UK real estate group Segro has accepted US rival Prologis's £14bn takeover offer, the companies said on Tuesday, concluding a weeks-long battle that is on course to be one of the biggest deals for a London-listed group this year. Under the terms of the transaction, Prologis will pay 1,032p for each Segro share. The FTSE 100 group's shareholders will be paid mostly in stock, with a partial cash alternative of £3.5bn.

Prologis will apply for a secondary London listing of its shares. Prologis had made its "best and final offer" last month after Segro rebuffed its initial advances. The takeover is one of several to have hit the UK market this summer as cheaper valuations attract overseas buyers.

Segro owns a portfolio of warehouses and data centres, mainly in the south-east of England, and has benefited from the rise of ecommerce and more recently the boom in AI investment. The deal is expected to close in the first half of next year, assuming it is approved by Segro shareholders and regulators.