Prologis Escalates Pressure on SEGRO After Failed London Talks

Prologis continues to challenge the valuation strategy employed by the London-based real estate firm. While SEGRO reported a property portfolio valued at £19 billion as of December 2025, Prologis argues that the company’s recent decline in Net Asset Value—dropping from 925 pence to 905 pence per share—signals an underlying struggle to justify its market position. The suitor contends that SEGRO’s reliance on temporary external factors to explain its trading discount ignores a fundamental weakness in growth forecasts.

Under the terms of its latest proposal, Prologis has offered a valuation of 993 pence per share, representing a 9.7% premium to SEGRO’s adjusted NAV. According to Prologis, this offer exceeds the potential returns shareholders might expect from the firm’s standalone performance, which estimates earnings of 50 pence per share by 2030. Prologis leadership claims that a previous rejection of a 2024 proposal cost shareholders a 36.5% loss in potential value and warns that the current board is repeating past errors. With a deadline set for July 22, 2026, to either announce a firm intention to bid or withdraw, the pressure on the SEGRO board remains at a critical peak.