Prologis, Inc.: PLD approached SEGRO in £12.6b all-share proposal

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Prologis, Inc.: PLD approached SEGRO in £12.6b all-share proposal

bank across major European logistics

markets. In 2025, the company completed 249k sqm of new space, generating £29m of potential

rent at an 8.2% yield (vs. PLD’s 7.0%). SEGRO currently has 649k sqm contracted or under

development, representing £53m of potential annual rent with £279m of remaining capex. The

company also owns 577 hectares of land bank supports 2.6m sqm of future development

potential, capable of generating £355m of future rent from approximately £2.9b of development

spend. In total, SEGRO estimates £408m of potential rent embedded in its land bank,

highlighting the growth opportunity available to an acquirer.

Data center platform. SEGRO owns land around London where power availability has become

a key competitive advantage. The company generated £58m of annual rent from its existing

data center portfolio in 2025, with 0.5GW operational capacity. Looking ahead, SEGRO has

assembled a 2.5GW+ power bank, with 1.1GW expected to be available for pre-leasing by the

end of 2028. The platform is anchored by the 50:50 joint venture with Pure Data Centres Group

at Park Royal in West London, developing a fully fitted 56MW data center. The project represents

approximately £1bn of total investment, carries an expected ~9% yield (vs. PLD’s 7.5% to 10%

range), and requires less than £150m of SEGRO equity, highlighting the value creation potential

embedded within the company's data center strategy.

Potential Sources of Value Creation

Data center synergy. Prologis has focused on monetizing power-rich sites globally, while

SEGRO brings scarce London-area land, grid access, and an emerging development platform. A

combination would accelerate development by pairing SEGRO's local land and entitlement