Prologis, a global leader in logistics real estate, announces a definitive merger agreement to acquire Duke Realty Corporation, which owns and operates approximately 164.9 million rentable square feet of industrial assets in 19 major logistics markets, in an all-stock transaction valued at approximately $26 billion, including debt assumption.
The announcement comes after Duke Realty rejected Prologis’ almost $24 billion takeover offer in May, calling it inadequate.
The deal has been authorised unanimously by the boards of directors of Prologis and Duke Realty.
“We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade,” said Hamid R. Moghadam, Co-founder, CEO and Chairman, Prologis. “They have built an exceptional portfolio in the U.S. located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space. We have a diverse model that allows us to deliver even more value to customers.”
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