Prologis agrees recommended £14 billion acquisition of SEGRO, bringing two of the largest logistics real estate platforms together under the UK Takeover Code
Prologis has agreed terms with the board of SEGRO on a recommended acquisition, announced on 4 August 2026, valuing SEGRO's issued and to be issued share capital at approximately £14.0 billion, or 1,031.7 pence per SEGRO share. SEGRO shareholders would receive 0.0920 new Prologis shares for each SEGRO share, with a partial cash alternative available for those who prefer cash. Slaughter and May is advising SEGRO, while Linklaters and Willkie Farr and Gallagher are advising Prologis. On the financial side, Evercore and Morgan Stanley are acting as joint lead financial advisers to SEGRO, with Goldman Sachs and UBS also advising SEGRO. Rothschild and Co, J.P. Morgan and Eastdil Secured are joint lead financial advisers to Prologis. The combination between Prologis and SEGRO would bring together two of the world's largest logistics and industrial real estate platforms, creating a dominant force in European warehousing and distribution infrastructure. SEGRO is a UK-listed real estate investment trust (REIT) with assets across the UK and continental Europe, while Prologis is a US-headquartered logistics property group with a global footprint. The combination would be subject to merger control review in multiple jurisdictions given the parties' overlapping European portfolios, and the involvement of UK-regulated financial advisers makes London a central advisory hub for the transaction.
Why this matters
A combination of Prologis and SEGRO would represent one of the largest cross-border real estate mergers in history, reflecting sustained investor demand for logistics and last-mile distribution assets driven by e-commerce growth. SEGRO's status as a UK-listed REIT means the transaction would be governed by UK public M&A rules and would require coordination across multiple European competition authorities. The involvement of a deep bench of UK-regulated financial advisers in London underlines the city's continued role as the advisory centre for major cross-border European real estate transactions.
On the Ground
The transaction activates public M&A, real estate finance, cross-border merger control, and EU and UK competition law practices. Evercore and Morgan Stanley are confirmed as SEGRO's joint lead financial advisers, with Slaughter and May advising SEGRO on the legal side. Legal counsel workstreams would cover UK Takeover Code compliance, merger filings with the CMA and European Commission, REIT regulatory analysis, and cross-border due diligence across SEGRO's European assets. A trainee on this matter would assist with coordinating local counsel instruction letters across European jurisdictions, prepare cross-border merger filing checklists, and help draft choice-of-law summaries for assets in different regulatory regimes.
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