Segro looks set to be sold to Progogis after a fourth offer was made to buy the company.

The board of UK logistics park developer Segro has said it would recommend the sale of the company to Prologis, at a valuation of £14 billion ($18.6 billion), following the US real estate firm’s fourth bid for the operator of the Slough Trading Estate.

“The Board of Segro has unanimously concluded that the financial terms of the fourth proposal are at a level that it would be minded to recommend to Segro shareholders,” reads an announcement from the company on July 22.

Although all three of Prologis’ bids were rejected by Segro’s board between late June and late July, the US real estate giant has succeeded after bidding up its initial offer – £12.6 billion – by 12 percent, valuing Segro stock at 1,031.7 pence.

If completed, Segro shareholders will be entitled to a dividend and will hold around 8.9 percent of Prologis shares, and Prologis has said that it would explore the feasibility of a secondary listing on the London Stock Exchange.

Segro has also agreed to extend the deadline for Prologis to make a firm offer – known as put up or shut up – to 12 August 2026.

Prologis is a major US real estate firm, traditionally focused on industrial warehouses and logistics facilities. The company has been developing more data centers as of late, and the NYSE-listed company says it has some 5.6GW of power committed by utilities or in advanced stages of negotiations and is targeting up to 10GW of capacity over the next ten years.

LSE-listed Segro is also traditionally known for its industrial warehouse developments, but has been providing powered shells to data center customers for around 20 years, mostly centered around Slough to the west of London. The firm is expanding its focus and is targeting ~3GW of data center developments across major markets in Europe in the coming years.

Last month, an activist investor accused Segro of “undervaluing” its high-growth data center division, suggesting the company spin off its data center arm and float a 20-30 percent stake in the Netherlands.

Prologis previously made an all-share proposal to acquire Segro in March 2024, valuing the latter firm at £9.63 ($12.90) per share. That offer was rejected and dismissed as “opportunistic” by Segro.