Segro - Extending the partnership approach to the UK

Research evidence excerpt

Segro - Extending the partnership approach to the UK

1 July 2026

Marios Pastou

+44 20 7676 6881

Property/Real Estate marios.pastou@bernsteinsg.com

Segro PLC Valerie Jacob

+44 20 7762 4885

Rating valerie.jacob@bernsteinsg.com

Outperform Nikita Talwar

Price Target +44 20 7676 8785

nikita.talwar@bernsteinsg.com

SGRO.LN 900.00 GBp Specialist Sales

Sara Bellenda

+44 20 7762 1867

sara.bellenda@bernsteinsg.com

Responding to press speculation, Segro has confirmed that it has agreed heads of terms for

Close Date 30 Jun 2026

the formation of a new logistics joint venture (JV) to develop three major UK logistics parks.

SGRO.LN Close Price (GBp) 875.20

Finalisation of the agreement is expected during 2H26, although there is no certainty that a deal

Price Target (GBp) 900.00

will be concluded. Segro is well accustomed to a partnership approach and, while this structure

Upside/(Downside) 3%

implies sharing value creation, the group is currently managing a range of capital commitments

52-Week Range 892.20/603.00

across its broader development pipeline, including in the data centre segment. We also note the

EDME 1,596.71

scale of these schemes. The details provided indicate returns in line with target levels, while the

FYE Dec

potential to earn fees from acting as JV manager offers near-term income.

Div Yield 3.6%

Pushing ahead with a UK partnership. Segro has cited a ‘major international institutional Market Cap (GBP) (M) 11,840

investor’ as its partner in forming a 50:50 JV focused on the development and operation EV (GBp) (M) 16,680

of three large UK logistics parks. While not formally confirmed, press reports suggest PSP Performance YTD 1M 6M 12M

Investments (source); Segro already has a long-standing JV with PSP across Continental Absolute (%) 21.4 20.9 21.4 26.6