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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. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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