Prologis, Inc.: PLD doubles down on Segro bid; investor presentation outlines strategic rationale

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Prologis, Inc.: PLD doubles down on Segro bid; investor presentation outlines strategic rationale

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Prologis, Inc.

PLD doubles down on Segro bid; investor

presentation outlines strategic rationale

Maintain Rating: BUY | PO: 166.00 USD | Price: 136.64 USD

PLD released investor presentation highlighting rationale 30 June 2026

Last week, PLD announced an all-share offer to acquire Segro, which Segro’s board Equity

unanimously rejected (see our initial PLD/Segro offer note). Today, PLD released a

presentation to further illustrate the strategic rationale of its offer. The presentation Samir Khanal

reinforces PLD’s initial press release, specifically focusing on: 1) PLD’s historical relative Research Analyst

BofAS

operating and stock outperformance, 2) balance sheet advantages, 3) portfolio scale and +1 646 855 1497

market overlap and 4) platform synergies, including PLD’s third party capital and data samir.khanal@bofa.com

center operations / teams. Jeffrey Spector

Research Analyst

+1 646 855 1363Segro holding the line; will issue an update next week jeff.spector@bofa.com

Segro publicly responded to PLD’s presentation, emphasizing the message from its

Andrew Berger

initial rejection: Segro believes PLD’s offer materially undervalues the business, Research Analyst

including future growth from its logistics development and data center pipeline. Segro BofAS +1 646 855 1589

will provide more detail on its growth strategy and value proposition during the week of andrew.berger2@bofa.com

July 6th (next week). We expect Segro will counter PLD’s offer with a price well above the REITs Team

initial 925p offer. Consensus NTA is now roughly 1,000p on 2027E and 1,050p on BofAS

2028E. We expect continued negotiation with the possibility of a cash component.