{"id":1004030017,"date":"2011-06-05T23:22:54","date_gmt":"2011-06-06T07:22:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004030017"},"modified":"2022-12-07T22:55:34","modified_gmt":"2022-12-08T06:55:34","slug":"prologis-amb-complete-merger","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-amb-complete-merger\/","title":{"rendered":"ProLogis, AMB Complete Merger"},"content":{"rendered":"<p>June 3, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/AMB-Sendai-Tagajo-Distribution-Ctr.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004030018\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prologis-amb-complete-merger\/amb-sendai-tagajo-distribution-ctr-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/AMB-Sendai-Tagajo-Distribution-Ctr.jpg\" data-orig-size=\"1000,667\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"AMB Sendai-Tagajo Distribution Ctr\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/AMB-Sendai-Tagajo-Distribution-Ctr.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/AMB-Sendai-Tagajo-Distribution-Ctr.jpg\" alt=\"\" title=\"AMB Sendai-Tagajo Distribution Ctr\" width=\"300\" height=\"200\" class=\"alignright size-medium wp-image-1004030018\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/AMB-Sendai-Tagajo-Distribution-Ctr.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/AMB-Sendai-Tagajo-Distribution-Ctr.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/06\/AMB-Sendai-Tagajo-Distribution-Ctr.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>AMB Property Corp. and ProLogis, reigning giants of the real estate industry, have become one in the completion of a 100 percent stock merger that the companies have described as a \u201cmerger of equals\u201d since announcing the pending transaction in January. The combined entity is ProLogis Inc. and boasts a 600 million-square-foot global portfolio of industrial assets under management valued at $46 billion. <\/p>\n<p>The new company, structured as an umbrella partnership REIT, will trade under the symbol PLD. As per terms of the transaction, each former ProLogis share has been converted to into 0.4464 of a share of PLD&#8217;s common stock, and each AMB common stock has become a single PLD share. Former ProLogis common equity holders hold approximately 60 percent of PLD\u2019s common stock, leaving previous AMB holders with the remaining 40 percent. <\/p>\n<p>On the leadership front, Hamid R. Moghadam and Walter C. Rakowich, former CEOs of AMB and ProLogis, respectively, will hold the positions of co-CEOs until year\u2019s end, after which Rakowich will retire and leave Moghadam holding the reins of what is now the world leader in the industrial real estate industry.<\/p>\n<p>PLD boasts a presence as a property owner, operator and developer in 22 countries across the Americas, Europe and Asia. \u201cIt will provide one-stop shopping,\u201d Ki Bin Kim, analyst with Macquarie Equity, told <em>CPE<\/em>. \u201cIf you\u2019re a multinational company, they can put you anywhere in the world. If you want a new space or you want to get into a new market, they have the land bank and they have the capital to do it.\u201d<\/p>\n<p>The unification of the two most prominent industrial real estate companies into a single entity will enhance their asset utilization and fuel growth through development and land bank monetization. \u201cAMB was really the beneficiary in the merger; they got the better end of the transaction, from a financial perspective,\u201d Dave Rodgers, analyst with RBC Capital Market, told <em>CPE<\/em>. \u201cAMB had been inefficient in its global expansion but now it can much more quickly expand its global footprint. And ProLogis has a very sizeable land bank, so the merger increases their future growth capability.\u201d <\/p>\n<p>And then there is the creation of synergies that is expected to result in significant annual gross savings in general and administrative expenses. \u201cThey\u2019re going to save $80 million just form duplicate labor,\u201d Kim noted. It is unclear how many jobs will be lost in the process.<\/p>\n<p>The melding of the ProLogis and AMB businesses into a singular power is underway and the timing of the union appears to be just right, many industry experts believe. \u201cThey\u2019ve created a strong company at a point in the cycle when it\u2019s improving, but most private developers are still having trouble accessing capital. The new company is going to be a very competitive force in the global market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The combined entity is ProLogis Inc. and boasts a 600 million-square-foot global portfolio of industrial assets under management valued at $46 billion. <\/p>\n","protected":false},"author":936,"featured_media":1004030018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37774,21808,37775,21748,21742,37776,37777,37778],"tags":[],"class_list":["post-1004030017","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-rc-dividend-yield","category-featured","category-rc-forward-affo-payout-ratios","category-industrial","category-latest","category-rc-premium-discount-to-nav","category-rc-price-ltm-ffo","category-rc-total-return"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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