Prologis, Inc. the global leader in logistics real estate, today announced it has completed its all-stock acquisition of DCT Industrial Trust Inc. for $8.5 billion, including the assumption of debt. The DCT portfolio is highly complementary to Prologis’ existing portfolio in terms of product quality, location and growth potential.
The acquisition expands Prologis’ presence in the high-growth U.S. markets of Southern California, the San Francisco Bay Area, Seattle and South Florida. As a result of the closely aligned portfolios and business strategies, the combined company expects immediate corporate G&A savings and significant scale economies within its operating portfolio. The company also expects to extract additional value from the platform initiatives currently underway at Prologis.
Effective immediately, former DCT president and chief executive officer Philip L. Hawkins has joined the Prologis board of directors.
Source : Company