{"id":1004585661,"date":"2022-06-13T05:37:55","date_gmt":"2022-06-13T13:37:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004585661"},"modified":"2022-12-08T12:19:08","modified_gmt":"2022-12-08T20:19:08","slug":"prologis-to-buy-duke-for-26b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/","title":{"rendered":"Prologis to Buy Duke for $26B"},"content":{"rendered":"<div id=\"attachment_1004555021\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004555021\" data-attachment-id=\"1004555021\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/how-the-supply-chain-crisis-impacts-industrial-real-estate\/hamid-moghadam-prologis\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg\" data-orig-size=\"768,574\" data-comments-opened=\"0\" 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;\\u00a9 dave lauridsen 2017&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;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hamid Moghadam, Prologis\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Hamid Moghadam, CEO, Prologis. Image courtesy of Prologis &lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg?w=768\" class=\"size-medium wp-image-1004555021\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg?w=300\" alt=\"\" width=\"300\" height=\"224\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg?resize=300,224 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004555021\" class=\"wp-caption-text\">Hamid Moghadam, CEO, Prologis. Image courtesy of Prologis<\/p><\/div>\n<p>Prologis will acquire Duke Realty in an all-stock deal valued at $26 billion, the companies announced on Monday morning. The agreement caps a months-long courtship that became public last month.<\/p>\n<p>Expected to close during the fourth quarter, the acquisition would add significantly to Prologis\u2019 1 billion-square-foot global portfolio of properties and development projects. Prologis will gain a 153 million-square-foot nationwide portfolio in 19 major markets, including such key locations as Atlanta, Southern California, Chicago, Dallas, South Florida and New Jersey.<\/p>\n<p>Prologis would also acquire Duke\u2019s development pipeline, which comprises 11 million square feet valued at $1.6 billion. Also in the mix is a additional development potential. Duke currently controls or has under option 1,228 acres, with a potential build-out of 21 million square feet.<\/p>\n<p>In a statement, Prologis Chairman &amp; CEO Hamid Moghadam cited the quality of Duke\u2019s portfolio and decade-long repositioning strategy as key reasons for its interest. The companies estimate that the deal has the potential to create $375 million to $400 million in earnings and value through synergies of the two companies. The vast majority&#8211;$300 million\u2014would stem from additional development value, the companies said.<\/p>\n<p>The announced value of the deal indicates that Prologis has sweetened its offer since its most recent proposal emerged. Today\u2019s announcement comes one month after the Prologis went public in its pursuit, saying that multiple offers had been rejected. Before today\u2019s definitive agreement, Prologis\u2019 largest publicly known offer was a deal <a href=\"https:\/\/www.commercialsearch.com\/news\/prologis-offers-24b-for-duke-realty\/\">revealed on May 10<\/a> and estimated by the Wall Street Journal to be worth $24 billion.<\/p>\n<p>If the acquisition closes as planned, it will be by far the largest in a series of recent enterprise-level deals completed by Prologis over the past four years. In February 2020, the REIT<a href=\"https:\/\/www.commercialsearch.com\/news\/prologis-to-acquire-liberty-property-trust-for-12-6b\/\">\u00a0completed a $13 billion acquisition<\/a>\u00a0of Liberty Property Trust, a deal which expanded its portfolio by 108 million square feet and added a 4.9 million-square-foot development pipeline. That followed Prologis\u2019 2018 purchase of DCT Industrial Trust for $8.5 billion.<\/p>\n<p><em>Stay tuned to CPE for more on this developing story.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deal would add 153 million square feet to Prologis&#8217; U.S. footprint. <\/p>\n","protected":false},"author":2492,"featured_media":1004555021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,23891,21742],"tags":[33010,47579,32956],"class_list":["post-1004585661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-national","category-latest","tag-duke-realty-corporation","tag-hamid-moghadam","tag-prologis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prologis to Buy Duke for $26B - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Prologis has agreed to buy Duke Realty in a $26 billion deal that will add significantly to the industrial REIT&#039;s U.S. footprint.\" \/>\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-buy-duke-for-26b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prologis to Buy Duke for $26B\" \/>\n<meta property=\"og:description\" content=\"Prologis has agreed to buy Duke Realty in a $26 billion deal that will add significantly to the industrial REIT&#039;s U.S. footprint.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/\" \/>\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=\"2022-06-13T13:37:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:19:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"574\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Paul Rosta\" \/>\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-buy-duke-for-26b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/\",\"name\":\"Prologis to Buy Duke for $26B - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg\",\"datePublished\":\"2022-06-13T13:37:55+00:00\",\"dateModified\":\"2022-12-08T20:19:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8a20daa0b84c48fd50a4e5d4e8171727\"},\"description\":\"Prologis has agreed to buy Duke Realty in a $26 billion deal that will add significantly to the industrial REIT's U.S. footprint.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/prologis-to-buy-duke-for-26b\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/Hamid-Moghadam-Prologis-.jpg\",\"width\":768,\"height\":574,\"caption\":\"Hamid Moghadam, CEO, Prologis. 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