGRO had made a “strong start to 2026.” Euronext Live
Data centres are the swing asset in the bid debate. Sleath told Reuters in April that SEGRO saw “very strong demand” around major cities and would commit capital only after securing a hyperscaler pre-lease. SEGRO has secured 400 megawatts of power upgrades for London and Slough sites, signed a 30,000-square-metre Slough data-centre pre-let and won planning approval for a 56-megawatt West London data centre. Reuters
Takeover-code filings have started to map the live positioning. JPMorgan Asset Management disclosed on Monday interests equal to 0.49% of SEGRO’s ordinary shares and short positions equal to 0.14%, with small purchase and sale dealings at £8.802 per share.
The next fixed point is the UK takeover deadline. Prologis must announce a firm intention to bid by 1700 London time on July 22, or say it does not intend to make an offer. It has reserved the right to vary the form or mix of consideration.
