Prologis, Inc.’s pursuit of UK-based industrial landlord Segro plc has paid off with the Segro aboard agreeing Tuesday to terms of an acquisition. The all-stock deal values Segro at approximately US$18.8 billion.
For San Francisco-based Prologis, which had sought a takeover since at least early 2024, the acquisition of Europe’s largest industrial real estate landlord will create a European operating portfolio of 368 million square feet, expanding Prologis’ European footprint by 47%. The combined company will have approximately US$269 billion of assets under management.
“We are pleased to have reached agreement with the Segro board on a combination that we believe will create meaningful value,” said Prologis CEO Daniel S. Letter. “This deal brings together Segro’s exceptional portfolio and customer relationships with Prologis’ global platform, operating expertise and financial strength.
“We have great respect for SEGRO, its people and the business they have built over many years,” he continued. “The constructive engagement between our leadership teams throughout this process has reinforced our confidence in the opportunity ahead.”
Under the terms of the recommended acquisition, Segro shareholders will receive 0.0920 new Prologis shares for each Segro share. Shareholders may elect to receive cash in lieu of some or all of their Prologis share consideration.
In addition to its UK holdings, Segro also owns and operates properties in the Czech Republic, France, Germany, the Netherlands, Italy, Poland and Spain. The acquisition is expected to be finalized in the first half of 2027.
Pictured: A Segro industrial park in Oberhausen, Germany.
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