Prologis has completed its all-stock acquisition of Duke Realty Corporation for $23 billion, including the assumption of debt, following approval by the shareholders of Prologis and Duke Realty.
“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,” he added.
The acquisition of the portfolio from Duke Realty includes; -142 million square feet of fully operational logistics buildings (~480) in 19 major U.S. markets, including Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta
-7 million square feet of buildings under development; approximately 17 million square feet of developable land.
Prologis also announced that Duke Realty’s Chairman and CEO James Connor has been appointed to the Prologis Board of Directors effective immediately upon the closing of the acquisition.
With the acquisition, Prologis is expanding its presence in major regions in the U.S. and adding Savannah, Georgia, the fourth-largest U.S. gateway for container imports.