National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Prologis Closes $23B Deal for Duke Realty
Prologis, Inc. has completed its all-stock acquisition of Duke Realty Corporation following last week’s approvals by shareholders of both industrial real estate REITs. Valued at approximately $23 billion, including the assumption of debt, the acquisition expands Prologis’ presence in key U.S. markets.
“In addition to the day-one accretion and avenues for further earnings growth, this acquisition gives us an even stronger ability to support our customers and their growth,” said Prologis co-founder, CEO and chairman Hamid R. Moghadam. “We’re gaining high-quality properties and more than 500 new customers in key markets. These new customers will be able to tap into our Essentials platform, which delivers end-to-end solutions to address critical supply chain challenges and contributes to their broader sustainability efforts.”
For Prologis, the acquisition adds 142 million square feet of logistics buildings in 19 major U.S. markets, a development pipeline of approximately seven million square feet and 500 new customers.
- ◦Sale/Acquisition
