(Finance) – Prologisa leading US company in the real estate sector for logistics, has entered into a definitive agreement under which will acquire Duke Realty in a wholly equity transactionworth approx 26 billion dollars, including the assumption of debt. The boards of directors of Prologis and Duke Realty have unanimously approved the transaction. Under the terms of the agreement, Duke Realty shareholders will receive 0.475 Prologis shares for each Duke Realty share they own. The transaction is expected to close in the fourth quarter of 2022.
“We have admired the disciplined repositioning strategy that the Duke Realty team has completed over the past decade – said Hamid Moghadam, co-founder, CEO and president of Prologis – They have built an exceptional portfolio in the United States located in geographic areas that we believe will outperform in the future. This will be fueled by Prologis’ proven track record as a creator of value in the logistics space. “
With the transaction, Prologis gains high-quality properties for its portfolio in key geographies, including Southern California, New Jersey, Southern Florida, Chicago, Dallas, and Atlanta. The acquisition includes: 153 million square feet of operational properties in 19 major logistics geographies of the United States; 11 million square feet of ongoing development (approximately $ 1.6 billion of total planned investment); 1,228 acres of proprietary and optional land with a construction of approximately 21 million square feet.
(Photo: Photo by Hannes Egler on Unsplash)