British housebuilder; FTSE 100 constituent, York HQ
Prologis has made an all-share approach worth 925p a Segro share, valuing Segro at about 3.6bn. Segro’s board has rejected the bid as “a long way short” of value, arguing the US bid undervalues the business. Shares have rallied on the news, while broader property stocks are buoyed by falling gilt yields and hopes of cheaper financing.
Britain’s biggest housebuilders are facing a multibillion-pound class-action lawsuit after accusations they colluded on pricing, harming more than 700,000 buyers of new-build homes between 2015 and 2026. The claim seeks up to £4.5bn in compensation, with per-home payments estimated at £3,100-£6,200. The Competition Appeal Tribunal must approve the case before it proceeds.
Nationwide reports that annual house price growth has picked up to 2.2% in June, while month-on-month prices are flat. Mortgage rates remain elevated but could ease if energy prices stay soft. Buyers are cautious; sellers are pricing carefully amid a slower summer and uncertain outlook.
Oil prices remain near multi-week highs as tensions surrounding the Strait of Hormuz escalate. The US has reimposed a naval blockade on Iran, Iran warns it will respond, and analysts expect intermittent supply disruptions to keep prices elevated in coming quarters.
Residents of Edinburgh’s Bonnington Bond flats are being evacuated as a precaution after fire-safety checks reveal a high risk in cladding and insulation. Persimmon Homes will carry out remediation, but no timetable is set. Emergency accommodation is offered, with potential relocation lasting up to two years.