The logistics real estate company said a combination would give SEGRO shareholders a premium and exposure to a larger power and data center platform, while stressing there is no certainty a firm offer will follow.
Prologis published a new investor presentation on July 9, 2026 arguing that engagement with SEGRO is the best route to maximize long-term value, as it presses the U.K. warehouse landlord to discuss a potential combination. The company said its case rests on four points: a larger and more developed data center platform, advantages from its scale and balance sheet, what it described as structural constraints in SEGRO's standalone model, and a clearer strategic outcome for shareholders through a deal. The company said its data center business includes end-to-end capabilities to turn power into development value, supported by a dedicated team of more than 75 people, a development team of more than 250, an in-house energy team of more than 175 and a procurement team of more than 35. It said its power pipeline totals 5.8GW (gigawatts of electricity capacity) across about 30 projects, with a longer-term estimate of more than 10GW and more than 150 projects with power applications under review. Prologis contrasted that with SEGRO's use of project-level joint ventures, saying those structures dilute upside for shareholders and rely on high leverage. It cited the Pure Data Center joint venture and said future fully fitted data center development under SEGRO's strategy would be funded at an approximately 70% loan-to-cost ratio. The company also challenged SEGRO's valuation and growth outlook. It said SEGRO's portfolio, based on a 31 December 2025 valuation, was made up of 88% completed assets and 12% development properties and land sites valued using the residual method. Based on analyst consensus, Prologis said SEGRO's forecast EPS CAGR (compound annual growth rate) for 2025 to 2028 is 4.7%, versus 7.1% for European logistics peers Argan, CTP, Montea, Tritax Big Box and Warehouses De Pauw. It also pointed to SEGRO management's adjusted earnings guidance of 50 pence per share by 2030, which it said implies a 6.4% compound annual growth rate and would require stronger growth in later years. Prologis said a transaction would offer SEGRO shareholders a substantial upfront premium plus participation in the long-term upside of a combined platform. It added that the combined business would support customers, communities and the U.K.'s growth agenda through continued investment in logistics infrastructure and supply chain resilience. The company said it remains ready to engage with the SEGRO Board and urged SEGRO shareholders to press for talks, while reiterating that this is not a firm offer under Rule 2.7 of the U.K. Takeover Code and that there can be no certainty any offer will be made.