Prologis (PLD) will acquire Duke Realty Corp. in an all-stock transaction, valued at about $26 billion, including the assumption of debt. The respective board of directors for Prologis and Duke Realty unanimously approved the transaction.
“We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade,” said Hamid R. Moghadam, Prologis co-founder, CEO and chairman. “They have built an exceptional portfolio in the United States located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space. We have a diverse model that allows us to deliver even more value to customers.”
With the transaction, Prologis is gaining high-quality properties for its portfolio in key geographies, including Southern California, New Jersey, south Florida, Chicago, Dallas and Atlanta.
The acquisition on an owned and managed basis comprise