FTSE 100 shares round-up: Segro bid, property boom, Games Workshop
As another FTSE 100 company attracts bid interest from overseas, Graeme Evans looks at its impact on the sector plus the day’s other big riser.
24th June 2026 15:31
by Graeme Evans from interactive investor
Segro Park North Feltham, a West London industrial estate. Credit: Segro.
The soaring value of Games Workshop Group (LSE:GAW) and the crowding around real estate stocks following another American takeover swoop today dominated a sideways FTSE 100 session.
The bid approach involved Segro (LSE:SGRO), which traded at its highest level in 18 months at 876.6p after San Francisco-based ProLogis disclosed a cash and shares proposal worth £12.6 billion.
This was “unanimously and unequivocally” rejected by the board of Segro, which said that the 925p-a-share move was a long way short of its own views on value.
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It said the approach was opportunistically timed and sought to take advantage of the dislocation between Segro’s share price, which closed last night at 742p, and its “highly attractive underlying business and strong prospects”.
Segro added: “This has been accentuated by major geopolitical issues which have adversely impacted trading valuations across the UK and European real estate sectors relative to the US REIT sector.”
About 55% of Segro’s assets by value in the last financial year were urban warehouses, with a further 35% being big box warehouses typically used for storing and processing goods.
Segro said today that momentum was building in occupational markets and that it boasted a large and attractive development pipeline, including an “exceptional” data centre platform.
The company recently signed an agreement to develop a powered shell data centre for an existing customer on the Slough Trading Estate, which is Europe's largest hub of data centres. It has also secured planning permission for a £1 billion centre in west London.
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However, ProLogis argues that its own platform, balance sheet and significant access to capital would be able to unlock the value of Segro’s development and data centre pipeline in a way that the UK firm could not as a standalone business.
It points out that Segro has traded at a “persistent discount” to net asset value per share and that a combination would give shareholders access to faster growth. They are being offered a 10.5% stake in a REIT with a $140.9 billion (£107 billion) market capitalisation.
The consolidation moves helped lift recently promoted FTSE 100 stock Tritax Big Box Ord (LSE:BBOX) by 9.4p to 161.2p, alongside smaller gains for British Land Co (LSE:BLND), LondonMetric Property (LSE:LMP) and Land Securities Group (LSE:LAND).
The move by New York-listed ProLogis continues the recent trend of American dealmaking in the FTSE 100 and FTSE 250 index.
This has included the agreed takeover of ingredients firm Tate & Lyle (LSE:TATE) by Ingredion Inc (NYSE:INGR) and the £9.9 billion swoop by Nuveen for Schroders (LSE:SDR), as well as the ongoing pursuit of easyJet (LSE:EZJ) by Minneapolis-based Castlelake.
Other FTSE 100 bid targets this year have been insurer Beazley (LSE:BEZ), which has agreed a takeover by Zurich Insurance, and product testing firm Intertek after it recently backed a £10.9 billion approach by Swedish buyout firm EQT.
The property-focused FTSE 100 risers board also featured Games Workshop, which was valued at £7 billion for the first time after shares jumped another 1,080p to 21,420p.
They have surged 30% from the 16,430p seen in February and by 15% in the space of a fortnight, although they remain short of the price targets of City firms Peel Hunt and Jefferies at 22,000p and 21,850p respectively.
The rally comes in the week that Games Workshop launched the latest edition of Warhammer 40,000: Armageddon. It is also building up to the Amazon adaptation of its Warhammer 40,000 universe into films and television series, with the potential to reach an audience many times the size of the current active customer base.
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The Nottingham-based firm recently disclosed that annual results on 28 July will show revenues for the 2025-26 year of not less than £625 million, up from £565 million the year before. Pre-tax profit will be at least £265 million, compared with £262.8 million in 2024-25.
It has also declared a dividend of 90p a share for payment on 7 August, up from the 85p seen at the same stage of the last financial year. As the company only makes payments out of “truly surplus capital”, the announcement gave another positive insight into the outlook at the start of the 2026-27 financial year.
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