Global logistics real estate company Prologis has completed its all-stock acquisition of Liberty Property Trust for $13.0 billion, including the assumption of debt.
In connection with the transaction, each share of Liberty Property Trust common stock was converted into the right to receive 0.675 shares of Prologis common stock.
”The Liberty transaction expands Prologis’ presence in a number of key logistics markets, including Lehigh Valley, Chicago, Houston, Central PA, New Jersey and Southern California,” said in a statement.
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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 oce operating and development portfolio
“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,” he added.
“We are also excited to welcome approximately 325 new customers and expand our relationship with 180 existing Prologis customers,” said Prologis chief investment ocer Eugene F. Reilly.
BofA Securities and Morgan Stanley are acting as nancial advisors, and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Prologis.