Segro, the FTSE 100's largest listed commercial landlord, has agreed to a takeover by US property giant Prologis after a brief attempt to resist the approach. The deal, worth around £14bn, is the biggest takeover of a London-listed company so far this year and marks another blow to the UK stock market, which has seen a steady stream of major firms taken over or lured away by overseas buyers and investors.

Segro's chief executive, David Sleath, initially argued the company should remain independent, citing growth potential from AI datacentres and warehouse space that could push its value towards £18bn, or £13 a share, according to estimates from CBRE. However, Segro capitulated shortly before a deadline on Wednesday, saying it was "minded to recommend" Prologis's "best and final" offer of £10.32 a share, only a quarter of which is cash. Big shareholders, including Norway's sovereign wealth fund with an 8% stake, pushed for a deal, and the two sides now have until 12 August to finalise terms. Analysts warn the takeover will strip London of one of the few pure-play listed vehicles offering direct exposure to European datacentre and logistics growth.