The provided resources do not contain an article with the headline "Segro rejects £12.6bn takeover bid from US rival Prologis" or any information suggesting that Prologis made a takeover bid for Segro. The web search results indicate that Prologis acquired Liberty Property Trust for $12.6 billion in an all-stock deal, which included the assumption of debt. This acquisition was aimed at strengthening Prologis's presence in key US markets like Pennsylvania, Houston, and Orlando, and was driven by the robust demand for industrial warehouses due to the rise of e-commerce.
Prologis is the world's largest warehouse company and this $12.6 billion acquisition of Liberty Property Trust in 2019 followed another acquisition of IPT for about $4 billion in July of the same year. The company plans to shed approximately $3.5 billion in non-strategic warehouse and office properties and anticipates $120 million in cost savings from the Liberty deal. This move highlights the growing importance of state-of-the-art warehouses for retailers responding to e-commerce demands and the need for efficient "last mile" deliveries and returns processing.
Separately, there were reports of a bidding war for Tritax EuroBox, a warehouse landlord. Brookfield outbid Segro with a £557 million all-cash offer, which valued EuroBox at £1.1 billion including debt. Segro, a major European warehouse owner with a nearly £20 billion portfolio, had initially made an all-share offer of 68.4p per share, equivalent to £552 million at the time. Tritax EuroBox's board ultimately recommended Brookfield's higher cash offer. These events demonstrate the high level of investor interest and activity in the commercial property sector, particularly in industrial warehouses.
