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Prologis completes $23 billion acquisition of Duke Realty

[Image; Krisana Nakajo/Unsplash]

On the eve of EXPO Real, Prologis (stand C2.234) announced the completion of its all-stock acquisition of Duke Realty Corporation, following approval by shareholders, in a deal valued at approximately $23 billion, including the assumption of debt.

The completed transaction expands Prologis’ presence in key US 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.”

The acquisition includes 142 million sq ft (over 13 million sq m) of logistics space in 19 major US markets and 7 million sq ft (650,000 sq m) of buildings under development as well as about 17 million sq ft (1.5 million sq m) of developable land.

Real Asset Insight will be reporting more industry news and announcements directly from EXPO Real ver the next few days, both in the regular Real Asset Day and we will be bringing you the event publication, EXPO Day.