The deal consists of all of Duke’s property and shares.
Following approval by the shareholders of each corporations, Prologis has closed on its all-stock, debt-assuming acquisition of Duke Realty Corp. The deal, valued at $23 billion, consists of Duke’s full 142 million-square-foot funding, administration and growth portfolio, which encompasses 480 buildings and 500-customers.
The newly acquired array of Duke logistics properties will considerably increase Prologis’ 1 billion-square-foot portfolio of warehousing and logistics services. The bodily property are situated in 19 main U.S. industrial markets, together with Southern California, Dallas, Atlanta, Chicago, South Florida and New Jersey. Prologis may even purchase Duke’s 7 million-square-foot growth pipeline, which spans 1,228 acres and 17 million sq. ft of developable land. All the shoppers being newly onboarded and managed by Prologis could have entry to the agency’s proprietary Prologis Necessities service, which gives each provide chain and sustainability-related industrial and logistics options to tenants. Moreover, Prologis will combine the property into its Strategic Capital co-investment platform, along with equipping the services with brand-standard facilities resembling rooftop photo voltaic panels.
Prologis CEO Hamid Moghadam acknowledged the worth and significance of the acquisition, saying in ready remarks, along with the day-one accretion and avenues for additional earnings progress, this acquisition offers us an excellent stronger means to assist our prospects and their progress.
Prologis’ speedy tempo of acquisitions
The acquisition of Duke Realty is Prologis’ by far the most important enterprise-level transaction in the course of the previous 4 years, following its $3 billion acquisition of Liberty Property Belief in February of 2020, in addition to its $8.5 billion buy of DCT Industrial Belief in 2018.
Goldman Sachs and Citigroup served as monetary advisors to Prologis, whereas Wachtell, Lipton, Rosen & Katz acted as authorized advisors. Morgan & Stanley Co. and J.P. Morgan Securities, in addition to Hogan Lovells US and Alston & Chook LLP served the identical roles respectively for Duke. Following the completion of the sale, Duke Realty Chairman & CEO James Connor has been appointed to the Prologis Board of Administrators.
