{"id":1004605279,"date":"2022-10-03T11:09:17","date_gmt":"2022-10-03T19:09:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004605279"},"modified":"2023-01-18T02:22:36","modified_gmt":"2023-01-18T10:22:36","slug":"prologis-completes-26b-acquisition-of-duke-realty","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prologis-completes-26b-acquisition-of-duke-realty\/","title":{"rendered":"Prologis Completes $23B Acquisition of Duke Realty"},"content":{"rendered":"
\"Prologis

Prologis Valwood Corporate Center<\/p><\/div>\n

Following approval by the shareholders of both firms, Prologis<\/strong> has closed on its all-stock, debt-assuming acquisition of Duke Realty Corp.<\/strong> The deal, valued at $23 billion, includes Duke\u2019s complete 142 million-square-foot investment, management and development portfolio, which encompasses 480 buildings and 500 customers.<\/p>\n

The newly acquired array of Duke logistics properties will significantly\u00a0augment Prologis\u2019 1 billion-square-foot portfolio<\/a> of warehousing and logistics facilities. The physical assets are located in 19 major U.S. industrial markets, including Southern California, Dallas, Atlanta, Chicago, South Florida and New Jersey. Prologis will also acquire Duke\u2019s 7 million-square-foot development pipeline, which spans 1,228 acres and 17 million square feet of developable land. All the customers being newly onboarded and managed by Prologis will have access to the firm\u2019s proprietary Prologis Essentials service, which provides both supply chain and sustainability-related industrial and logistics solutions to tenants. Additionally, Prologis will integrate the assets into its Strategic Capital co-investment platform<\/a>, in addition to equipping the facilities with brand-standard amenities such as rooftop solar panels.<\/p>\n

Prologis CFO Tim Arndt further detailed\u00a0the scope of the purchase, telling Commercial Property Executive, <\/em>“This is the largest acquisition we\u2019ve completed in the last seven years and the most strategic. Integrating the Duke portfolio and talent into our company strengthens Prologis. Our combined company has an even better portfolio, offers more choice for our customers and we’re even in a better place to grow our related businesses, including our Strategic Capital and Essentials businesses.”<\/p>\n

Prologis CEO Hamid Moghadam acknowledged the value and significance of the acquisition, saying in prepared remarks, 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.<\/p>\n

Prologis’ rapid pace of acquisitions<\/h2>\n

The purchase of Duke Realty is Prologis\u2019 largest enterprise-level transaction during the past seven years, following its $13 billion acquisition of Liberty Property Trust in February of 2020, as well as its $8.5 billion purchase of DCT Industrial Trust in 2018.<\/p>\n

Goldman Sachs and Citigroup served as financial advisors to Prologis, while Wachtell, Lipton, Rosen & Katz acted as legal advisors. Morgan & Stanley Co. and J.P. Morgan Securities, as well as Hogan Lovells US and Alston & Bird LLP served the same roles respectively for Duke. Following the completion of the sale, Duke Realty Chairman & CEO James Connor has been appointed to the Prologis Board of Directors.<\/p>\n","protected":false},"excerpt":{"rendered":"

This is the industry\u2019s largest enterprise-level deal of the past four years.<\/p>\n","protected":false},"author":3012,"featured_media":1004605278,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,22251,21748,21783,23891,21742],"tags":[33010,32956],"class_list":["post-1004605279","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-in-focus","category-industrial","category-investment","category-national","category-latest","tag-duke-realty-corporation","tag-prologis"],"acf":[],"yoast_head":"\nPrologis Completes $23B Acquisition of Duke Realty - CPE<\/title>\n<meta name=\"description\" content=\"Prologis has acquired Duke Realty Corporation in a deal worth $23 billion, and will integrate all of the firm's clients into its platform.\" \/>\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-completes-26b-acquisition-of-duke-realty\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prologis Completes $23B Acquisition of Duke Realty\" \/>\n<meta property=\"og:description\" content=\"Prologis has acquired Duke Realty Corporation in a deal worth $23 billion, and will integrate all of the firm's clients into its platform.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/prologis-completes-26b-acquisition-of-duke-realty\/\" \/>\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=\"2022-10-03T19:09:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-18T10:22:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/843069-e1664820051570.jpg\" \/>\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\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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-completes-26b-acquisition-of-duke-realty\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/prologis-completes-26b-acquisition-of-duke-realty\/\",\"name\":\"Prologis Completes $23B Acquisition of Duke Realty - 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