In what the corporate calls its largest and most strategic acquisition in seven years, Prologis on Monday introduced the completion of its all-stock acquisition of Duke Realty Company following approval by the shareholders of Prologis and Duke Realty.
The deal is valued at roughly $23 billion, together with the idea of debt, and the finished transaction expands Prologis’ presence in key U.S. markets.
Tim Arndt, Chief Monetary Officer at Prologis, tells GlobeSt.com that he’s excited concerning the alternatives the Duke Realty acquisition brings to the corporate.
“Integrating the Duke portfolio and expertise into our firm strengthens Prologis,” Arndt stated. “Our mixed firm has a good higher portfolio, gives extra alternative for our prospects and we’re even in a greater place to develop our associated companies, together with our Strategic Capital and Necessities companies.”
He added, that Prologis’ expertise integrating corporations “served us properly and we’ll begin to create shareholder worth instantly. Our groups are out there this week, visiting our new prospects and introducing them to the big selection of companies and options we ship.”
Brett Turner, senior managing director, acquisitions & inclinations, bkm Capital Companions, tells GlobeSt.com, “This acquisition demonstrates the continued perception within the industrial asset class by a number of the smartest individuals within the enterprise. Fundamentals have by no means been higher and whereas the capital markets have proven indicators of turmoil, inventive gamers can nonetheless get massive offers carried out.”
Prologis Provides 500 New Clients, Place in Savannah
Within the acquisition, Prologis features roughly 500 prospects over 142 million sq. ft of absolutely operational logistics buildings in 19 main U.S. markets, together with Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta; and seven million sq. ft of buildings beneath improvement; roughly 17 million sq. ft of developable land.
It additionally permits the corporate to increase its presence into Savannah, Ga, the fourth-largest U.S. gateway for container imports.
