{"id":1004363678,"date":"2019-10-28T06:24:28","date_gmt":"2019-10-28T14:24:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004363678"},"modified":"2019-10-28T08:42:16","modified_gmt":"2019-10-28T16:42:16","slug":"prologis-to-acquire-liberty-property-trust-for-12-6b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-to-acquire-liberty-property-trust-for-12-6b\/","title":{"rendered":"Prologis to Acquire Liberty Property Trust for $12.6B"},"content":{"rendered":"
\"Hamid<\/a>

Hamid Moghadam, Chairman & CEO, Prologis. Image courtesy of Prologis<\/i><\/p><\/div>\n

One of the world’s most powerful real estate owner-operators is about to get much bigger. Industrial giant Prologis Inc. has struck a deal to acquire Liberty Property Trust in an all-stock transaction valued at $12.6 billion, marking one of the largest-ever logistics deals. On an owned and managed basis, the acquisition involves a 107 million-square-foot logistics operating portfolio, along with 5.1 million square feet of projects under development, expanding Prologis\u2019s platform in target markets including Chicago, Houston, Southern California, New Jersey and central Pennsylvania.<\/p>\n

The transaction, expected to close in the first quarter of 2020, includes 1,684 acres of logistics sites with 19.7 million square feet of build-out potential, as well as a 4.9 million-square-foot portfolio of office buildings in operation and under development. In a statement released Sunday, Prologis said that it will also dispose of roughly $3.5 billion of assets on a pro-rata share basis, including $2.8 billion of logistics properties deemed non-strategic and $700 million of office properties.<\/p>\n

Prologis had an estimated portfolio of around 797 million square feet in 19 countries as of Sept. 30. Liberty Property Trust, which like Prologis is a New York Stock Exchange-listed REIT, has a total operating portfolio of 112 million square feet that serves 1,200 tenants. According to the joint announcement by the firms, the portfolio being acquired has an 87 percent overlap with key markets.<\/p>\n

The transaction follows a flurry of large-scale logistics deals this year, most notably Blackstone\u2019s $18.7 billion acquisition<\/a> of a U.S. industrial portfolio in June. Other major transactions have included Toronto Stock Exchange-listed WPT Industrial\u2019s purchase of more than $368 billion of U.S. logistics assets in two separate deals<\/a> in April and October, and Broadstone Net Lease\u2019s acquisition of 23 properties<\/a> for nearly $736 million in September.<\/p>\n","protected":false},"excerpt":{"rendered":"

The industrial giant has struck a deal for Liberty’s 107 million-square-foot logistics portfolio, expanding its presence in key markets.<\/p>\n","protected":false},"author":744,"featured_media":1004202588,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21748,21783,23891,21742],"tags":[47579,33043,32956],"class_list":["post-1004363678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-industrial","category-investment","category-national","category-latest","tag-hamid-moghadam","tag-liberty-property-trust","tag-prologis"],"acf":[],"yoast_head":"\nPrologis to Acquire Liberty Property Trust for $12.6B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/prologis-to-acquire-liberty-property-trust-for-12-6b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prologis to Acquire Liberty Property Trust for $12.6B\" \/>\n<meta property=\"og:description\" content=\"The industrial giant has struck a deal for Liberty's 107 million-square-foot logistics portfolio, expanding its presence in key markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prologis-to-acquire-liberty-property-trust-for-12-6b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-28T14:24:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-10-28T16:42:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Trammell-Crow-Tolleson-Logistics.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Greg Isaacson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-to-acquire-liberty-property-trust-for-12-6b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prologis-to-acquire-liberty-property-trust-for-12-6b\/\",\"name\":\"Prologis to Acquire Liberty Property Trust for $12.6B - 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