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Prologis’ $13B Acquisition of Liberty Property Trust Completed
San Francisco-based Prologis, Inc. (NYSE: PLD), completed its all-stock acquisition of Liberty Property Trust (NYSE: LPT) for $13 billion. The transaction expands Prologis’ presence in a number of key logistics markets, including Lehigh Valley, PA, Chicago, Houston, Central PA, New Jersey and Southern California.
“The acquired Liberty portfolio is very complementary to our own in many markets,” said Prologis chairman and CEO Hamid R. Moghadam. “By adding Liberty’s portfolio to ours, we expand our footprint in important locations and benefit from immediate operational cost savings.”
The acquisition on an owned and managed basis comprises:
– 108-million-square-foot logistics operating portfolio
– 4.9 million square feet of logistics development in progress
– 1,748 acres of land for future logistics development with build-out potential of 20.5 million square feet
– 3.8-million-square-foot office operating and development portfolio
BofA Securities and Morgan Stanley are acting as financial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Prologis.
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