On 23 July 2026, Matt Norris, Head of Real Estate Securities and Manager of the TM Gravis UK Listed Property (PAIF) Fund, joined the BBC Radio 4’s Today Programme to discuss the possible takeover of SEGRO by Prologis.
You can listen to Matt’s segment on here, which starts at 27 minutes and 23 seconds here: https://www.bbc.co.uk/sounds/p... It will be available for 29 days from 23 July 2026.
The transcript is below.
Leanna Byrne: Now, SEGRO is the UK's largest listed property company, and it says it is minded to recommend an approved takeover proposal from a US rival. The American property giant Prologis has made several attempts to buy SEGRO, but its Board had previously argued that Prologis's proposals undervalued the business.
Prologis has now returned what it calls its ‘best and final proposal’, worth around £10.32 per SEGRO share, implying a valuation in the region of £14 billion.
Matthew Norris is Head of Real Estate at Gravis and Manager of the TM Gravis UK Listed Property Fund, and that Fund has invested in both SEGRO and Prologis*. Matt joins me now. Good morning.
Matt Norris: Good morning.
Leanna Byrne: So why is SEGRO so attractive to Prologis?
Matt Norris: SEGRO is Europe's largest collection of real estate. So this is urban warehouses, e-commerce fulfilment centres - these are big box assets - and, importantly, a collection of data centres. So within SEGRO, on the Slough Trading Estate, is Europe's largest collection of data centres. These are high quality assets. They have a great development pipeline. So if you're Prologis, the world's largest listed owner of logistics and industrial assets, you see a great opportunity here to buy a high-quality business at a very attractive valuation point.
Leanna Byrne: Now, SEGRO has repeatedly said that Prologis was undervalued, undervaluing the company. So what's changed sufficiently for the Board to say now it's now minded to recommend that deal?
Matt Norris: The management team of SEGRO have done a great job. When Prologis first came along, the share price was below £8 a share. SEGRO’s management team have come out and they've laid out, the value bridge there. The value of the standing assets today is about £9.05p, and then SEGRO's team showed that their development pipeline - so the value of the potential new industrial and logistics assets and the new data centres - could be worth another 240p. And what they've done is walk Prologis up the bidding so that Prologis made 4 offers. Their final offer, as you pointed out, is £10.32 a share.
Leanna Byrne: So Matthew, in a word, do you think it'll go ahead?
Matt Norris: Yes, I think, if it's recommended by the Board. It's at a premium to the asset value, it's at a premium to the undisturbed share price. So I think, in a word, yes, it's with a recommendation, it's highly likely to go ahead.
Leanna Byrne: All right, Matthew Norris, Head of Real Estate [Securities] at Gravis and Manager of TM Gravis UK Listed Property Fund. Thank you.
Matt Norris: Thanks so much, Leanna
*Correction: Please note that as at 23 July 2026, the TM Gravis UK Listed Property (PAIF) Fund was invested in SEGRO and the TM Gravis Digital Infrastructure Income Fund was invested in Prologis.
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