TRADE ALERT - International Portfolio July 2026
We are buying more shares of VGP (VGP / VGPBF) today, making it a large position in our International Portfolio.
We recently initiated a position in the company, and since then, an important new development has further strengthened our conviction.
Prologis (PLD), the largest industrial landlord in the world, has made a major offer to acquire SEGRO (SGRO / SEGXF), one of Europe’s largest industrial and logistics landlords.
The proposal valued SEGRO at £12.6 billion, or 925 pence per share, and represented a roughly 25% premium to the prior closing price. SEGRO’s board rejected the proposal, saying that it undervalued the company and was opportunistically timed. Even so, SEGRO’s share price surged by more than 20% after the offer became public, and it is being speculated that Prologis is now preparing to make a bigger offer.
We also own SEGRO, so we benefited from this move.
But I think that the more important point is what this says about the broader European industrial real estate sector.
Prologis is not a random financial buyer. It is the most sophisticated industrial real estate platform in the world. If Prologis is willing to pay a major premium for SEGRO, it is a strong signal that high-quality European logistics and industrial assets remain undervalued in the public market.
This directly supports our thesis on VGP.
VGP has many similarities with SEGRO.
