Prologis, Inc., the global leader in
logistics real estate, today announced that it has completed its all-stock acquisition of Liberty
Property Trust for $13.0 billion, including the assumption of debt. In connection
with the transaction, each share of Liberty common stock was converted into the right to
receive 0.675 shares of Prologis common stock.
The Liberty transaction expands Prologis’ presence in a number of key logistics markets,
including Lehigh Valley, Chicago, Houston, Central PA, New Jersey and Southern California.
The acquisition on an owned and managed basis comprises:
108 million square foot logistics operating portfolio
4.9 million square feet of logistics development in progress
1,748 acres of land for future logistics development with build-out potential of 20.5
million square feet 3.8 million square foot once operating and development portfolio
“The acquired Liberty portfolio is very complementary to our own in many markets,” said
Prologis chairman and CEO Hamid R. Moghadam. “By adding Liberty’s portfolio to ours, we
expand our footprint in important locations and benefit from immediate operational cost
“We are thrilled to welcome many of Liberty’s talented team members to Prologis—their
expertise and deep market knowledge will further strengthen our ability to provide industryleading
service to our customers,” said Prologis chief investment officer Eugene F. Reilly. “We
are also excited to welcome approximately 325 new customers and expand our relationship
with 180 existing Prologis customers.”
Prologis expects to capture immediate cost and long-term revenue synergies, including
approximately $120 million from corporate and general administrative cost savings, operating
leverage, lower interest expense and lease adjustments.
Source : Company