UK REITland: While M&A grabs the headlines, new issuance is the emerging story

Prologis (PLD) reports a surge in leasing, with data centers driving growth. The company has secured 1.6 GW of power capacity and completed $2B in data center starts. U.S. logistics net absorption is 66M sq ft in Q2, with a 17% lease mark-to-market. Strong markets include Sun Belt, Texas, and Southern California. PLD expects e-commerce to reach 28-30% of U.S. retail sales by 2030.

Shareholders in London are increasingly rejecting initial takeover bids, pushing for higher premiums. Segro (SGRO.L) and Intertek (ITRK.L) received multiple bids before approval. AJ Bell estimates £69.3bn in bids by 2026, with average premiums at 45%. Institutional investors are more vocal, influencing outcomes. DCC Energy (DCC.L) faces shareholder opposition to a £5.7bn bid by KKR and Energy Capital Partners.

Prologis acquired 69 acres in Minooka, Illinois, for a 1M SF logistics development called Minooka Exchange. The project features a 40-foot clear height, 290 car spaces, and a 185-foot truck court. Prologis sees the Chicago market as supply constrained and aims to provide modern logistics capacity. The company also recently acquired land in Glendale Heights for two Class A logistics facilities totaling 454K SF.

Norges Bank disclosed a 1.34% stake in Prologis, Inc. (PLD) as of September 10, 2026, holding 12,732,273 shares. The bank sold 1,532 shares at $134.41 each on that date. No indemnity or derivative agreements were reported.

The EU approved Prologis (US) and NBIM Nerva (Norway) acquiring a logistics real estate asset in Hamburg from Grundbesitz Spectrum. The Commission found no competition concerns. Prologis is a global leader in industrial real estate management, with 93.3% of sales from this sector.

SEGRO plc published a scheme document for Prologis, Inc.'s recommended share offer, with a partial cash alternative, to be finalized by a court-sanctioned arrangement. The boards agreed on terms on August 4, and meetings are scheduled for September 28, 2026, with an expected effective date in the first half of 2027. SEGRO directors, holding 0.245% of shares, committed to voting in favor. The deal is conditional on shareholder approval and other factors.