In short: Owned — and the live proof of the process: bought as a UK industrial landlord at "a massive discount to net asset value," and that morning Prologis (trading above NAV) lodged its second takeover bid. One of 30+ portfolio takeover offers since 2018, increasingly from international acquirers.
SEGRO is a UK owner of industrial and warehouse property. Morrison bought it because the shares traded at a large discount to the appraised value of the buildings — the same logic behind his Tritax pick. The punchline arrived the morning of this interview: Prologis, the biggest US industrial landlord, made its second takeover bid.
That sequence is the whole point of his process. Prologis trades above the value of its own properties, so it can pay a premium for SEGRO's discounted ones and still create value for itself — which is exactly why undervalued listed real estate gets bought. It's one of more than 30 takeover offers his holdings have received since 2018, and increasingly the buyers are non-American.
10:52Today they made their second bid to take out Seagro which trades at a massive discount in net asset value. We've had since 2018 we've had over 30 companies in our portfolio get takeover offers and increasingly more and more of them are from international jurisdictions.
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