First Read: SEGRO "Prologis expands case; SEGRO announces UK JV" (Restricted)

Research evidence excerpt

First Read: SEGRO "Prologis expands case; SEGRO announces UK JV" (Restricted)

Global Research

2 July 2026ab

First Read

EquitiesSEGRO

Prologis expands case; SEGRO announces UK JV United Kingdom

Real Estate

12-month rating Restricted

Prologis Expands the Financial Case for a Combination

In its investor presentation, Prologis highlighted SEGRO’s historic trading discount to 12m price target -

EPRA NTA, noting an average discount of 16.7% over the last three years and

approximately 19.8% currently, and stated that SEGRO requires approximately £3.2bn

Price (30 Jun 2026) 875p

of funding to complete its disclosed development pipeline. Prologis contrasted its own

balance sheet and capital platform with SEGRO’s, citing £49.4bn of third-party AUM, RIC: SGRO.L BBG: SGRO LN

165 institutional capital partners and 14 managed vehicles, compared with Trading data and key metrics

approximately £3.0bn of third-party AUM and two principal capital vehicles disclosed by

52-wk range 880p-604

SEGRO, prior to today's JV announcement. Prologis argued that its broader access to

Market cap. £10.4b/US$13.8b

equity, debt and private capital would provide a faster route to funding development

Shares o/s 1,191m (ORD)

opportunities and realising value from SEGRO’s portfolio and pipeline.

Free float 80%

Development Platform and Shareholder Returns Avg. daily volume ('000) 3,581

Prologis also expanded on its case that its operating platform could accelerate delivery of Avg. daily value (m) £26.5

SEGRO’s development and data-centre opportunities. The presentation highlighted Common s/h equity (12/26E) *

Prologis’ development track record, including £37.5bn of global development P/BV (12/26E) *

investment and £12.4bn in the UK and Europe since 2001, together with a 5.6GW data- EPS (UBS, diluted) (GBX)