CMA Opens Pre-Notification on Prologis's Anticipated Acquisition of SEGRO plc, Inviting Market Views by 10 November
The Competition and Markets Authority (CMA) launched a pre-notification invitation to comment on 27 October 2026, seeking initial views on the anticipated acquisition by Prologis, L.P. of SEGRO plc, the FTSE-listed industrial and logistics real estate investment trust. The CMA has not yet formally commenced its Phase 1 investigation, but has confirmed it received the necessary information from the parties to begin the pre-notification stage. Interested parties have until 10 November 2026 to submit written representations to the CMA. The merger would combine two of the world's largest logistics and warehouse real estate platforms. Prologis is a major US-headquartered industrial property group, and SEGRO is one of the UK's leading owners and managers of warehouse and urban logistics assets. The deal sits within the building and construction market sector as categorised by the CMA. The CMA's statutory timetable for its Phase 1 decision and the formal launch date of the merger inquiry remain to be confirmed. The pre-notification stage is the first step in the CMA's information-gathering process under Part 3 of the Enterprise Act 2002, before a formal investigation clock begins. No advisers have been named in the public record at this stage.
Why this matters
Logistics and warehouse real estate has been one of the fastest-growing real estate sub-sectors in the UK and Europe, driven by e-commerce expansion and supply-chain restructuring. A combination of Prologis and SEGRO would create a dominant position in UK and pan-European industrial property, giving the CMA clear grounds to examine market concentration, particularly in urban last-mile delivery locations where land supply is constrained. The CMA's decision to open pre-notification rather than wait for a formal filing signals that it is treating this deal with heightened scrutiny from the outset. The outcome will have significant implications for consolidation strategy across the logistics real estate sector.
On the Ground
This transaction will generate substantial public M&A and real estate work: merger control filings under the Enterprise Act 2002, due diligence across SEGRO's UK and European portfolio, and regulatory clearance strategy across multiple jurisdictions. If the CMA opens a formal Phase 1 investigation it will require detailed market share data, third-party engagement, and potentially Phase 2 referral work involving specialist merger remedy advice. A trainee on this matter would prepare CMA notification checklists, draft responses to the CMA's request for information, index due diligence documents relating to property assets, and assist in compiling the merger notice schedules.
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