1. Prologis made an offer to take over Segro, the biggest UK REIT (by far), which is into UK/Europe logistics and recently data centers. Offer was at a quite big premium to yesterday's market price but around NAV value. Offer would have been in Prologis shares. Bid was rejected by management.

investegate.co.uk - Statement regarding possible offer

Segro moved up 18% this morning, Tritax Big Box (which is similar) moved up 6%.


2. PHP confirmed talks are ongoing on asset disposals.

investegate.co.uk - Statement regarding press speculation


3. Re: UTG. Three notes since I follow this one closely as you know.

- Unite discount to NAV is similar to Segro's (yesterday), I believe there are no other top ten UK REITs on this kind of discount ready to be bought up by US REITs/PE/funds (except Safestore I think)?

- Unite are engaged in asset disposal talks similar to PHP. Their timetable is quite similar too. (My fan theory is that both PHP and UTG may suddenly see fresh progress as rates come down and caution unwinds)

- Unite's current buyback stage might reach the full allocation (£65m on top of first £100m) around the end of June I think? They've been buying back shares 2x faster than usual this week. 2.0 million shares in Fri/Mon/Tue trading. That's another 0.4% of the company off the market. (My fan theory is that the buyback may have accelerated in recent days because of an improving chance there will be a wall of money arriving soon to start another phase of buyback)

TRS

PS please pay close attention in above comments to which parts are market news and which parts are TRS Fan Theory / Personal Guesses