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| SUPERIOR VALUE CREATION FOR SEGRO SHAREHOLDERS | |||||||||||||||||||||||||||||||||
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NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THE PROLOGIS ANNOUNCEMENT OF 24 JUNE 2026 IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE”). THERE CAN BE NO CERTAINTY THAT A FIRM OFFER WILL BE MADE, NOR SAVE AS SET OUT IN THE PROLOGIS ANNOUNCEMENT OF 24 JUNE 2026, AS TO THE TERMS ON WHICH ANY OFFER MIGHT BE MADE. FOR IMMEDIATE RELEASE 8 July 2026 SUPERIOR VALUE CREATION FOR SEGRO SHAREHOLDERS SEGRO plc (“SEGRO” or the “Company”) management will today host a presentation in London at 10:30 BST for institutional investors and research analysts accompanied by a live webcast. During the presentation, management will provide a detailed update on SEGRO's income and value growth strategy, including its industrial and logistics development pipeline and data centre platform. SEGRO has also made two other announcements today: a H1 2026 Trading Update, which demonstrates strong occupier momentum, and the announcement of its entry into a second joint venture with Pure Data Centres Group to deliver a fully fitted data centre in Paris. Highlights
SEGRO has a compelling income and value creation opportunity
SEGRO's data centre pipeline is exceptionally well positioned in supply-constrained FLAP-D and emerging Availability Zones. This uniquely positions the group to capture rapidly accelerating digital infrastructure demand for Cloud and Inference AI requirements.
This underpins an expected Adjusted EPS progression from 36.6 pence in 2025 to c.50 pence by 2030 with a higher rate of growth targeted in subsequent years as the execution of the data centre pipeline progresses. The share of data centre net rental income is expected to rise from 7 per cent. today to more than 30 per cent. by 2035 (assuming no sales of stabilised data centre assets). Prologis' proposal is opportunistic, one-sided and inadequate
Industrial and logistics development and data centre pipelines:
Additional value that accrues to an acquiror:
David Sleath, Chief Executive Officer of SEGRO, commented: “SEGRO is a unique company with an irreplicable, urban-weighted European portfolio and operating platform built over decades. Our exceptional logistics and data centre pipelines offer a compelling opportunity to create substantial shareholder value, supported by the capabilities, track record and access to capital needed to deliver it. Momentum in industrial and logistics occupational markets continues to build, as reflected in today's Trading Update. We are executing at pace, with strong leasing momentum and a proposed UK big box joint venture that demonstrates both institutional confidence in logistics development and our ability to unlock value through capital-efficient structures. Our data centre pipeline is well placed to accelerate rapidly as hyperscaler demand remains focused on Europe's key Availability Zones, where land with power certainty and planning consents is extremely constrained. Together, these opportunities give us confidence in delivering superior value for shareholders through our clear income and value growth strategy. By contrast, combining with Prologis would materially dilute SEGRO shareholders' exposure to its industrials, logistics and data centre development upside opportunity, exchanging full ownership of SEGRO's unique and irreplicable portfolio for a materially lower shareholding in a different, more US-focused portfolio. We look forward to sharing more detail with the market today.”
“Today's presentation demonstrates the Board's confidence in the superior value proposition embedded in SEGRO's strategy. The combination of a unique portfolio, significant embedded income and value growth opportunities and considerable momentum across our occupier markets underpins our conviction in the Company's prospects. The Board remains firmly focused on ensuring that shareholders realise in full the value embedded in SEGRO's portfolio and its ability to execute against its strategy.” Investor presentation and webcast The presentation will be held in person at 10.30 BST at the offices of UBS, 5 Broadgate, London EC2M 2QS for institutional investors and research analysts. There will also be a live webcast. To register for the webcast, please visit the following link: https://www.investis-live.com/segro/6a47f4172b12bb000fa18172/qfq4 A copy of the presentation materials will be made available on the Company's website following the event. Notes: 1 SEGRO FY2025 Results. 2 SEGRO FY2025 Property Analysis Report. 3 Estimated based on the potential pre-lease date of projects which can be 2-3 years before the energisation date. 4 Estimate of annualised passing rent based on SEGRO management view, consistent with SEGRO's approach to its ordinary course reporting. 5 SEGRO asset type value split has been prepared by SEGRO management based on the valuations contained in the CBRE December 2025 Valuation Report (as defined below) and accompanying statement of No Material Difference. 6 c.95% secured power, defined as contracted or confirmed with RoFo as per local market convention. 7 Illustrative example of 50MW IT fully fitted data centre cost structure. Assumes a 50:50 JV structure. Please see Presentation for further details. 8 SEGRO FY2021 to FY2025 Results. 9 FactSet market data as at 23 June 2026, the last trading day prior to Prologis' public announcement. Share prices in local currency rebased to SEGRO in GBP. See slide 33 of the Presentation for further details. 10 These valuation reports comprise: (i) an independent valuation report prepared by CBRE as at 31 December 2025 with respect to SEGRO's property portfolio (the “CBRE December 2025 Valuation Report”) and accompanying statement of No Material Difference; (ii) an independent valuation report prepared by CBRE as at 30 June 2026 with respect to SEGRO's Continental European property portfolio and an independent valuation report prepared by Cushman & Wakefield as at 30 June 2026 with respect to SEGRO's UK property portfolio (together, the “CBRE and C&W June 2026 Valuation Reports”); (iii) CBRE's independent RETT and Net Realisable Value report as at 31 December 2025 (the “CBRE RETT and NRV December 2025 Report”); and (iv) CBRE's independent Aggregation and Cluster report as at 31 December 2025 (the “CBRE Aggregation and Cluster December 2025 Report”). Copies of these reports will be made available on SEGRO's website at https://www. SEGRO.com/investors/ (subject to certain restrictions relating to persons resident in restricted jurisdictions). 11 Supported by CBRE RETT and NRV December 2025 Report. 12 See also Supplementary Sources and Bases Document for further details, which will be available on SEGRO's microsite. 13 Supported by CBRE Aggregation and Cluster December 2025 Report. 14 Prologis announcement of 24 June 2026. CONTACT DETAILS FOR INVESTOR / ANALYST AND MEDIA ENQUIRIES:
Slaughter and May is acting as legal adviser to SEGRO. Important Notices The announcement by Prologis on 24 June 2026 does not amount to an announcement of a firm intention to make an offer. Save as set out in the Prologis announcement on 24 June 2026, there can be no certainty that any offer will be made for the Company, nor as to the terms of any such offer should one be made. This announcement has been made without the consent of Prologis. In accordance with Rule 2.6(a) of the Code, Prologis is required, by not later than 5.00pm (London time) on 22 July 2026, being 28 days after 24 June 2026, to either announce a firm intention to make an offer for SEGRO in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. Dealing Disclosure Requirements Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure. Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3. Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure. Rule 2.9 disclosure In accordance with Rule 2.9 of the Code, SEGRO confirms that, as at the date of this announcement, it has 1,354,073,367 ordinary shares of 10 pence each in issue. The Company does not hold any ordinary shares in treasury. The International Securities Identification Number for the ordinary shares is GB00B5ZN1N88. SEGRO's legal entity identifier (LEI) is 213800XC35KGM9NFC641. Rule 26.1 disclosure In accordance with Rule 26.1 of the Code, a copy of this announcement will be made available on SEGRO's website at https://www. SEGRO.com/investors/ (subject to certain restrictions relating to persons resident in restricted jurisdictions) by no later than 12 noon (London time) on the business day following the date of this announcement. The content of any website referred to in this announcement is not incorporated into, and does not form part of, this announcement. Important notices This announcement is not intended to and does not constitute an offer to buy or the solicitation of an offer to subscribe for or sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction. The release, publication or distribution of this announcement in whole or in part, directly or indirectly, in, into or from certain jurisdictions may be restricted by law and therefore persons in such jurisdictions should inform themselves about and observe such restrictions. Evercore Partners International LLP ("Evercore"), which is authorised and regulated by the FCA in the UK, is acting exclusively as financial adviser to SEGRO and no one else in connection with the matters described in this Announcement and will not be responsible to anyone other than SEGRO for providing the protections afforded to clients of Evercore nor for providing advice in connection with the matters referred to herein. Neither Evercore nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Evercore in connection with this Announcement, any statement contained herein, any offer or otherwise. Apart from the responsibilities and liabilities, if any, which may be imposed on Evercore by the Financial Services and Markets Act 2000, or the regulatory regime established thereunder, or under the regulatory regime of any jurisdiction where exclusion of liability under the relevant regulatory regime would be illegal, void or unenforceable, neither Evercore nor any of its affiliates accepts any responsibility or liability whatsoever for the contents of this Announcement, and no representation, express or implied, is made by it, or purported to be made on its behalf, in relation to the contents of this Announcement, including its accuracy, completeness or verification of any other statement made or purported to be made by it, or on its behalf, in connection with SEGRO or the matters described in this Announcement. To the fullest extent permitted by applicable law, Evercore and its affiliates accordingly disclaim all and any responsibility or liability whether arising in tort, contract or otherwise (save as referred to above) which they might otherwise have in respect of this Announcement, or any statement contained herein. Morgan Stanley & Co. International plc (“Morgan Stanley”), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK is acting exclusively as financial adviser to SEGRO and no one else in connection with the matters set out in this announcement. In connection with such matters, Morgan Stanley, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any person other than SEGRO for providing the protections afforded to clients of Morgan Stanley or for providing advice in connection with the matters set out in this announcement or any other matter referred to herein. UBS AG London Branch ("UBS") is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. It is authorised by the Prudential Regulation Authority and subject to regulation by the FCA and limited regulation by the Prudential Regulation Authority in the United Kingdom. UBS is acting as financial adviser to SEGRO and no one else in connection with the matters set out in this announcement. In connection with such matters, UBS, its affiliates, and its or their respective directors, officers, employees and agents will not regard any other person as its client, nor will it be responsible to any other person for providing the protections afforded to its clients or for providing advice in relation to the contents of this announcement or any other matter referred to herein. Goldman Sachs International (“Goldman Sachs”), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively as financial adviser to SEGRO and for no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than SEGRO for providing the protections afforded to clients of Goldman Sachs, or for providing advice in connection with the matters referred to in this announcement or any other matter referred to herein. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com. |