Prologis to buy DCT Industrial for $8.4b

Prologis has agreed to buy logistics-property owner DCT Industrial Trust for $8.4 billion including debt.

The acquisition will deepen Prologis’ presence in high-growth markets including Southern California, the San Francisco Bay Area, New York, New Jersey, Seattle and South Florida, the companies said in a statement.

The deal is the largest for Prologis since it merged with AMB Property in 2011 in an $8.7 billion transaction, according to CNBC.

Prologis owned or managed more than 3,200 properties worldwide as of Dec. 31, 2017, and leased facilities to about 5,000 customers, the largest being Amazon.com followed by DHL. Seventy percent of its business is U.S. based.

The transaction is expected to close in the third quarter and is subject to the approval of DCT stockholders, among other customary conditions.